供应链金融与企业劳动生产率  

Supply Chain Finance and Enterprise Labor Productivity

作　　者：张娆 杨小伟 Zhang Rao;Yang Xiaowei(College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,210095

出　　处：《南开经济研究》2025年第2期122-142,共21页Nankai Economic Studies

基　　金：教育部哲学社会科学研究后期资助项目“绿色发展视角下企业绿色并购的驱动因素及经济效应研究”(24JHQ034);国家自然科学基金面上项目“中间汇率制度为何长期存在:经验识别、理论解释与政策评估”(72173074);江苏高校“青蓝工程”(2022—2025)的资助。

摘　　要：金融是推动经济社会发展的重要力量。本文基于手工整理的供应链金融指标和2013—2022年沪深A股上市企业数据,构建双向固定效应模型,以劳动生产率为视角,探讨供应链金融能否助推企业高质量发展。结果表明,供应链金融能显著提升企业劳动生产率。其机制如下:供应链金融产生的资金供给效应能显著降低企业融资约束和融资成本;供应链金融的供应链管理效应能为核心企业改善营运效率和增强盈利能力奠定基础。调节效应检验表明,随着地方财政压力和行业经营风险加大,供应链金融促进企业劳动生产率的作用更有效;异质性分析表明,供应链金融与企业劳动生产率的关系在资金链断裂风险程度高和财务信誉好的企业中更显著;最后,溢出效应检验显示,核心企业提供供应链金融服务有助于提高上下游企业劳动生产率。本研究为供应链金融的经济后果和企业劳动生产率的影响因素提供经验证据,为借助供应链金融工具来增强链上企业市场竞争力提供政策启示。Finance is an important force driving economic and social development.Based on manually organized supply chain finance indicators and data of Shanghai and Shenzhen Ashare listed companies from 2013 to 2022,this paper constructs a two-way fixed effects model to explores whether supply chain finance can promote high-quality development of enterprises from the perspective of labor productivity.The results indicate that supply chain finance can significantly improve enterprises labor productivity.The mechanism is that the funding supply effect generated by supply chain finance can significantly reduce financing constraints and financing costs for enterprises,the supply chain management effect of sup-ply chain finance can lay the foundation for core enterprises to improve operational effi-ciency and enhance profitability.In further research,the moderating effect test finds that,with the increase of local financial pressure and industry operation risk,supply chain finance plays a more effective role in promoting enterprises labor productivity.Heterogeneity analysis finds that the relationship between supply chain finance and enterprises labor productivity is more significant in enterprises with high risk of capital chain breakage and good financial reputation.Finally,the spillover effect test finds that supply chain financial ser-vices of core enterprises can help improve labor productivity of upstream and downstream enterprises.This study provides empirical evidence for the economic consequences of supply chain finance and the influencing factors of enterprise labor productivity,and provides policy implications for enhancing the market competitiveness of on chain enterprises through the supply chain finance instrument.

关 键 词：供应链金融 劳动生产率 资金供给效应 供应链管理效应 

分 类 号：F27[经济管理—企业管理]