基于供应链柔性能力的硬科技异质性对融资绩效影响研究

Research of the Impact of Hard Technology Heterogeneity on Financing Performance Based on the Flexibility of Supply Chains

供应链融资是硬科技发展的重要推动力。针对硬科技融资约束问题,从硬科技异质性角度出发,以供应链柔性能力为中介变量,构建"硬科技异质性-供应链柔性能力-供应链融资绩效"回归分析模型,研究硬科技企业异质性与供应链融资绩效的内部关系。研究发现,产品研发投入强度、创新资金规模、投资回收周期对硬科技企业供应链融资绩效呈显著负相关,供应链柔性能力积极影响融资绩效,并在硬科技异质性与供应链融资绩效的影响关系中存在中介效应。研究结果有助于化解硬科技企业融资约束问题,进一步提升供应链融资绩效水平。

Supply chain financing is an important driving force for the development of hard technology. Aiming at the constraints of hard technology financing, the paper builds a regression analysis model of "hard technology heterogeneity-supply chain flexibilitysupply chain financing performance" in the perspective of hard technology heterogeneity with supply chain flexibility as an intermediary variable to study the internal relationship between hard-technology enterprises’ heterogeneity and supply chain financing performance. The study shows the R & D investment intensity, innovation capital scale, and investment payoff period have a significant negative correlation with the supply chain financing performance of hard-technology companies. Supply chain flexibility exerts a positive impact on financing performance, and an intermediary effect in the relationship between hard technology heterogeneity and supply chain financing performance. The findings is of help for resolving the financing constraints for hard-technology companies so as to further improve the performance of supply chain financing.