在“国内国际双循环”与“积极稳妥开展供应链金融”双重政策背景下,本文实证检验了上市企业发展供应链金融业务对企业国际化的影响。分析结果表明：第一,上市企业发展供应链金融业务可以显著提高企业国际化水平;第二,降低融资约束、推动数字化转型以及提高出口产品质量是供应链金融业务促进企业国际化水平提升的重要机制;第三,通过引入商务部供应链创新试点企业进行三重差分分析,本文发现试点企业对供应链上下游合作伙伴的国际化水平具有正向的供应链溢出效应。在进行了一系列内生性与稳健性检验之后,供应链金融提高企业国际化水平的结论依然成立。
Abstract
In the context of the dual national policies of “dual domestic and international cycles” and “active and steady development of the supply chain finance”, it is worth exploring whether enterprises can improve their internationalization and enhance their international operation capability through developing the supply chain finance.
Based on the 3.208 million announcements of A-share listed companies from 2007 to 2019, this paper accurately identifies the information related to the development of the supply chain finance business of listed companies. Besides, this paper collects 14 indicators from four dimensions: overseas patents, overseas revenue, overseas M&A, and overseas subsidiaries, constructing a comprehensive and integrated enterprise internationalization metric based on factor analysis. This paper finds that listed companies can significantly improve their internationalization by developing a supply chain finance business. Reducing financing constraints, promoting digital transformation, and improving export product quality are essential mechanisms for supply chain finance to promote corporate internationalization. In addition, this paper finds that the pilot policy for the supply chain innovation implemented by the Ministry of Commerce has a significant positive spillover effect on the internationalization level of listed companies that have developed supply chain finance businesses.
The results of this paper suggest that enterprises should pay full attention to the spillover effect of the supply chain, actively establish long-term and stable supply chain relationships with partners through developing supply chain finance and other means, strengthen information exchange and resource integration, promote complementary advantages, and jointly improve internationalization and international competitive ability. The government should actively attract and cultivate innovative talents in supply chain management by providing tax relief and encouragement policies to promote in-depth cooperation and coordinated development between upstream and downstream enterprises in the supply chain and enhance the international competitiveness of local enterprises.
关键词
供应链金融 /
供应链溢出 /
企业国际化 /
融资约束 /
文本分析
{{custom_keyword}} /
Key words
Supply Chain Finance /
Supply Chain Spillover /
Corporate Internationalization /
Financing Constraints /
Text Analysis
{{custom_keyword}} /
中图分类号：
F832
{{custom_clc.code}}
({{custom_clc.text}})
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
参考文献
[1] 陈剑,黄朔,刘运辉.从赋能到使能——数字化环境下的企业运营管理[J].管理世界,2020,36(2):117-128
[2] 郭晔,马玥.宏观审慎评估体系下的普惠金融与银行风险承担[J].国际金融研究,2022(6):55-63
[3] 黄秋萍,赵先德,杨君豪,梁超杰.供应商关系管理中的金融关系行为研究[J].南开管理评论,2014,17(4):66-77
[4] 蒋灵多,陆毅,张国峰.自由贸易试验区建设与中国出口行为[J].中国工业经济,2021(8):75-93
[5] 李健,王亚静,冯耕中,汪寿阳,宋昱光.供应链金融述评:现状与未来[J].系统工程理论与实践,2020,40(8):1977-1995
[6] 刘妍,赵帮宏. 农产品出口质量对农业产业升级的影响[J]. 农业技术经济,2019(8):115-132
[7] 卢强,刘贝妮,宋华.中小企业能力对供应链融资绩效的影响:基于信息的视角[J].南开管理评论,2019,22(3):122-136
[8] 马国臣,李鑫,孙静.中国制造业上市企业投资——现金流高敏感性实证研究[J].中国工业经济,2008(10):109-118
[9] 施炳展,邵文波.中国企业出口产品质量测算及其决定因素——培育出口竞争新优势的微观视角[J].管理世界,2014(9):90-106
[10] 施炳展. 互联网与国际贸易——基于双边双向网址链接数据的经验分析[J].经济研究,2016,51(5):172-187
[11] 宋华,卢强.什么样的中小企业能够从供应链金融中获益?——基于网络和能力的视角[J].管理世界,2017(6):104-121
[12] 宋敏,周鹏,司海涛.金融科技与企业全要素生产率——“赋能”和信贷配给的视角[J].中国工业经济,2021(4):138-155
[13] 宋渊洋,李元旭,王宇露.企业资源、所有权性质与国际化程度——来自中国制造业上市企业的证据[J].管理评论,2011,23(2):53-59
[14] 谭云清,翟森竞.关系嵌入、资源获取与中国OFDI企业国际化绩效[J].管理评论,2020,32(2):29-39
[15] 唐松,谢雪妍.企业持股金融机构如何服务实体经济——基于供应链溢出效应的视角[J].中国工业经济,2021(11):116-134
[16] 吴晓波,周浩军.国际化战略、多元化战略与企业绩效[J].科学学研究,2011,29(9):1331-1341
[17] 夏雨,方磊,魏明侠.供应链金融:理论演进及其内在逻辑[J].管理评论,2019,31(12):26-39
[18] 谢雪燕,朱晓阳.数字金融与中小企业技术创新——来自新三板企业的证据[J].国际金融研究,2021(1):87-96
[19] 熊熊,马佳,赵文杰,王小琰,张今.供应链金融模式下的信用风险评价[J].南开管理评论,2009,12(4):92-98
[20] 杨斌,朱未名,赵海英.供应商主导型的供应链金融模式研究[J].金融研究,2016(12):175-190
[21] 杨忠,张骁.企业国际化程度与绩效关系研究[J].经济研究,2009,44(2):32-42
[22] 余静文,彭红枫,李濛西.对外直接投资与出口产品质量升级:来自中国的经验证据[J].世界经济,2021,44(1):54-80
[23] 祝树金,汤超.企业上市对出口产品质量升级的影响——基于中国制造业企业的实证研究[J].中国工业经济,2020(2):117-135
[24] Bloom N, Draca M, Van Reenen J.Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity[J]. The Review of Economic Studies, 2016, 83(1): 87-117
[25] Hadlock C J, Pierce J R.New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index[J]. The Review of Financial Studies,2010,23(5):1909-1940
[26] Javorcik B S.Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers through Backward Linkages[J]. American Economic Review, 2004,(3): 605-627
[27] Melitz M J.The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity[J]. Econometrica, 2003, 71(6): 1695-1725
[28] Wernerfelt B.A Resource-Based View of the Firm[J]. Strategic Management Journal,1984,5:171-180
{{custom_fnGroup.title_cn}}
脚注
{{custom_fn.content}}
基金
*本文获国家社会科学基金重大项目“征信大数据与智能化社会信用体系构建的技术方法及应用研究”（19ZDA103）,国家自然科学青年基金“创业投资网络风险传染机制及效应研究”（71903055）资助
{{custom_fund}}
PDF(1214 KB)
京公网安备 11010202008337号
