供应链数字化与商业信用—银行借款的替代性  

Supply Chain Digitization and Substitution of Commercial Credit and Bank Borrowing

作　　者：杨洲 Yang Zhou(School of Business,Anhui University,Hefei 230601,Anhui,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《金融发展研究》2024年第11期59-71,共13页Journal Of Financial Development Research

基　　金：安徽省自然科学基金优青项目“国有企业公司治理前沿问题研究”(2208085Y22);安徽省高校杰出青年项目“中国情境下上市公司ESG表现的经济后果研究”(2022AH020001)。

摘　　要：作为两种重要的债务融资方式,商业信用与银行借款之间存在一定的替代性。本文以2018年供应链创新与应用试点工作为准自然实验,基于2013—2022年中国A股上市公司数据,考察了供应链数字化如何影响商业信用—银行借款的替代性。研究发现:供应链数字化促进了商业信用融资的使用,强化了商业信用—银行借款的替代性。机制检验发现,供应链数字化显著降低了企业经营风险、提高了企业信息透明度和供应链效率,进而促进了商业信用融资的使用,并强化了商业信用—银行借款的替代性。异质性分析发现,供应链数字化对商业信用—银行借款替代性的强化作用在法治环境水平较高、融资约束程度较高以及处于成熟期的企业中更为显著。本文丰富了供应链数字化的经济后果研究,为探究企业主动使用商业信用替代银行借款进行融资的动因提供了增量贡献。As two important forms of debt financing,there is some substitution between commercial credit and bank borrowing.Using the 2018 Supply Chain Innovation and Application Pilot Work as a quasi-natural experiment,this paper examines how supply chain digitization affects the substitutability of commercial credit-bank borrowing based on the data of China's A-share listed companies from 2013 to 2022.The study finds that supply chain digitization promotes the use of commercial credit financing and reinforces the commercial credit-bank borrowing substitution.Mechanism tests find that supply chain digitization significantly reduces business risk,improves firm information transparency and supply chain efficiency,which in turn promotes the use of commercial credit financing and strengthens the commercial credit-bank borrowing substitution.Heterogeneity analysis reveals that the reinforcing effect of supply chain digitization on commercial credit-bank borrowing substitutability is more pronounced among firms with higher levels of rule of law environments,higher levels of financing constraints,and those that are in the maturity stage.This paper enriches the research on the economic consequences of supply chain digitization by providing an incremental contribution to the exploration of the drivers of firms'proactive use of commercial credit as an alternative to bank borrowing for financing.

关 键 词：供应链数字化 商业信用 银行借款 替代性融资 

分 类 号：F830[经济管理—金融学]