摘要
供应链金融已成为推动企业绿色转型及提升绿色全要素生产率(GTFP)的重要金融工具。本文以2013—2022年中国沪深A股制造业上市公司为样本,系统考察供应链金融对企业绿色全要素生产率的影响效应及其作用机制。研究发现:供应链金融能够显著提升企业绿色全要素生产率;机制分析发现,供应链金融能够通过提高企业绿色技术创新和优化运营效率来促进企业绿色全要素生产率的提升;异质性分析发现,供应链金融对小规模企业和非高新技术企业绿色全要素生产率的提升效果更为显著;调节效应分析表明,大规模企业和高新技术企业在金融科技赋能下供应链金融对企业绿色全要素生产率的影响表现得更为显著,而小规模企业和非高新技术企业并没有变得更显著或不显著;经济后果分析发现,供应链金融带来的企业绿色全要素生产率提升,也有助于企业提高未来的投资回报率。
Supply chain finance has become an important financial instrument for promoting firms’green transformation and improving green total factor productivity(GTFP).Using a sample of China’s A-share listed manufacturing firms on the Shanghai and Shenzhen Stock Exchanges from 2013 to 2022,this study empirically investigates the impact of supply chain finance on firms’GTFP and its underlying mechanisms.The results show that supply chain finance significantly enhances firms’GTFP,and this conclusion remains valid after a series of endogeneity tests and robustness checks.Mechanism analysis reveals that supply chain finance promotes GTFP through improvements in green technological innovation and operational efficiency.Heterogeneity analysis shows that the effect of supply chain finance on GTFP is more pronounced for small-scale firms and non-high-tech enterprises.Moderating effect analysis indicates that,under the empowerment of fintech,the impact of supply chain finance on GTFP becomes more significant for large-scale firms and high-tech enterprises,while the impact on small-scale firms and non-high-tech enterprises does not exhibit any significant change,either in an increasing or decreasing direction.Economic consequence analysis further shows that the improvement in GTFP brought by supply chain finance also contributes to an increase in firms’future return on invested capital(ROIC).
作者
刘浩华
余忠发
LIU Haohua;YU Zhongfa(Jiangxi University of Finance and Economics,Nanchang 330032,China)
出处
《商业研究》
北大核心
2025年第4期41-51,共11页
Commercial Research
基金
教育部人文社会科学研究规划基金项目“数字供应链金融提升供应链安全性的机理、路径与政策研究”,项目编号:24YJA790031
中国商业统计学会规划重点课题“微观视角下供应链金融对制造企业价值链升级的作用机制与提升策略研究”,项目编号:2024STZD12。
关键词
供应链金融
绿色全要素生产率
金融科技
经济绩效
绿色发展
supply chain finance
green total factor productivity
fintech
economic performance
green development
作者简介
刘浩华(1966-),男,江西宜春人,教授,博士生导师,研究方向:物流与供应链管理、供应链金融;通讯作者:余忠发(1990-),男,广东茂名人,博士研究生,研究方向:物流与供应链管理、供应链金融。
