企业供应链话语权如何影响实体投资?——基于商业信用视角的实证检验  

How does the Discourse Power of Enterprise Supply Chain Affect Physical Investment?——EvidencefromCommercial Credit

作　　者：李雅丽[1] 王笑笑 Li Yali;Wang Xiaoxiao

机构地区：[1]郑州航空工业管理学院

出　　处：《投资研究》2024年第6期53-69,共17页Review of Investment Studies

基　　金：国家社会科学基金重点项目:经济低碳转型对金融体系的结构性冲击及风险缓释策略构建研究(23AJY008)。

摘　　要：基于2011-2020年A股上市非金融企业数据,实证研究显示,以商业信用度量的企业话语权对实体投资的影响呈倒“U”型关系,即众多话语权较小的企业实体投资会随着商业信用的增加而增加,而少数话语权强大的企业则相反。进一步研究发现,企业金融投资随话语权的变动中介了这种非线性关系,并且经济政策不确定性在二者之间具有调节作用。在货币政策宽松而非紧缩时期,倒“U”型关系显著;国有企业倒“U”型拐点比非国有企业出现得更晚。Based on the data of non-financial enterprises listed on the A-share market from 2011 to 2020,this paper shows the discourse power of enterprises in the supply chain,measured by commercial credit,has an inverted-U effect on real investment.Many enterprises with less power increase their physical investment when they have more commercial credit,while a few powerful enterprises do the opposite.Mechanism research finds that the corporate financial investment mainly mediate this non-linear relationship,and the uncertainty of economic policy has a moderating effect.Heterogeneity analysis shows that it is during the period of loosing monetary policy that the inverted-U effect is significant,and compared to the inverted-U curve of non-state enterprises,the extreme point of the state-owned enterprises appears later.

关 键 词：供应链话语权 商业信用 实体投资 金融投资 

分 类 号：F274[经济管理—企业管理] F832.51[经济管理—国民经济] F275