供应链金融对企业绿色转型的影响:抑制还是促进?——基于上市企业年报文本大数据识别的经验证据

The Impact of Supply Chain Finance on Corporate Green Transformation:Inhibiting or Facilitating?Empirical Evidence Based on Big Data Identification of Listed Enterprises'Annual Report Texts

供应链金融作为创新型金融产品,能够增强金融服务实体经济的能力,对绿色发展时代下的企业转型需求有重大支持功能。本文以2007-2020年沪深两市A股上市公司数据为研究基础,探究供应链金融对企业绿色转型的影响及其作用渠道。研究发现,供应链金融对企业绿色转型具有显著裨益,且对于不同禀赋特征的企业具有差异化的影响效果。机制研究表明,供应链金融能够改善财务状况、平滑创新风险、提升创新能力以及改善企业预期,这些都有助于企业绿色转型进程的加快。特别地,供应链金融在金融集聚水平较低、市场化进程较为缓慢、环境污染相对严重的情形中,能够有效助力企业绿色转型,展现出了在薄弱外部环境中强有力的“补短板”功能。本文的研究结论为供应链金融的发展优化、引导企业绿色转型提供了经验证据,也进一步为中国实现高质量发展与建设“绿色中国”战略提供了政策启示。

Supply chain finance,as an innovative financial product,can enhance the ability of financial services to the real economy and has a significant function to support the transformation needs of enterprises in the era of green development.This paper takes the 2007-2020 data of Ashare listed companies in Shanghai and Shenzhen as the research basis to explore the impact of supply chain finance on the green transformation of enterprises and its role channels.It is found that supply chain finance has significant benefits on the green transformation of enterprises,and has a differentiated impact effect on enterprises with different endowment characteristics.The mechanism study shows that supply chain finance can improve financial status,smooth innovation risk,enhance innovation capacity and improve corporate expectations,which all contribute to the acceleration of the green transformation process of enterprises.In particular,supply chain finance can effectively contribute to the green transformation of enterprises in the situation of low financial agglomeration,slow marketization,and relatively serious environmental pollution,showing a strong"short-mending"function in the weak external environment.The findings of this paper provide empirical evidence for optimizing the development of supply chain finance and guiding the green transformation of enterprises,and further provide policy inspiration for China to achieve high-quality development and build a"Green China"strategy.