金融发展、供应链集中度与企业债务融资成本

Financial Development, Supply Chain Concentration and Corporate Debt-Financing Costs

本文基于企业供应链管理的视角,研究较高的供应链集中度是否会诱发企业的经营风险,进而影响其债务融资成本。研究发现,供应链集中度越高,企业的债务融资成本越高;企业所处地区的金融发展水平越高,供应链集中度对债务融资成本的影响越大。这表明提升区域金融发展水平有利于发挥供应链集中度的风险揭示和债务定价作用。

From the perspective of enterprise supply chain management, this paper examines whether the higher supply chain concentration results in corporate operational risks, and thus impacts the debt-financing cost. The study of this paper shows that the higher the concentration of supply chain, the higher the corporate debt-financing cost is; the higher the level of financial development in the region where the firm is located, the greater the influence of supply chain concentration on debt-financing cost is, which indicates the increase in the level of regional financial development will be conducive to the functions of the risk disclosure and debt pricing of supply chain concentration.