摘要
以2010~2016年中小板制造业企业为样本,采用固定效应回归模型,实证分析了金融导向和供应链导向的供应链金融对核心企业绩效的影响,并利用2017~2019年数据对主要模型进行了稳健性检验。研究发现:金融导向的供应链金融活动并不能降低企业风险,对运营效率的影响呈倒U形,供应链导向的供应链金融活动能够显著提高运营效率,降低企业风险;金融导向的供应链金融能够增加财务绩效,而供应链导向的供应链金融活动与财务绩效存在倒U形关系。
Taking the small and medium-sized board manufacturing enterprises from 2010 to 2016 as samples,this study uses fixed effect regression model to empirically analyze the impact of finance oriented and supply chain oriented supply chain finance on the performance of core enterprises,and uses the data from 2017 to 2019 to test the robustness.The results show that finance oriented supply chain financial activities can not reduce the risk of enterprises,and the impact on operational efficiency is inverted U-shaped.Supply chain oriented supply chain financial activities can significantly improve operational efficiency and reduce enterprise risk.Finance oriented supply chain finance can increase financial performance,while supply chain oriented supply chain financial activities and financial performance exist inverted U relationship.
作者
宋华
黄千员
杨雨东
SONG Hua;HUANG Qianyuan;YANG Yudong(Renmin University of China,Beijing,China;China Center for Information Industry Development,Beijing,China;China Supply Chain Strategic Management Research Center,Beijing,China)
出处
《管理学报》
CSSCI
北大核心
2021年第5期760-768,共9页
Chinese Journal of Management
基金
国家自然科学基金资助项目(71872177)。
