数字金融对供应链韧性的影响——基于制造业企业面板数据的实证检验  

Research on the Impact of Digital Finance on the Resilience of Supply Chain-Empirical Test Based on Panel Data of Manufacturing Firms

作　　者：石岿然[1] 孙溢 李匡义 Shi Kuiran;Sun Yi;Li Kuangyi(School of Finance,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]南京审计大学金融学院,南京211815

出　　处：《工业技术经济》2024年第2期142-151,共10页Journal of Industrial Technological Economics

基　　金：国家社会科学基金项目“平台供应链共生演化机制与韧性提升路径研究”(项目编号:22BGL002);江苏省研究生科研创新计划“跨境电商供应链金融风险与韧性研究”(项目编号:KYCX23_2218)。

摘　　要：随着数字技术的迅速发展,数字金融已然成为新时期促进供应链韧性提升的重要驱动力。本文基于我国2011~2021年制造业企业面板数据,运用熵权法测度制造业企业供应链韧性水平,分析数字金融对供应链韧性的影响。研究表明,数字金融能够显著提升供应链韧性,在经过剔除异常数据与内生性处理后该结论依旧成立;选取技术创新和企业融资约束作为中介变量,检验发现数字金融可以分别通过提升企业技术创新水平和缓解融资约束从而提升供应链韧性;调节机制检验发现,金融监管对数字金融与供应链韧性具有正向调节作用。结合研究结论,提出在数字金融背景下提升供应链韧性的政策建议。With the rapid development of digital technology,digital finance has become an important driving force for impro⁃ving supply chain resilience.The entropy weight method is used to measure the supply chain resilience level of manufacturing enter⁃prises.The impact and mechanism of digital finance on supply chain resilience are analyzed based on the panel data analysis of manufacturing enterprises in China from 2011 to 2021.The study shows that digital finance has a significant role in improving supply chain resilience,and this conclusion is still true after a series of robustness tests.The intermediary mechanism test shows that tech⁃nological innovation and corporate financing constraints are important channels for digital finance to affect supply chain resilience,and digital finance can improve supply chain resilience by improving the level of enterprise technological innovation and alleviating financing constraints.The examination of the adjustment mechanism shows that financial supervision has a positive regulating effect on digital finance and supply chain resilience.Based on the research conclusions,this paper puts forward policy suggestions to im⁃prove supply chain resilience in the context of digital finance.

关 键 词：数字金融 供应链韧性 技术创新 融资约束 金融监管 制造业 

分 类 号：F832[经济管理—金融学] F274