供应链金融与专精特新“小巨人”企业高质量发展——基于“资金+技术”双轮驱动视角的讨论

The Supply Chain Finance and High-Quality Development of"Little Giant"Enterprises That Use Special and Sophisticated Technologies to Produce Novel and Unique Products:Discussion Based on the Two-Wheel-Drive Perspective of"Capital+Technology"

文章以2019—2022年中小板、创业板上市的专精特新“小巨人”企业为研究对象,考察供应链金融对专精特新“小巨人”企业高质量发展的影响与作用机制。研究发现:供应链金融有助于提升专精特新“小巨人”企业的全要素生产率,对企业高质量发展具有明显的激励作用;供应链金融可以通过缓解融资约束和激励企业技术创新两条路径促进专精特新“小巨人”企业高质量发展;在地区市场化水平低、供应链集中度高、供应链效率高的企业中,供应链金融促进专精特新“小巨人”企业高质量发展的作用更为显著。研究结论有助于为专精特新“小巨人”企业高质量发展提供一定的学理支撑。

The article takes the"little giant"enterprises that use special and sophisticated technologies to produce novel and unique products and were listed on the SME board and GEM market from 2019 to 2022 as research subjects,and explores the impact and mechanism of supply chain finance on the high-quality development of"little giant"enterprises that use special and sophisticated technologies to produce novel and unique products.Research findings:The supply chain finance helps improve the total factor productivity of"little giant"enterprises that use special and sophisticated technologies to produce novel and unique products and has a significant incentive effect on the high-quality development of these enterprises.The supply chain finance can promote the high-quality development of"little giant"enterprises that use special and sophisticated technologies to produce novel and unique products through two paths:alleviating financing constraints and encouraging technological innovation.The role of supply chain finance in promoting the high-quality development of"little giant"enterprises is more significant among enterprises with low regional marketization levels,high supply chain concentration,and high supply chain efficiency.The research conclusion provides certain theoretical support for the high-quality development of"little giant"enterprises that use special and sophisticated technologies to produce novel and unique products.