地区金融发展、供应链集成与企业银行债务融资

摘要以2009—2016年A股上市公司为研究样本,实证检验了供应链集成对企业银行债务融资的影响。研究发现,供应链集成有助于企业获得更多的银行债务融资。进一步研究发现,企业所在地区的金融发展水平能够加强供应链集成的影响效果,使得上述关系主要存在于地区金融发展水平高的企业中。从交易规模与稳定性的双重角度出发,论证了供应链集成对企业银行债务融资的影响机理,研究结论丰富了供应链关系对企业产生的经济后果,为企业提升银行债务融资能力提供了新思路。

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	王永青
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	赵秀云

关键词：供应链集成供应链关系银行债务融资地区金融发展

Abstract： Taking Chinese A-share listed companies between 2009 and 2016 as research samples, this paper empirically examines the impact of supply chain integration on corporate bank debt financing. The results show that supply chain integration can help enterprises get more bank debt financing. Further analysis shows that the financial development of the region where the enterprise is located can strengthen the integration of supply chain effect, which results in the fact that the above-mentioned relationship exists mainly in enterprises with a high level of regional financial development. Based on the dual perspective of transaction scale and stability, this paper demonstrates the influence mechanism of supply chain integration on corporate bank debt financing. The conclusion enriches the economic consequences of supply chain relationship with enterprises, and offers new thoughts on the improvement of debt financing in enterprises.

Keywords： Supply Chain Integration Supply Chain Relationship Bank Debt Financing Regional Financial Development

收稿日期 2017-12-25; 接受日期 ;

基金资助:国家自然科学基金青年项目(71702124);天津市哲学社会科学规划项目(TJYY16-009)

作者简介: 王永青(1988—),女,河北石家庄人,博士研究生,主要从事网络治理与企业管理;单文涛(1981—),男,河北石家庄人,博士研究生,主要从事资本市场与公司财务研究;赵秀云(1965—),女,天津人,博士,教授,博士生导师,主要从事资本市场与公司财务研究。

引用本文:

王永青,单文涛,赵秀云.地区金融发展、供应链集成与企业银行债务融资[J]. 经济经纬, 2019,2: 133-140

WANG Yong-qing, SHAN Wen-tao, ZHAO Xiu-yun.Regional Financial Development, Supply Chain Integration and Corporate Bank Debt Financing[J] Economic Survey, 2019,V36(2): 133-140

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2019/V36/I2/133