摘要
供应链金融一直被视作为上下游中小企业解决融资难题的主要手段,但现有研究对供应链金融中起到关键作用的核心企业,是否愿意参与供应链金融活动,以何种融资模式提升自身的资金周转率,还缺乏应有的关注。以企业实践应用为研究样本,手动搜集、梳理并匹配我国上市企业与其供应商、客户所组成的二级供应链(2019年第一季度至2021年第二季度)10期季度数据,得到上游供应链“企业—季度”观测值625组,下游供应链“企业—季度”观测值848组,采用实证方法结合模糊集定性定比分析(fsQCA)这一准复制研究方式,对核心企业在供应链金融中的参与意愿及融资模式取向进行探究。研究发现,核心企业参与供应链金融活动的意愿先强后弱;供应链金融与核心企业资金周转之间存在“倒U型”关系,即核心企业参与供应链金融存在意愿强与意愿弱两种情景;核心企业显著偏好存货融资模式;在意愿强情景下,核心企业通过增加存货融资(或减少预付款融资)开展供应链金融活动可以显著促进其资金周转;在意愿弱情景下,核心企业仍然可以通过增加存货融资(或增加应收账款融资)实现资金周转;上游供应链融资中核心企业选择模式更多,意愿强或弱情景下,上游中涌现出更多融资模式利好核心企业资金周转,且上游供应链金融所采用融资模式产生的效果也均好于下游。
Though Supply chain finance has always been regarded as the main means for upstream and downstream small and medium-sized enterprises to solve their financing problems,existing research pays insufficient attention to core enterprises that play the key role in supply chain finance.The authors take the application of enterprise practice as the research sample,and use quasi-replication study,the combination of empirical method and the fuzzy set quantitative ratio analysis(fsQCA),to explore the willingness and financing pattern orientation of core enterprises in supply chain finance.It is found that,at first,the willingness of core enterprises to participate in supply chain financial activities is strong,and then weak;and there is an"inverted U-shaped"relationship between supply chain finance and the capital turnover of core enterprises(i.e.,there are two scenarios:core enterprises’strong and weak willingness to participate in supply chain finance).Core enterprises significantly prefer the inventory financing pattern.In the context of strong willingness,core enterprises can carry out supply chain financial activities through increasing inventory financing(or reducing prepayment financing)to significantly promote their capital turnover;and in the context of weak willingness,core enterprises can still realize capital turnover by increasing inventory financing(or increasing accounts receivable financing).Core enterprises can choose more patterns in upstream supply chain financing;under the scenarios of strong or weak willingness,more financing patterns have emerged in the upstream to benefit the capital turnover of core enterprises,and the financing effect adopted by the upstream supply chain finance is also better than that of the downstream.
作者
于辉
王霜
YU Hui;WANG Shuang(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China)
出处
《中国流通经济》
CSSCI
北大核心
2022年第3期22-34,共13页
China Business and Market
基金
国家自然科学基金项目“供应链合作视角下企业汇率风险的鲁棒智能管理研究”(71872021)。
关键词
核心企业
供应链金融意愿
融资模式取向
模糊集定性定比分析
准复制研究
core enterprises
willingness to participate in supply chain finance
orientation of financing pattern
fuzzy sets of qualitative comparative analysis(fsQCA)
quasi-replication study
