供应链金融与企业数字化转型——异质性特征、渠道机制与非信任环境下的效应差异  

Supply Chain Finance and Digital Transformation of Enterprises:Heterogeneous Features,Channel Mechanisms,and Effect Differences in an Untrustworthy Environment

作　　者：张黎娜 苏雪莎 袁磊 Zhang Lina;Su Xuesha;Yuan Lei(National Internet Finance Association of China,Beijing 102412,China;Fintech Engineering Technology Research Center,Guangdong University of Finanee,Guangzhou 510521,Guangdong,China)

机构地区：[1]中国互联网金融协会统计分析部(监测部),北京102412 [2]广东金融学院金融科技工程技术开发中心,广东广州510521

出　　处：《金融经济学研究》2021年第6期51-67,共17页Financial Economics Research

基　　金：国家社会科学基金重点项目(19AJY026);国家自然科学基金项目(71703165);广东省哲学社会科学规划一般项目(GD21CYJ20)。

摘　　要：供应链金融作为一种新金融业态,其与企业微观主体生产创新行为有着密切关联。以2007—2019年沪深两市A股上市公司数据为基础,探究供应链金融对企业数字化转型的影响和机制,研究发现,供应链金融对企业数字化转型具有显著驱动作用,对于不同属性企业而言展现出一定的异质性效果。机制研究发现,供应链金融通过降低信息不对称与传递市场良好信号、缓释金融约束与加强财务稳定、提高全要素生产率与增大创新产出等三种路径助推企业数字化转型。特别地,在社会非信任环境下,供应链金融对数字化转型的促进作用展现出更大的弹性。建议加强培育供应链金融生态、强化供应链金融政策体系支撑、提高精准施策水平、营造良好的市场信任环境。This study explores the impact of supply chain finance on the digital transformation of enterprises and its underlying mechanism using data from A-share listed companies in Shanghai and Shenzhen from 2007 to 2019.The research reveals that supply chain finance has a significant driving effect on the digital transformation of enterprises,and shows a certain degree of heterogeneity among enterprises with different attributes.The analysis of the underlying mechanism shows that supply chain finance promotes the digital transformation of enterprises by reducing information asymmetry and transmitting positive market signals,alleviating financial constraints,and strengthening financial stability,as well as improving total factor productivity and increasing innovation output.In particular,in an untrustworthy societal environment,the promotional effect of supply chain finance on digital transformation shows greater flexibility.The results suggest that the supply chain finance ecosystem should be cultivated,the support of the policy system strengthened,the ability to implement precise policies enhanced,and a strong environment created.

关 键 词：供应链金融 数字化转型 非信任环境 文本识别 

分 类 号：F830.5[经济管理—金融学]