供应链金融会提升企业全要素生产率吗?  

Will Supply Chain Finance Improve Total Factor Productivity of Enterprises?

作　　者：周易 王晓亮[2] 吴金柯 ZHOU Yi;WANG Xiao-iang;WU Jin-ke(Department of Economic Management,Shanxi Engineering Vocational College,Taiyuan 030009,China;School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;School of Economics and Management,Shihezi University,Shihezi 832003,China)

机构地区：[1]山西工程职业学院经济管理系,山西太原030009 [2]山西财经大学会计学院,山西太原030006 [3]石河子大学经济与管理学院,新疆石河子832003

出　　处：《经济问题》2023年第11期57-64,共8页On Economic Problems

基　　金：山西省科技战略研究专项课题“‘双碳’目标下山西重污染企业绿色创新的财务脆弱性与纾解政策研究”(202204031401088);教育部人文社会科学研究规划基金项目“投资者关注与定向增发定价效率:行为机理及其经济后果”(18YJA630112)。

摘　　要：供应链金融同时具备供应链属性和金融属性,其如何促进企业高质量发展引起了学术界的关注。以2010—2022年A股上市公司为样本,分析了供应链金融对企业全要素生产率的影响。研究表明:供应链金融会提升企业全要素生产率;机制检验发现,供应链金融通过缓解融资约束和降低代理成本提高企业全要素生产率;异质性检验发现,与企业数字化程度低、地区市场化程度高、存在银企关系的企业相比,在企业数字化程度高、地区市场化程度低、非银企关系下,供应链金融对企业全要素生产率的促进作用更明显。该研究丰富了供应链金融经济后果的研究文献,也对提高企业供应链现代化水平、促进企业和经济高质量发展具有理论和实践价值。Supply chain finance has both supply chain attributes and financial attributes.How to promote the high-quality development of enterprises has attracted the attention of academia.Taking A-share listed companies from 2010 to 2022 as a sample,this paper analyzes the impact of Supply Chain Finance on total factor productivity.The research shows that supply chain finance can improve the total factor productivity of enterprises.The mech-anism test found that supply chain finance improved the total factor productivity of enterprises by easing financing constraints and reducing agency costs.The heterogeneity test found that,compared with enterprises with low de-gree of digitalization,high degree of regional marketization,bank enterprise relationship,supply chain finance has a more obvious role in promoting total factor productivity of enterprises under the conditions of high degree of digi-talization,low degree of regional marketization,non bank enterprise relationship.This study enriches the research literature on the economic consequences of supply chain finance,and has theoretical and practical value in improv-ing the modernization level of enterprise supply chain and promoting high-quality development of enterprises and the economy.

关 键 词：供应链金融 企业全要素生产率 融资效应 监督效应 

分 类 号：F275[经济管理—企业管理]