供应链金融提高了企业供应链效率吗——基于双重机器学习的因果推断  

Has Supply Chain Finance Improved Supply Chain Efficiency for Enterprises?--A Causal Inference Based on Double Machine Learning

作　　者：杨思莹 白桦 李政 Yang Siyin;Bai Hua;Li Zheng

机构地区：[1]吉林大学中国国有经济研究中心 [2]吉林大学经济学院 [3]辽宁大学经济学院

出　　处：《财经科学》2025年第2期57-73,共17页Finance & Economics

基　　金：国家社会科学基金项目“东北全面振兴背景下国有企业发展新质生产力的机理和路径研究”(24BJL063);吉林大学人民政协理论专项研究课题“人民政协推进国家科技治理现代化的优势与路径研究”(2021zx03019)的资助。

摘　　要：供应链金融是推动金融高质量发展的重要举措,亦是维护供应链安全稳定的有力支撑。本文以2009—2022中国A股上市公司数据为样本,采用双重机器学习模型考察供应链金融业务对企业供应链效率的影响及其作用机制。研究发现,企业开展供应链金融业务提升了其供应链效率。具体而言,存货类和综合类供应链金融业务有利于提高企业供应链效率,应收预付类供应链金融业务对企业供应链效率并无明显的提升作用。供应链金融业务通过不确定性预期、供应链循环预期两个层面的预期效应对企业供应链效率产生积极影响;企业的商业信用融资偏好会强化供应链金融业务对企业供应链效率的促进作用。进一步研究表明,供应链金融业务在非僵尸企业和国有企业更能促进供应链效率提升。此外,供应链效率的改善也伴随着企业绩效和供应链韧性的提升。本文为供应链金融提升供应链效率提供了微观证据,也从金融创新角度为畅通国民经济循环提供了政策启示。Supply chain finance is a crucial initiative for advancing high-quality financial development and a strong pillar for maintaining supply chain stability.This paper examines the impact and mechanisms of supply chain finance on corporate supply chain efficiency,using data from Chinese A-share listed companies from 2009 to 2022 and employing a dual machine learning model.The study finds that supply chain finance significantly enhances supply chain efficiency.Specifically,inventory and comprehensive supply chain finance improve efficiency,whereas accounts receivable and prepayment finance do not show significant effects.Mechanism tests indicate that supply chain finance positively influences efficiency through expectations of uncertainty and supply chain cycles.A preference for trade credit financing further amplifies this effect.Additionally,supply chain finance more effectively enhances efficiency in non-zombie and state-owned enterprises.Improvements in supply chain efficiency are also associated with better corporate performance and resilience.This work provides micro-level evidence for the role of supply chain finance in enhancing efficiency and offers policy insights for facilitating economic circulation through financial innovation.

关 键 词：供应链金融 供应链效率 供应链预期效应 融资偏好 双重机器学习 

分 类 号：F832.5[经济管理—金融学]