供应链溢出视角下供应链金融对企业国际化的影响研究  

The Impact of Supply Chain Finance on Corporate Internationalization from the Perspective of Supply Chain Spillover

作　　者：谷浩然 杨胜刚 成程[1] 李倩雯 Gu Haoran;Yang Shenggang;Cheng Cheng;Li Qianwen(College of Finance and Statistics,Hunan University;School of Business,Hunan University)

机构地区：[1]湖南大学金融与统计学院 [2]湖南大学工商管理学院

出　　处：《国际金融研究》2023年第3期74-83,共10页Studies of International Finance

基　　金：国家社会科学基金重大项目“征信大数据与智能化社会信用体系构建的技术方法及应用研究”(19ZDA103);国家自然科学青年基金“创业投资网络风险传染机制及效应研究”(71903055)资助。

摘　　要：在“国内国际双循环”与“积极稳妥开展供应链金融”双重政策背景下,本文实证检验了上市企业发展供应链金融业务对企业国际化的影响。分析结果表明:第一,上市企业发展供应链金融业务可以显著提高企业国际化水平;第二,降低融资约束、推动数字化转型以及提高出口产品质量是供应链金融业务促进企业国际化水平提升的重要机制;第三,通过引入商务部供应链创新试点企业进行三重差分分析,本文发现试点企业对供应链上下游合作伙伴的国际化水平具有正向的供应链溢出效应。在进行了一系列内生性与稳健性检验之后,供应链金融提高企业国际化水平的结论依然成立。In the context of the dual national policies of"dual domestic and international cycles"and"activeand steady development of the supply chain finance",it is worth exploring whether enterprises can improve their internationalization and enhance their international operation capability through developing the supply chain finance.Based on the 3.208 million announcements of A-share listed companies from 2007 to 2019,this paper accurately identifies the information related to the development of the supply chain finance business of listed companies.Besides,this paper collects 14 indicators from four dimensions:overseas patents,overseas revenue,overseas M&A,and overseas subsidiaries,constructing a comprehensive and integrated enterprise internationalization metric based on factor analysis.This paper finds that listed companies can significantly improve their internationalization by developing a supply chain finance business.Reducing financing constraints,promoting digital transformation,and improving export product quality are essential mechanisms for supply chain finance to promote corporate internationalization.In addition,this paper finds that the pilot policy for the supply chain innovation implemented by the Ministry of Commerce has a significant positive spillover effect on the internationalization level of listed companies that have developed supply chain finance businesses.The results of this paper suggest that enterprises should pay full attention to the spillover effect of the supply chain,actively establish long-term and stable supply chain relationships with partners through developing supply chain finance and other means,strengthen information exchange and resource integration,promote complementary advantages,and jointly improve internationalization and international competitive ability.The government should actively attract and cultivate innovative talents in supply chain management by providing tax relief and encouragement policies to promote in-depth cooperation and coordinated development between upstream

关 键 词：供应链金融 供应链溢出 企业国际化 融资约束 文本分析 

分 类 号：F832[经济管理—金融学]