供应链金融对企业运营绩效的影响研究:机理与实证  

Research on the Impact of Supply Chain Finance on Corporate Operational Performance:Mechanism and Empirical Evidence

作　　者：吴勇民 李沁琳[3] Wu Yongmin;Li Qinlin(Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Business and Management,Jilin University,Changchun 130012,China;School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]吉林大学数量经济研究中心,长春130012 [2]吉林大学商学与管理学院,长春130012 [3]大连理工大学经济管理学院,大连116024

出　　处：《工业技术经济》2025年第2期3-14,F0003,共13页Journal of Industrial Technology and Economy

基　　金：国家社会科学基金项目“智慧供应链金融赋能实体经济高质量发展的理论机制与实现路径研究”(项目编号:24BJL109)。

摘　　要：本文从企业专业化分工和全要素生产率两个视角,通过选取2014~2022中国资金密集型行业上市企业的样本数据,对供应链金融能否以及如何影响企业的运营绩效进行了机理分析与实证检验。结果表明:开展供应链金融业务能够显著提升企业自身的运营绩效,并且,促进企业的专业化分工和提升全要素生产率是供应链金融助力企业运营绩效提升的两个重要途径。本文不仅从供应链金融的视角为企业运营绩效的影响因素提供了新的解释,也揭示了供应链金融助力企业运营绩效提升的机制与途径。This paper analyzes and empirically tests whether and how supply chain finance can affect the operational performance of enterprises from the perspectives of enterprise specialization division of labor and total factor productivity by selecting the sample data of listed enterprises in China's capital-intensive industries from 2014 to 2022.The results show that supply chain finance(SCF)can significantly improve the operational performance of enterprises,and that promoting the specialized division of labor and enhancing total factor productivity are two important ways for supply chain finance to help improve the operational performance of enterprises.This paper not only provides a new explanation for the influencing factors of the operational performance of enterprises from the perspective of supply chain finance,but also reveals the mechanisms and ways in which supply chain finance contributes to the improvement of the operational performance of enterprises.

关 键 词：供应链金融 企业运营绩效 企业专业化分工 全要素生产率 资金密集型行业 固定效应回归模型 替换变量法 缩短样本期法 

分 类 号：F830.5[经济管理—金融学] F276.6