供应链融资与公司资本结构动态调整  

Supply Chain Financing and Dynamic Adjustment of Corporate Capital Structure

作　　者：颜美玲 YAN Mei-ling(Yang-En University,Quanzhou 362014,China)

机构地区：[1]仰恩大学经济学院,福建泉州362014

出　　处：《哈尔滨学院学报》2025年第2期58-62,共5页Journal of Harbin University

基　　金：福建省社会科学基金项目(青年项目),项目编号:FJ2022C058。

摘　　要：以2018—2022年中国A股上市公司为样本数据,探讨供应链融资对公司资本结构调整速度和调整方式的影响。实证结论显示,供应链融资显著提高公司资本结构的调整速度。进一步将供应链融资分为为“下游客户”提供的供应链支持金额与从“上游供应商”占据的供应链获得金额,供应链支持金额能够显著提高企业资本结构的调整速度,而供应链获得金额不显著。在供应链融资的影响下,企业更愿意通过增加债务提高资本结构,选择正权益融资降低资本结构。文章从供应链融资的视角为企业资本结构管理提供了经验证据,对改善企业资本结构与深化金融供给侧改革具有重要意义。This paper explores the impact of supply chain financing on the speed and method of corporate capital structure adjustment,by using data from A-share listed companies in China from 2018 to 2022.The empirical findings show that supply chain financing significantly increases the speed of capital structure adjustment.Furthermore,supply chain financing is divided into two categories:the amount of supply chain support provided to“downstream customers”and the amount of supply chain resources obtained from“upstream suppliers”.The supply chain support amount significantly enhances the speed of capital structure adjustment,while the supply chain resource amount does not show a significant effect.Under the influence of supply chain financing,companies are more inclined to improve their capital structure by increasing debt and opt for positive equity financing to reduce capital structure.This article provides empirical evidence for corporate capital structure management from the perspective of supply chain financing,which is of great significance for improving corporate capital structures and deepening reforms on the financial supply side.

关 键 词：供应链融资 资本结构 调整速度 调整方式 

分 类 号：F274[经济管理—企业管理] F275[经济管理—国民经济]