供应链金融能否提升企业创新水平?

Can Supply Chain Finance Improve the Innovation Level of Enterprises?

现有关于供应链金融的研究在某种程度上割裂了其金融属性与供应链属性的有机统一,同时也缺少对核心企业这一关键参与方的关注,特别是供应链金融与核心企业创新之间的关系并没有受到应有的重视。为此,文章基于2010-2017年A股非金融类上市公司样本,实证研究供应链金融对核心企业创新的影响,并基于融资效应假说和关系效应假说验证其内在作用机理,同时还检验了不同的供应链金融开展方向和供应链金融能力对创新提升的差异影响,以及技术创新水平提升后的经济后果。研究发现:供应链金融能够显著提升核心企业的技术创新水平,同时面向上下游企业开展双向供应链金融和具有高供应链金融能力的公司,供应链金融的创新提升效应更强。进一步的机制检验发现,供应链金融对技术创新的提升作用在高融资约束组和低供应链关系组中更显著,而在低融资约束组和高供应链关系组中不显著。这支持了供应链金融激发创新的融资效应假说和关系效应假说。经济后果检验发现,供应链金融有利于创新产出的产品市场竞争力提升和企业价值增殖,同时也能提高供应链绩效。文章拓展了供应链金融经济后果的研究边界,也丰富了创新的影响因素研究,为供应链金融如何服务实体经济高质量发展提供了新的证据和思路。

Supply chain finance,as a supplement and expansion to the existing business model,can better realize the transformation from emphasizing the established resource capacity to continuously expanding flexibly according to the environment.With the expansion of supply chain finance market,whether and how supply chain finance can exert the expected economic effect and promote the high-quality development of real economy has gradually attracted the attention of the theoretical circle.However,most of the existing researches on supply chain finance are based on financial orientation or supply chain orientation.Most of the existing research focuses on the business model,financing constraints,value creation,financial risk prevention and control,and other topics of supply chain finance.However,to some extent,it ignores the unity of the financial attribute and the supply chain attribute of supply chain finance;at the same time,it lacks attention to the core enterprise as the key participant.As an innovative financial model,the relationship between supply chain finance and core enterprise innovation has not been paid much attention by scholars.Therefore,can the core enterprise realize the unification of"financial attribute"and"supply chain attribute"of supply chain finance in the innovation process and improve the innovation level?In order to explain the above problems,we empirically examine the impact of supply chain finance on core enterprise innovation and the internal mechanism.In addition,we further examine the different influences of core enterprises’service scope and supply chain finance capability on innovation.Finally,we examine the economic consequences of supply-chain finance in promoting enterprise innovation.We find that supply chain finance can significantly improve the technological innovation level of core enterprises,and the improvement effect is more obvious in the two-way supply chain finance group and the high supply chain finance capability group.The improvement effect of supply chain finance on technological innovation is significant in the high financing constraint group and the low supply chain relationship group,but not significant in the low financing constraint group and the high supply chain relationship group,which supports the financing effect hypothesis and the relation effect hypothesis.The economic consequence test shows that supply chain finance can not only improve the competitiveness of product market and the value of enterprises,but also improve the performance of supply chain.The academic value of this paper is mainly reflected in three aspects:Firstly,it expands the research boundary of the economic consequences of supply chain finance,and enriches the empirical research of supply chain finance.Secondly,we consider the different influences of supply chain finance service scope and supply chain finance capability on innovation,and deepen the understanding of different economic consequences of supply chain finance.Finally,the conclusion provides decision-making reference for enterprises to actively expand supply chain finance business to improve the level of innovation.It provides theoretical guidance for the government to use supply chain finance to optimize the financial service system and serve the real economy.