供应链金融能否缓解供需长鞭效应  

Can Supply Chain Finance Alleviate the Bullwhip Effect in Supply and Demand

作　　者：于苏 赵晓阳 Yu Su;Zhao Xiaoyang

机构地区：[1]天津财经大学会计学院 [2]中山大学岭南学院、国家发展研究院

出　　处：《金融经济学研究》2024年第6期93-107,共15页Financial Economics Research

基　　金：山东省自然科学基金面上项目(ZR2023MG072);中央高校基本科研业务费专项资金资助项目(202061036);海南省教育厅高等学校科学研究项目(58-4265);海南大学2023年青年学者扶持项目(DC2300003095)。

摘　　要：利用手工整理的2007—2021年间A股上市公司及其前五大上市供应商和客户数据,考察下游企业开展供应链金融对长鞭效应的影响及其作用机制。研究发现,下游企业开展供应链金融能够有效缓解供需长鞭效应。机制分析表明,提高下游企业公开披露的信息质量和促进上下游企业私有信息传递是供应链金融发挥作用的重要途径。异质性分析发现,上下游企业处于非同一行业以及上下游企业间地理距离越远,供应链金融对供应链长鞭效应的治理效应越强。进一步研究表明,下游企业开展供应链金融在缓解长鞭效应后,能有效降低供应商经营风险,增强供应链稳定性。研究结论为理解供应链金融的治理效应提供了新的证据,对建设现代化经济体系提供了理论依据。This study examined the impact of supply chain finance among downstream firms on the bullwhip effect and its mechanism based on manually compiled data on A-share listed companies and their top five listed suppliers and customers for the period 2007-2021.This study found that supply chain finance among downstream firms can effectively alleviate the bullwhip effect in supply and demand.The results of the mechanism analysis suggested that improving the quality of information disclosed by downstream firms and facilitating the transmission of private information between upstream and downstream firms are important means through which supply chain finance can play a role.The heterogeneity analysis showed that the governance effect of supply chain finance on the bullwhip effect in supply chain is stronger when the upstream and downstream enterprises are in different industries and the geographical distance between them is greater.Further research suggested that supply chain finance among downstream firms can effectively lower business risks among suppliers and enhance the stability of supply chain after alleviating the bullwhip effect.The conclusions of this study not only offer new evidence for understanding the governance effect of supply chain finance,but also provide a theoretical basis for building a modern economic system.

关 键 词：供应链金融 长鞭效应 信息质量 信息传递 经营风险 

分 类 号：F275[经济管理—企业管理]