供應(yīng)鏈金融、供應(yīng)鏈集中度與企業(yè)創(chuàng)新非效率投資

[摘 要：文章以2010—2020年滬深A(yù)股上市公司為研究對(duì)象，基于供應(yīng)鏈金融的融資效應(yīng)假說(shuō)和治理效應(yīng)假說(shuō)，考察供應(yīng)鏈金融對(duì)企業(yè)創(chuàng)新非效率投資的作用效果以及供應(yīng)鏈集中度的調(diào)節(jié)效應(yīng)。研究結(jié)果發(fā)現(xiàn)：供應(yīng)鏈金融能夠有效降低企業(yè)創(chuàng)新非效率投資；在高客戶集中度和低供應(yīng)商集中度的樣本中，供應(yīng)鏈金融對(duì)創(chuàng)新非效率投資的削減作用更為明顯；機(jī)制檢驗(yàn)發(fā)現(xiàn)，供應(yīng)鏈金融對(duì)創(chuàng)新投資不足的削減效應(yīng)在高融資約束組中作用顯著，對(duì)創(chuàng)新投資過(guò)度的削減效應(yīng)在低治理水平組顯著，這支持了供應(yīng)鏈金融降低創(chuàng)新非效率投資中的融資效應(yīng)假說(shuō)和監(jiān)督效應(yīng)假說(shuō)；異質(zhì)性檢驗(yàn)發(fā)現(xiàn)，供應(yīng)鏈金融對(duì)高內(nèi)部控制程度、完善金融市場(chǎng)以及高信息傳遞效率企業(yè)的創(chuàng)新非效率投資的削減效果更強(qiáng)。

關(guān)鍵詞：供應(yīng)鏈金融；供應(yīng)鏈集中度；創(chuàng)新非效率投資

中圖分類號(hào)：F274；F832；F273.1；F275" " "文獻(xiàn)標(biāo)識(shí)碼：A " "文章編號(hào)：1007-5097（2023）05-0119-10 ]

Abstract：Based on the financing effect hypothesis and governance effect hypothesis of supply chain finance，we examine the effect of supply chain finance on the inefficient investment in corporate innovation and the moderating effect of supply chain concentration by taking Shanghai and Shenzhen A-share listed companies from 2010 to 2020 as the research objects. The research have found that supply chain finance can effectively reduce the inefficient investment in corporate innovation；in the samples with high customer concentration and low supplier concentration，the reduction effect of supply chain finance on innovation inefficient investment is more obvious；mechanism test finds that the reduction effect of supply chain finance on under-investment in innovation is significant in the high financing constraint group，and the reduction effect on over-investment in innovation is significant in the low governance level group. This supports the hypothesis of financing effect and supervision effect in supply chain finance reducing inefficient investment in innovation；heterogeneity test finds that the reduction effect of supply chain finance on inefficient investment in innovation is stronger in firms with high degree of internal control，well-developed financial markets，and high information transfer efficiency.

Key words：supply chain finance；supply chain concentration；innovation non-efficient investment

一、引 言

2022年政府工作報(bào)告指出：“我國(guó)經(jīng)濟(jì)發(fā)展面臨需求收縮、供給沖擊、預(yù)期轉(zhuǎn)弱三重壓力。”必須堅(jiān)持實(shí)施創(chuàng)新驅(qū)動(dòng)戰(zhàn)略，依靠創(chuàng)新塑造全面發(fā)展新優(yōu)勢(shì)。企業(yè)是技術(shù)創(chuàng)新的主體，創(chuàng)新投資不僅在提升企業(yè)自身創(chuàng)新能力和核心競(jìng)爭(zhēng)力中發(fā)揮重要作用（顧海峰和朱慧萍，2021）［1］，而且在化解經(jīng)濟(jì)下行壓力和推進(jìn)創(chuàng)新驅(qū)動(dòng)發(fā)展戰(zhàn)略實(shí)施中扮演關(guān)鍵角色。現(xiàn)階段，隨著現(xiàn)代流通體系的不斷完善以及金融科技等數(shù)字技術(shù)與實(shí)體經(jīng)濟(jì)的深度融合，供應(yīng)鏈金融成為化解企業(yè)融資約束困境、促進(jìn)創(chuàng)新要素流通更加高效、便捷的金融支持手段（張黎娜等，2021）［2］。……