供应链金融发展与高端制造业的 耦合关系及阻碍因素

Coupling Relationship and Obstacles Between Supply Chain Financial Development with High-end Manufacturing Industry

文章以160家高端制造业领域上市公司2008-2020年数据为研究样本,采用耦合函数测度分析供应链金融发展与高端制造业之间的耦合关系和失调度,并结合阻碍度模型深度挖掘失调的主要因素和变化趋势。研究发现,2008-2020年,供应链金融发展与高端制造业之间的耦合协调度逐年上升,增幅高达89.12%,但目前仍属于过渡阶段的初级失调期。进一步研究表明,2008-2017年、2017-2020年两个时段阻碍供应链金融发展与高端制造业耦合的主要因素分别是供应链金融供给量和高端制造业的偿债能力。因此,国家要鼓励更多的实体经济参与供应链金融的融资业务和模式创新,注重技术创新和长期回报,发挥金融有效支持实体经济发展的功能。

Taking 160 listed high-end manufacturing enterprises from 2008 to 2020 as the research sample,The authors use the coupling function to measure the coupling relationship and the degree of misalignment between the development of supply chain finance and the development of high-end manufacturing industry,and combines the hindrance model to deeply mine the main factors and trends of misalignment.The empirical results show that the degree of coupling and coordination between the development of supply chain finance and high-end manufacturing industry has increased 89.12%from 2008 to 2020,which is a primary imbalance in the transitional stage.Further research shows that the main factors hindering the integration of supply chain finance development and high-end manufacturing development in 2008-2017 and 2017-2020 are the supply of supply chain finance and the solvency of high-end manufacturing respectively.Therefore,the country should encourage more real economies to participate in the financing business and model innovation of supply chain finance,pay attention to technological innovation and long-term returns,and give full play to the function of finance to effectively support the development of the real economy.