供应链关系资源、融资约束与企业创新投入

Supply Chain Relationship Resources,Financing Constraints and Enterprise Innovation Investment

供应链关系资源不仅能为企业提供新的融资渠道还能为其带来关键信息和资源,对推动企业创新发挥着重要作用。利用2012-2019年我国深证A股制造业上市公司的数据来检验供应链关系资源对企业创新投入的影响,并识别出以融资约束作为中介变量的作用机制。结果表明,供应链关系资源对企业创新投入产生负向影响;融资约束在客户关系资源与企业创新投入之间发挥着完全中介作用,而在供应链关系资源与企业创新投入之间则发挥着部分中介作用;进一步分析发现,国有企业中的供应商关系资源和非国有企业中的客户关系资源会加剧对企业创新投入的负向影响;当现金持有较低时会加剧客户关系资源与企业创新投入的负向影响。

Supply chain relationship resources can not only provide new financing channels for enterprises,but also bring key information and resources,and play an important role in promoting enterprise innovation.In this paper,the data of listed companies of Shenzhen A-share manufacturing industry in 2012—2019 are used to test the impact of supply chain relationship resources on enterprise innovation investment,and identify the action mechanism of financing constraints as the intermediary variable.The results show that supply chain relationship resources have a negative influence on enterprise innovation investment;financing constraints completely mediate between customer relationship resources and enterprise innovation investment,and partly mediate between supply chain relationship resources and enterprise innovation investment.Further analysis shows that supplier relationship resources in state-owned enterprises and customer relationship resources in non-state-owned enterprises will aggravate the negative impact on innovation investment;the negative impact of customer relationship resources and innovation investment.