资源编排视角下供应链金融对供应链韧性的影响研究  

Research on the Impact of Supply Chain Finance on Supply Chain Resilience from the Perspective of Resource Orchestration

作　　者：卢毅 郑青昊 邓扬 LU Yi;ZHENG Qinghao;DENG Yang(School of Business,Sichuan University,Chengdu 610064,China;China Academy of Fiscal Science,Beijing 100142,China)

机构地区：[1]四川大学商学院,四川成都610064 [2]中国财政科学研究院,北京100142

出　　处：《统计与信息论坛》2025年第4期61-75,共15页Journal of Statistics and Information

基　　金：国家社会科学基金重大招标项目“重大突发事件情境下重点产业供应链韧性评估与对策研究”(23&ZD051)。

摘　　要：面对频繁的自然灾害、复杂的国际局势和动荡的经济环境,增强供应链韧性已成为一个现实难题和重要的研究议题。基于资源编排理论,以2009—2021年中国A股上市公司为研究对象,实证分析了供应链金融如何影响供应链韧性,并根据地区差异、企业性质的不同以及行业集中度的高低,对不同类型的企业进行了异质性检验。此外,还进一步探讨了“投入—产出”速度的机制效应,以及供应链金融在数字化转型和媒体关注度情境下的不同表现。研究发现:供应链金融对于提升供应链韧性具有显著效果,尤其在东部地区、非国有企业以及高行业集中度的企业表现更为明显。机制分析表明,供应链金融通过优化金融资源配置,提高了企业的“投入—产出”速度,从而增强了供应链韧性。情境分析表明,在数字化转型背景下,供应链金融的资源配置活力得到提升,有利于加强其对供应链韧性的正向影响;在高媒体关注度环境中,供应链金融的资源配置效率有所降低,削弱了其对供应链韧性的提升作用。研究结论为企业利用供应链金融提升供应链韧性提供了新的思路,同时对实践和政策制定具有重要的参考价值。Facing frequent natural disasters,a complex international landscape,and a turbulent economic environment,enhancing supply chain resilience emerges as a critical practical issue and significant research topic.Drawing on resource orchestration theory and using listed companies on China’s A-shares market from 2009 to 2021 as the research sample,empirical analysis explores the impact of supply chain finance on supply chain resilience.Heterogeneity is examined among different types of enterprises based on regional differences,ownership structures,and industry concentration levels.Additionally,the mechanistic effect of“input-output”speed is further explored,as well as the different performances of supply chain finance in the context of digital transformation and media attention.The results indicate that supply chain finance significantly improves supply chain resilience,with a stronger effect observed in eastern regions,non-state-owned enterprises,and industries with high market concentration.Mechanism analysis shows that supply chain finance optimizes financial resource allocation,accelerating the“input-output”speed and thereby enhancing supply chain resilience.Contextual analysis reveals that under digital transformation,the resource allocation efficiency of supply chain finance increases,strengthening its positive effect on supply chain resilience.In contrast,high levels of media attention reduce resource allocation efficiency,weakening the positive impact of supply chain finance on resilience improvement.These findings offer new perspectives on how businesses can utilize supply chain finance to enhance resilience,while also providing valuable references for practical decision-making and policy formulation.

关 键 词：供应链韧性 供应链金融 “投入—产出”速度 数字化转型 媒体关注度 资源编排理论 

分 类 号：F270[经济管理—企业管理]