企业供应链金融对企业创新绩效的影响效应——兼论供应链金融集中度与实施方向的调节效应

The Effect of Enterprise of Supply Chain Finance on Enterprise's Innovation Performance:On Moderating Effect of Supply Chain Financial Concentration and Implementation Direction

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摘要基于2011~2019年中国沪深A股上市公司的样本数据,实证研究了供应链金融对企业创新绩效的影响效应及其内在作用机制。结果显示:企业实施供应链金融对企业创新绩效存在显著的促进效应,企业实施供应链金融可通过缓解融资约束程度和降低企业经营风险水平对企业创新绩效产生促进作用;企业实施双向供应链金融对企业创新绩效的促进效应发挥了正向调节作用,而企业供应链集中度对供应链金融对企业创新绩效的促进效应发挥了负向调节作用;异质性检验结果显示,企业实施供应链金融对企业创新绩效的促进效应在非国有企业、小规模企业以及低数字普惠金融地区企业中更为明显;企业实施供应链金融通过促进企业创新绩效进而提升企业绩效。 Based on the sample data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2019,this paper empirically studies the impact of supply chain finance on enterprise innovation performance and its internal mechanism.The result shows as follows:the implementation of supply chain finance has a significant promoting effect on enterprise innovation performance,and the mechanism test shows that the implementation of supply chain finance can promote enterprise innovation performance by alleviating financing constraints and reducing enterprise operation risk level;the implementation of two-way supply chain finance plays a positive regulatory role in the promotion effect of supply chain finance on enterprise innovation performance,while the enterprise supply chain concentration plays a negative moderating role in the promotion effect of supply chain finance on enterprise innovation performance;further heterogeneity test also found that the innovation performance promotion effect of supply chain finance was more obvious in non-state-owned enterprises,small-scale enterprises and enterprises in low digital inclusive finance areas;enterprises implement supply chain finance to improve enterprise performance by promoting enterprise innovation performance.

作者李井林易俊伶阳镇陈劲 Li Jinglin;Yi Junling;Yang Zhen;Chen Jin(School of Accounting,Hubei University of Economics,Wuhan 430205,China;School of Political Science and Public Administration,Wuhan University,Wuhan 430072,China;Institute of Industrial Economics,Chinese Academy of Social Sciences,Beijing 100006,China;Research Center for Technological Innovation,Tsinghua University,Beijing 100084,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区湖北经济学院会计学院武汉大学政治与公共管理学院中国社会科学院工业经济研究所清华大学技术创新研究中心清华大学经济管理学院

出处《创新与创业管理》 2022年第2期63-88,共26页 Management of Innovation and Entrepreneurship

基金清华大学自主科研计划项目“中国情境下颠覆性技术创新模式研究”(2019THZWYX10) 湖北省高等学校哲学社会科学研究项目“ESG与企业绿色技术创新:效应、机制与对策”(21D079)

关键词供应链金融企业创新绩效融资约束经营风险 supply chain finance enterprise innovation performance financing constraint operating risk

分类号 F273.1 [经济管理—企业管理]

作者简介李井林(1985—),男,湖南永州人,湖北经济学院会计学院副教授,博士(后),研究方向为公司理财、并购重组与企业创新;易俊伶(1991-)女,湖北随州人,武汉大学政治与公共管理学院博士研究生,研究方向为并购重组与企业创新;通讯作者:阳镇(1994—),男,湖南隆回人,中国社会科学院工业经济研究所助理研究员,研究方向为企业技术创新与企业社会责任;陈劲(1968—),男,浙江余姚人,清华大学经济管理学院教授、博士生导师,清华大学技术创新研究中心主任,研究方向为创新管理和科技政策。