企业信用评级与供应链韧性  

Corporate Credit Ratings and Supply Chain Resilience

作　　者：李天一 张玄逸 张松 LI Tian-yi;ZHANG Xuan-yi;ZHANG Song

机构地区：[1]中共中央党校(国家行政学院)国家治理教研部国家治理体系教研室 [2]管理世界杂志社 [3]清华大学五道口金融学院,北京100140

出　　处：《现代金融研究》2025年第4期78-90,共13页Journal of modern finance

摘　　要：本文以中国A股上市企业为样本,探索企业信用评级对提升供应链韧性的影响及作用机制。研究发现:第一,企业信用评级越高,供应链韧性越强,缓解内生性问题后该结论依旧稳健;第二,企业信用评级对供应链韧性的提升作用主要集中在非国有企业、投入异质程度高的企业和地区要素市场发育完备的企业;第三,机制分析表明企业信用评级可以通过提高企业风险承担能力和降低供应链协调成本来提高供应链的韧性。This study examines the role and mechanisms of corporate credit in enhancing supply chain resilience using a sample of listed enterprises.The findings reveal that:Firstly,higher corporate credit ratings are associated with stronger supply chain resilience,and this conclusion remains robust after addressing endogeneity issue.Secondly,the enhancing effect of corporate credit rating on supply chain resilience is more pronounced in non-state-owned enterprises,firms with high input heterogeneity,and enterprises located in regions with well-developed factor markets.Thirdly,mechanism analysis indicates that corporate credit ratings can improve supply chain resilience by enhancing corporate risk-taking capacity and reducing supply chain coordination cost.

关 键 词：企业信用评级 供应链韧性 企业风险承担能力 供应链协调成本 

分 类 号：F273.7[经济管理—企业管理] F274[经济管理—国民经济]