供应链透明度与企业短贷长投——基于供应商和客户信息披露视角  

Supply Chain Transparency and Corporate Short-term Credit for Long-term Investment:Based on the Perspective of Supplier and Customer Information Disclosure

作　　者：宋丽颖[1] 张仁杰 祝贵仪 SONG Liying;ZHANG Renjie;ZHU Guiyi(School of Economics and Finance,Xi'an Jiaotong University,Xi'an 710061,China;School of Economics and Management,Northwest University,Xi'an 710127,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]西北大学经济管理学院,陕西西安710127

出　　处：《审计与经济研究》2024年第6期73-84,共12页Journal of Audit & Economics

基　　金：国家社会科学基金项目(21BJY004)。

摘　　要：债务期限短期化是我国企业普遍面临的现实问题,由此引发的短贷长投行为是现阶段各类系统性金融风险的根源。利用2009—2021年A股上市公司数据,实证探究供应链透明度影响企业短贷长投的效应与机制。结果表明,供应链透明度提升能有效缓解企业短贷长投问题,其影响主要体现在信息不对称程度高、实体投资需求大的企业中,且客户透明度比供应商透明度的效果更显著。机制分析结果显示,企业短贷长投减少的逻辑在供需两端,供应链透明度提升一方面有助于改善银企信息不对称,提高企业长期贷款可得性;另一方面强化了供应商/客户参与监督和治理的动力,抑制企业过度投资行为。进一步研究发现,短贷长投加剧了企业股价崩盘风险,该风险会向上游供应商扩散,供应链透明度能削弱企业短贷长投对股价崩盘风险的负面影响。研究结论有助于深化对供应链信息披露经济后果的认识,为纾解企业短贷长投困境提供了新思路,对完善企业供应链信息披露的监管政策具有启示意义。The short-termizatiom of debt maturity is a common problem faced by enterprises in China,and the resulting short-term credit for long-term investment behavior is the root cause of all kinds of systemic financial risks.Using the data of A-share listed companies from 2009 to 2021,this study empirically investigates the effects and mechanisms of supply chain transparency on corporate short-term credit for long-term investment.The results show that supply chain transparency can effectively mitigate the problem of corporate short-term credit for long-term investment,the impact of which is mainly reflected in the enterprises with high degree of information asymmetry,high demand for entity investment,and the effect of customer transparency is more significant than that of supplier transparency.The mechanism analysis shows that the logic of mitigating corporate short-term credit for long-term investment lies in both supply-side and demand-side,enhancing supply chain transparency on the one hand helps to improve the information asymmetry between banks and enterprises,and improves the availability of corporate long-term credit;on the other hand,it strengthens the incentives for supplier customers supervision and governance participation,and inhibits corporate overinvestment behavior.Further research finds that short-term credit for long-term investment exacerbates the risk of corporate stock price collapse,which spills over to upstream suppliers,and that supply chain transparency mitigates the negative impact of short-term corporate credit for long-term investment on the risk of stock price collapse.The above findings help to deepen the understanding of the economic benefits of supply chain information disclosure,and also provide new insights to mitigate the predicament of corporate short-term credit for long-term investment,which is instructive for the subsequent improvement of the regulatory policy of corporate supply chain information disclosure.

关 键 词：债务期限结构 供应链透明度 短贷长投 信息不对称 供应链治理 长期贷款 过度投资 

分 类 号：F275[经济管理—企业管理]