供应链金融、供应链集中度与企业创新非效率投资

Supply Chain Finance,Supply Chain Concentration,and Corporate Innovation Inefficient Investment

文章以2010—2020年沪深A股上市公司为研究对象,基于供应链金融的融资效应假说和治理效应假说,考察供应链金融对企业创新非效率投资的作用效果以及供应链集中度的调节效应。研究结果发现:供应链金融能够有效降低企业创新非效率投资;在高客户集中度和低供应商集中度的样本中,供应链金融对创新非效率投资的削减作用更为明显;机制检验发现,供应链金融对创新投资不足的削减效应在高融资约束组中作用显著,对创新投资过度的削减效应在低治理水平组显著,这支持了供应链金融降低创新非效率投资中的融资效应假说和监督效应假说;异质性检验发现,供应链金融对高内部控制程度、完善金融市场以及高信息传递效率企业的创新非效率投资的削减效果更强。

Based on the financing effect hypothesis and governance effect hypothesis of supply chain finance,we examine the effect of supply chain finance on the inefficient investment in corporate innovation and the moderating effect of supply chain concentration by taking Shanghai and Shenzhen A-share listed companies from 2010 to 2020 as the research objects.The research have found that supply chain finance can effectively reduce the inefficient investment in corporate innovation;in the samples with high customer concentration and low supplier concentration,the reduction effect of supply chain finance on innovation inefficient investment is more obvious;mechanism test finds that the reduction effect of supply chain finance on under-investment in innovation is significant in the high financing constraint group,and the reduction effect on over-investment in innovation is significant in the low governance level group.This supports the hypothesis of financing effect and supervision effect in supply chain finance reducing inefficient investment in innovation;heterogeneity test finds that the reduction effect of supply chain finance on inefficient investment in innovation is stronger in firms with high degree of internal control,well-developed financial markets,and high information transfer efficiency.