供应链纵向协同创新:来自商业信用融资的证据

Vertical Collaborative Innovation in the Supply Chain:Evidence from Commercial Credit Financing

在竞争环境日益复杂以及企业可用资源日趋紧张条件下,供应链上下游企业间建立纵向协同创新联盟是业界新动态。开展更加广泛的协同,有效整合创新联盟企业的资源和能力,对提高企业乃至整个供应链的竞争力具有重要意义。引入供应链协同创新视角,基于2013~2018年中国非金融类上市企业商业信用融资数据,实证探讨下游企业技术创新绩效对上游供应商商业信用融资的影响效应与传导路径。研究发现:供应链协同创新环境下,企业的技术创新绩效有利于其获得供应商的商业信用融资。企业的技术创新绩效传递企业价值和市场地位的信号,供应商集聚进一步通过竞争机制施加影响,推动下游企业获得商业信用融资。具体而言,供应商提供的商业信用力度与产业链下游的创新型企业的创新效率显著正相关;供应商通过商业信用参与企业创新的情况在供应商集中度不同的地区存在较大差异,创新效率高的企业在供应商集聚的地区可以更方便地获得商业信用融资。

With more complex competition and increasing shortage of available resources,it is a new trend to build vertical collaborative innovation alliances between upstream and downstream enterprises in the supply chain.More extensive coordination and effective integration of resources and capabilities is of great significance for the improvement of the competitiveness of enterprises and the whole supply chain.From the perspective of coordinated innovation of supply chains and on the basis of the data of commercial credit of China’s non-financial listed companies from 2013 to 2018,this paper empirically discusses the impact of the technological innovation performance of downstream enterprises on the commercial credit of upstream suppliers.The findings show that in the coordinated innovation of supply chains,the technological innovation performance of enterprises helps them access commercial credit from suppliers.The technological innovation performance of enterprises conveys their corporate values and determines their position in the market,and the agglomeration of suppliers exerts more influence through the competition mechanism to promote downstream enterprises to get commercial credit.Specifically,the commercial credit provided by suppliers is much positively correlated with the innovation efficiency of the downstream innovation-oriented enterprises of the industrial chain.The participation of suppliers in enterprise innovation through commercial credit varies across regions with different supplier concentration.Enterprises with high innovation efficiency can obtain commercial credit more conveniently in regions where suppliers are concentrated.