金融科技赋能下供应链金融对企业价值的影响  

The impact of supply chain finance on firm value in the context of fintech empowerment

作　　者：成程[1,4] 杨胜刚 田轩[3] CHENG Cheng;YANG Sheng-gang;TIAN Xuan(School of Finance and Statistics,Hunan University,Changsha 410006,China;Business School,Hunan University,Changsha 410082,China;PBC School of Finance,Tsinghua University,Beijing 100083,China;Research Center for Financial Development and Credit Management,Hunan University,Changsha 410082,China)

机构地区：[1]湖南大学金融与统计学院,长沙410006 [2]湖南大学工商管理学院,长沙410082 [3]清华大学五道口金融学院,北京100083 [4]湖南大学金融发展与信用管理研究中心,长沙410082

出　　处：《管理科学学报》2024年第2期95-119,共25页Journal of Management Sciences in China

基　　金：国家社会科学基金资助项目(23FJYA002,19ZDA103);国家自然科学基金资助项目(71825002);北京高校卓越青年科学家计划项目(BJJWZYJH01201910003014)。

摘　　要：发展供应链金融对于深化金融供给侧结构性改革,增强金融服务实体经济具有不容忽视的重要战略意义.本文通过对2007年-2019年中国A股上市公司全部320.8万篇公告的文本数据信息进行收集整理,实证检验了上市公司发展供应链金融业务对企业价值的影响.研究结果表明:发展供应链金融在短期可以促进企业股价的上涨,在长期可以促进企业价值的提升,并且上市公司采用的供应链金融业务越多,公告中提到供应链金融词汇越频繁,这种提升效果越显著.发展供应链金融业务可以通过信号传递效应、风险承担效应、系统管理效应促进企业价值提高.在供应链金融相关公告中提到金融科技词汇的词频越高,上市公司获得的企业价值提升效果越强.金融科技可以为股票流动性较低、风险承担较弱的企业发展供应链金融业务起到更强的赋能效果.在进行一系列稳健性检验之后,上述结论依然成立.本文不仅为中国公司发展供应链金融业务提高企业价值,提供了基于公开市场数据大样本的实证证据,也对国家和地方政府支持供应链金融的发展具有现实启示。The development of supply chain finance(SCF)has important strategic significance for deepening the financial supply⁃side structural reform and enhancing financial services to the real economy.By collecting and sorting out the text data information of 3.2 million announcements of China’s A⁃share listed companies from 2007 to 2019,this paper empirically tests the impact of listed companies’development of SCF on firm value.The research results show that the development of SCF can promote the rise of stock prices in the short term and improve firm value in the long run.Furthermore,the more SCF businesses adopted by listed compa⁃nies and the more frequently supply chain finance words are mentioned in the announcements,the greater im⁃provement in firm value.The development of SCF can increase firm value through the signal transmission effect,risk⁃taking effect,and systematical management effect.The higher the frequency of fintech words men⁃tioned in SCF⁃related announcements,the stronger the firm value enhancement effect.Fintech can play a stronger role in empowering companies with low stock liquidity and weak risk⁃taking.After a series of robust⁃ness tests,the above conclusion still holds.This paper not only provides empirical evidence based on large samples of open market data for developing SCF business and improving firm value but also has practical impli⁃cations for national and local governments to support the development of SCF.

关 键 词：供应链金融 企业价值 文本分析 短期市场反应 金融科技 

分 类 号：F832[经济管理—金融学] F270