供应链金融生态能够提升产业链韧性吗——来自深交所中小板上市企业的实证研究  

Can the Supply Chain Finance Ecosystem Enhance the Resilience of Industrial Chains——An Empirical Study of Companies listed on the Small and Medium-sized Enterprises(SME)Board of the Shenzhen Stock Exchange

作　　者：熊礼慧 谭皖青 方嘉奇 Xiong Lihui;Tan Wanqing;Fang Jiaqi

机构地区：[1]温州大学商学院

出　　处：《经济研究参考》2025年第1期105-129,共25页Review of Economic Research

基　　金：浙江省社科规划专项课题“产业链安全视角下‘专精特新’引领中小企业高质量发展的路径研究——以浙江省为例”(No.23YJZX11YB);浙江省软科学研究计划重点项目“工业互联网平台赋能浙江制造业高质量创新的机理、路径与政策保障研究”(No.2024C25028);浙江省社科联研究课题“绿色金融改革政策的碳减排效应:机制、测度与路径优化研究”(No.2024N06I)。

摘　　要：在全球产业链安全面临挑战的背景下,探究供应链金融生态如何赋能产业链韧性以应对复杂多变的形势具有重要的现实价值。本文以2012~2022年深交所中小板上市企业为样本,深入探讨供应链金融生态对产业链韧性的影响及作用机制。研究表明,供应链金融生态对产业链韧性提升具有正面效应,且供应链金融生态能够通过提高企业的全要素生产率和技术创新能力,进而促进产业链韧性的提升。异质性分析结果显示,供应链金融生态对产业链韧性的影响在不同金融科技发展水平、不同市场化程度方面存在差异性。本文的研究有助于深化对供应链金融生态在产业链中作用的理解,对于引导经济结构的优化和产业链的升级转型具有深远意义。In the context of the challenges facing the security of the global industrial chain,it is of great practical value to explore how the supply chain finance ecosystem can empower the resilience of the industrial chain to cope with the complex and changeable situation.This paper selects the companies listed on the SME board of the Shenzhen Stock Exchange from 2012 to 2022 as a sample to deeply explore the impact of supply chain finance ecosystem on the resilience of the industrial chain and its mechanism.The research shows that the supply chain finance ecosystem has a positive effect on improving the resilience of the industrial chain,and the supply chain finance ecosystem can promote the improvement of the resilience of the industrial chain by improving the total factor productivity and technological innovation ability of enterprises.The results of heterogeneity analysis show that the impact of supply chain finance ecosystem on the resilience of the industrial chain is different in different levels of financial technology development and different degrees of marketization.This paper is helpful to deepen the understanding of the role of supply chain finance ecosystem in the industrial chain,and has far-reaching significance for guiding the optimization of economic structure and the upgrading and transformation of the industrial chain.

关 键 词：供应链金融生态 产业链韧性 全要素生产率 技术创新 

分 类 号：F832[经济管理—金融学] F274F424