供应链金融如何服务实体经济——基于资本结构调整的微观证据

How Does Supply Chain Finance Serve the Real Economy?Evidence from Adjustment of Capital Structure

近年来,供应链金融能否促进金融"脱虚向实"服务实体经济逐渐引起学界关注,但仍缺少充足的经验证据。本文从资本结构调整视角分析了供应链金融服务实体经济的有效性,并以2011—2018年的A股上市公司为样本,检验了供应链金融对企业资本结构调整速度和调整方式的影响及其作用机理。研究发现,供应链金融能够加快企业资本结构调整速度,在区分调整方向(向上调整和向下调整)后,这一结论仍然成立。企业更愿意用增加有息债务的方式向上调整资本结构,用偿还债务和发行股票的方式向下调整资本结构。机制检验发现,供应链金融对资本结构调整的促进作用在高融资约束组和高融资成本组显著,而在低组不显著,并且供应链金融能够显著降低企业的融资成本、提高企业价值。内外部环境差异的异质性检验发现,供应链金融对规模较小、位于金融发展水平较高地区和没有银企关系的企业资本结构调整的促进作用更加明显,不同产权企业无显著差异。本研究丰富了供应链金融经济后果的研究文献,也对优化企业资本结构和深化金融供给侧改革具有一定启示意义。

In recent years,whether supply chain finance can promote financial services for the real economy has gradually attracted attention,but there is still a lack of sufficient empirical evidence.This article analyzes the effectiveness of supply chain finance in serving the real economy from the perspective of capital structure adjustment,and uses listed companies in 2011-2018 as a sample to test the impact of supply chain finance on corporate capital structure adjustment by building a dynamic capital structure adjustment model.We found that supply chain finance can accelerate the speed of corporate capital structure adjustment.After distinguishing the adjustment direction(upward adjustment and downward adjustment),this relationship is still significantly established.At the same time,companies are more willing to adjust their capital structure upward by increasing interest-bearing debt,and adjust their capital structure downward by repaying debt and issuing stocks.An additional test found that the promotion of the speed of capital structure adjustment by supply chain finance is more pronounced in the high financing constraint group and the high financing cost group,and supply chain finance can significantly reduce corporate financing costs and increase corporate value.It shows that supply chain finance promotes the adjustment of capital structure by reducing financing costs.The role of supply chain finance in promoting the speed of capital structure adjustment is more significant in the samples with small scale,high level of financial development and no bank-enterprise relationship,but there is no significant difference between state-owned enterprises and private enterprises.Our research provides direct evidence for the effectiveness of supply chain finance in serving the real economy,and also has certain enlightenment significance for optimizing corporate financing structure and further promoting financial supply-side reforms.The contribution of this paper lies in the following aspects.First,our research has enriched the research literature on the financial and economic consequences of supply chain finance.Although the existing literature has conducted a wealth of research on supply chain finance from a financial perspective and a supply chain perspective,as an important part of a company’s financial decision-making,little attention is paid to the impact of supply chain finance on corporate financial behavior.In addition,limited by the availability of data,there are few empirical studies in the existing literature.Our research provides a large sample of empirical evidence that supply chain finance affects corporate financial decision-making from the perspective of capital structure adjustment,and enriches the research literature.Second,our research provides useful inspiration for sustainable supply chain management research.Under the realistic situation that the impact of the new crown pneumonia epidemic has aggravated the risk of bankruptcy of the supply chain of enterprises,how to maintain the stability of the supply chain and the industrial chain under the impact of sudden uncertain factors into the research scope of sustainable supply chain management has attracted scholars Discussion.Supply chain finance can improve the ability of enterprises to resist the impact of uncertainty,thus providing new ideas for sustainable supply chain management research in turbulent environments.Third,our research provides direct evidence for the effectiveness of supply chain finance in serving the real economy from the perspective of corporate leverage optimization,which has enlightening significance for expanding China’s supply chain financial market and deepening financial market reform.In addition,it also provides a decision-making reference for how to use new financing models such as supply chain finance to optimize the financing structure of enterprises and thereby stabilize the macro leverage ratio.