不确定性、供应链金融与加工贸易企业转型  

Uncertainty,Supply Chain Finance and Transformation of Processing Trade Enterprises

作　　者：王孝松[1] 崔雨阳 WANG Xiao-song;CUI Yu-yang(School of Economics,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学经济学院,北京100872

出　　处：《北京交通大学学报（社会科学版）》2024年第4期60-77,共18页Journal of Beijing Jiaotong University(Social Sciences Edition)

基　　金：国家社会科学基金项目“共建‘一带一路’进程中贸易与投资协同发展研究”(23VRC012)。

摘　　要：近年来,金融服务实体经济趋势不断加强。作为制造业的重要组成部分,中国加工贸易企业转型需要创新金融产品的支持。结合可得数据,本文对上市企业的加工贸易转型进行研究,发现供应链金融已呈现出显著缓解贸易政策不确定性对加工贸易企业转型负面影响的调节效果,调节渠道主要为缓解企业融资约束、降低资金链与供应链风险。因此,在外部不确定性负面影响逐渐增加的当下,应重视供应链金融对加工制造业转型的促进作用,从提供资金支持与“稳链”“强链”两方面,发挥供应链金融的服务功能。There has been an increasing trend of finance serving the needs of real economy in recent years.As an important component of manufacturing industry,China’s processing trade enterprises that are undergoing transformation needs the support of innovative financial products.Based on the available data,this paper studies the transformation of processing trade of listed enterprises,and finds that supply chain finance has significantly alleviated the negative impact of trade policy uncertainty on the transformation of these enterprises,and the main regulating channels are alleviating the financing constraints of enterprises and reducing the risks of capital chain and supply chain.Therefore,it is suggested that at present when the negative impact of external uncertainty is gradually increasing,we should pay attention to the role of supply chain finance in promoting the transformation of the processing and manufacturing industry,and give play to the service function of supply chain finance from aspects of both providing capital support and stabilizing and strengthening the supply chain.

关 键 词：供应链金融 加工贸易 贸易方式转型 贸易政策不确定性 

分 类 号：F830[经济管理—金融学]