供应链金融：企业如何实现“鱼与熊掌”兼得？

doi:10.16381/j.cnki.issn1003-207x.2022.1267

Abstract

Abstract:

Global environmental problems are becoming increasingly serious. More and more enterprises resort to the supply chain to seek the sustainable development strategy of "harmonious coexistence" between enterprises and nature. On the one hand， the downward pressure of the economy makes enterprises prefer supply chain finance with low financing costs and high availability to obtain financial support， while the huge size and urgent development needs of SMEs in China provide opportunities for the development of supply chain finance， and supply chain finance has achieved unprecedented development； On the other hand， enterprises must undertake more social and environmental responsibilities while pursuing high economic benefits. How to achieve “fish and bear's paw” has become a major challenge for enterprises to break through the new economic growth point. Supply chain finance is reshaping the future economic growth model and becoming a key strategic decision for enterprises to occupy the market highland.In this paper， the data of 1038 enterprises in 2019-2021 are selected as the sample， from Rankins ESG Ratings Database. The quasi-replication research method is used to explore the function mechanism and multiple paths of supply chain finance on the sustainable development of enterprises from the perspectives of financialization， technological innovation and government functions. The empirical analysis shows that supply chain finance significantly promotes the sustainable development of enterprises； Financialization， R&D investment and government holding have significant regulatory effects， while the regulatory effects of green technology innovation and government subsidies have not yet appeared. Enterprise heterogeneity has a significant impact on this mechanism. Configuration analysis shows that green technology innovation is the necessary and core condition for enterprises to achieve sustainable development. High-level sustainable development path of enterprises can be divided into three types： green technology innovation leading type， supply chain finance low demand type and supply chain finance high demand type. The research results provide micro-level empirical support for the sustainable development of supply chain finance enabling enterprises， and have certain reference value for the government to formulate and optimize relevant policies.

Key words: supply chain finance, corporate sustainable development, financialization, technology innovation, policy functions

CLC Number:

F830.54

Hui Yu, Shuang Wang. Supply Chain Finance: How can Enterprises Achieve Sustainability?[J]. Chinese Journal of Management Science, 2025, 33(5): 280-289.

Figures/Tables 6

References 38

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变量	符号	相关说明
企业可持续发展	CSP	企业可持续发展由企业资产收益率、环境（E）、社会责任（S）与治理（G）绩效经主成分分析提炼而得，其中E、S、G绩效分别为企业在环境、社会与治理方面的评分（主成分结果分析：KMO统计量为0.518，大于最低标准0.5。Bartlett球形检验p<0.001，拒绝单位相关阵的原假设。KMO和Bartlett的检验结果均说明以上指标适合做因子分析）。
供应链金融	SCF	供应链金融=应收账款周期+库存周期-应付账款周期（单位：天），取对数处理
金融化	FIN	金融化程度=（交易性金融资产+衍生金融资产+交易性金融负债+衍生金融负债）/总资产
绿色技术创新	GTI	绿色技术创新以企业绿色专利被引用累计次数表示
研发人才	R&D1	研发人才=研发人数/员工总数
研发资金	R&D2	研发资金=研发资金/营业收入
政府补贴	GS	政府补贴=政府对企业补贴费用/营业收入
政府控股	Gov	若企业性质为国营或国有控股，则赋值1，否则赋值0
企业规模	Size	企业总资产的自然对数
固定资产占比	FA	固定资产占比=固定资产净额/总资产
财务杠杆	FL	财务杠杆=（净利润+所得税费用+财务费用）/（净利润+所得税费用）
经营杠杆	OL	经营杠杆=（净利润+所得税费用+财务费用+固定资产等折旧+无形资产摊销+长期待摊费用摊销）/（净利润+所得税费用+财务费用）
市盈率	PE	市盈率＝股票市场总值/最近四个季度的归属母公司的净利润之和
高管薪酬	EC	高管薪酬=高管薪酬总额/营业收入
成长性	Growth	成长性=净资产收益率x收益留存率/（1-净资产收益率x收益留存率）

变量	M1	M2
SCF		0.095(7.17)^***
Size	0.006(0.54)	0.004(0.39)
FA	-0.031(-0.63)	-0.021(-0.45)
FL	0.002(0.89)	0.001(0.63)
OL	-0.006(-1.80)^*	-0.005(-1.58)
PE	-0.009(-2.44)^**	-0.009(-2.30)^**
EC	-0.006(-2.22)^**	-0.007(-2.49)^**
Growth	0.566(14.30)^***	0.571(14.52)^***
Constant	-0.070(-0.26)	-0.068(-0.23)
Year	Yes	Yes
Firm	Yes	Yes
F-value	31.49^***	31.04^***
Adj-R²	0.322	0.370
N	2101	2101

变量	M1	M2	M3	M4	M5	M6
SCF	0.092(7.05)^***	0.096(7.16)^***	0.087(5.89)^***	0.101(7.38)^***	0.095(7.08)^***	0.191(5.47)^***
FIN	-0.066(-1.48)
FIN x SCF	0.362(2.32)^**
GTI		0.001(0.57)
GTI x SCF		-0.003(-0.65)
R&D1			0.002(3.77)^***
R&D1 x SCF			0.002(2.35)^**
R&D2				0.001(5.36)^***
R&D2 x SCF				0.013(2.89)^***
GS					-0.035(-0.83)
GS x SCF					0.048(0.57)
Gov						0.023(1.32)
Gov x SCF						-0.068(-3.34)^***
Size	0.005(0.37)	0.005(0.40)	0.006(0.48)	0.004(0.29)	0.005(0.40)	0.004(0.37)
FA	-0.021(-0.45)	-0.020(-0.43)	-0.024(-0.52)	-0.026(-0.57)	-0.020(-0.43)	-0.014(-0.31)
FL	0.002(0.69)	0.001(0.61)	0.002(0.87)	0.002(0.86)	0.002(0.67)	0.001(0.60)
OL	-0.005(-1.62)	-0.005(-1.59)	-0.006(-1.76)^*	-0.005(-1.66)^*	-0.005(-1.58)	-0.005(-1.65)
PE	-0.009(-2.26)^**	-0.009(-2.29)^**	-0.009(-2.38)^**	-0.009(-2.23)^**	-0.009(-2.28)^**	-0.009(-2.52)^**
EC	-0.007(-2.47)^**	-0.007(-2.48)^**	-0.006(-2.24)^**	-0.008(-2.48)^**	-0.007(-2.46)^**	-0.008(-2.68)^***
Growth	0.571(14.53)^***	0.570(14.49)^***	0.568(14.63)^***	0.569(14.49)^***	0.572(14.55)^***	0.569(14.56)^***
Constant	-0.062(-0.21)	-0.071(-0.24)	-0.102(-0.35)	-0.043(-0.15)	-0.070(-0.24)	-0.072(-0.25)
Year	Yes	Yes	Yes	Yes	Yes	Yes
Firm	Yes	Yes	Yes	Yes	Yes	Yes
F-value	26.88^***	26.14^***	30.69^***	29.60^***	25.93^***	26.17^***
Adj-R²	0.373	0.370	0.382	0.380	0.370	0.378
N	2101	2101	2101	2101	2101	2101

前因条件	校准定位点			必要性分析
前因条件	完全隶属（0.95）	半隶属（0.50）	完全非隶属（0.05）	一致性	覆盖率
CSP	26.036	-0.039	-14.007
SCF	8.941	4.112	-6.260	0.753	0.803
FIN	0.685	0.004	0	0.568	0.902
GTI	14.667	2.456	0	0.902	0.921
R&D1	0.695	0.425	0	0.612	0.828
R&D2	0.546	0.256	0	0.587	0.868
GS	0.586	0.109	0	0.803	0.813

前因条件	构型1	构型2	构型3	构型4	构型5	构型6
SCF	-	⊗	⊗	⊗	●	●
FIN	⋅	⋅	⋅	Symbol	-	Symbol
GTI	●	●	●	●	●	●
R&D1	⋅	Symbol	-	Symbol	⋅	Symbol
R&D2	⋅	Symbol	Symbol	-	⋅	Symbol
GS	-	-	Symbol	⋅	Symbol	Symbol
一致性	0.965	0.978	0.977	0.964	0.940	0.955
原始覆盖率	0.360	0.446	0.466	0.694	0.466	0.633
净覆盖率	0.010	0.002	0.002	0.073	0.021	0.053
总体一致性	0.931
总体覆盖率	0.882

Supply Chain Finance: How can Enterprises Achieve Sustainability?

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