创新成功与企业供应链融资被引量：5

Innovation success and enterprise supply chain financing

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摘要以中国A股制造业上市公司为样本,实证检验创新成功对制造业企业供应链融资的具体影响及作用机制。结果显示,创新成功可以显著提升制造业企业供应链商业信用净融资水平。在传导路径方面,企业创新成功通过发挥买方市场效应和替代性融资效应降低供应链集中度、改变企业成本结构与对外融资结构从而提升商业信用净融资,推动经济高质量发展。在异质性方面,创新成功对商业信用净融资促进作用在非国有企业、经济扩张期和分析师高关注度情形下表现显著。聚焦创新成功对供应链商业信用融资的具体影响与内在机理,研究结论有助于加深认识创新成功的微观金融功能,并为转型国家化解企业融资难和融资贵问题以及寻找供应链产业链安全之道提供新的解释和有益参考。 School of Management,University of Science and Technology of China;Huishang Futures Co.,Ltd.;School of Business,Renmin University of China;Lingnan College,Sun Yat-Sen University;This article takes Chinese A-share manufacturing listed companies as samples to empirically test the specific impact and mechanism of successful innovation on supply chain financing of manufacturing enterprises. The results show that successful innovation can significantly improve the net financing level of supply chain commercial credit for manufacturing enterprises. In terms of transmission pathways, successful enterprise innovation reduces supply chain concentration, changes the cost structure and external financing structure of enterprises, and enhances net financing of commercial credit by leveraging the buyer' s market effect and alternative financing effect, promoting high-quality development. In terms of heterogeneity, the promoting effect of successful innovation on net financing of commercial credit is significant in non-state-owned enterprises, economic expansion periods, and situations with high analyst attention. This article focuses on the specific impact and internal mechanism of successful innovation on supply chain commercial credit financing. The research conclusion helps to deepen the understanding of the micro financial function of successful innovation, and provides new explanations and useful references for transitional countries to solve the problem of difficult and expensive financing for enterprises and find ways to ensure the security of supply chain and industrial chain.

作者程晓刚宋常连玉君毕功兵 CHENG Xiaogang;SONG Chang;LIAN Yujun;BI Gongbing(School of Management,University of Science and Technology of China,Hefei 230026,China;Huishang Futures Co.,Ltd.,Hefei 230061,China;School of Business,Renmin University of China,Beijing 100872,China;Lingnan College,Sun Yat-Sen University,Guangzhou 510275)

机构地区中国科学技术大学管理学院徽商期货有限责任公司中国人民大学商学院中山大学岭南学院

出处《中国软科学》 CSSCI CSCD 北大核心 2024年第2期113-122,共10页 China Soft Science

基金国家社会科学基金重点项目“基于风险防范的地方性政府债务审计研究”(14AGL008) 国家自然科学基金面上项目“平台供应链融资决策和风险防控研究”(72171214)。

关键词创新成功供应链商业信用 innovation success supply chain commercial credit

分类号 F275.5 [经济管理—企业管理] F832.5 [经济管理—金融学]

作者简介程晓刚(1986-),男,安徽合肥人,博士,中国科学技术大学管理学院科研流动站博士后,徽商期货有限责任公司科研工作站博士后,主要研究方向为公司金融、供应链金融;通信作者:宋常。