供应链金融赋能企业投资效率:理论逻辑与实证检验  

Supply Chain Finance Enables Enterprise Investment Efficiency:Theoretical Logic and Empirical Test

作　　者：盛明泉[1] 龙卉卉 SHENG Mingquan;LONG Huihui

机构地区：[1]安徽财经大学会计学院

出　　处：《财务研究》2024年第1期48-57,共10页Finance Research

基　　金：安徽省社科规划重点项目(AHSKZ2021D25);安徽财经大学研究生科研创新基金项目(ACYC2022188)。

摘　　要：本文采用2009~2020年A股上市公司相关数据,探讨供应链金融与微观企业投资效率的关系。研究结果表明:供应链金融与企业投资效率呈正相关关系,供应链集中度对两者的关系起正向调节作用。进一步研究发现,供应链金融通过提高内部控制质量作用于企业投资效率;外部环境不确定性较低、行业竞争水平较高以及内部研发支出较多的企业样本中两者之间的关系更为显著。本文结论丰富了供应链金融对微观企业经济后果的研究,为提高实体企业投资效率提供了新的视角。This paper uses the relevant data of A-share listed companies from 2009 to 2020 to explore the relationship between supply chain finance and micro-enterprise investment efficiency.The results show that there is a positive correlation between supply chain finance and enterprise investment efficiency,and the concentration of supply chain promotes the relationship between them.Further study finds that the relationship between the two is more significant in the sample of firms with lower external environmental uncertainty,higher level of industry competition,and higher internal R&D expenditure.The conclusion of this paper enriches the research on economic consequences of supply chain finance to micro-enterprises and provides a new perspective for improving the investment efficiency of real enterprises.

关 键 词：供应链金融 供应链集中度 投资效率 环境不确定性 行业竞争水平 研发支出 

分 类 号：F276.5[经济管理—企业管理]