供应链金融与企业商业信用融资——基于资产专用性的分析视角
《财经研究》 2022年48卷第3期 页码：154 - 168 online：2022年3月2日
供应链金融与企业商业信用融资——基于资产专用性的分析视角
Supply Chain Finance and Trade Credit Financing: From the Perspective of Asset Specificity
作者（中）：王鲁昱, 李科
作者（英）：Wang Luyu, Li Ke
作者单位：1.上海财经大学 金融学院, 上海 200433
摘要：供应链的资产专用性特征是否有利于企业进行商业信用融资？文章利用手工收集的独特供应链数据，从产品性质的维度构建供应链资产专用性指标，以2007—2019年沪深A股上市公司为研究对象，考察了供应链资产专用性对商业信用融资的影响。研究发现，在控制供应链的其他特征后，供应链资产专用性的提高能够显著提升公司的商业信用融资水平。这种效应在财务风险较高的公司中更加显著，而且能够显著促进其提升资产周转效率，并实现更好的绩效。经过稳健性检验，并以自然灾害冲击作为工具变量后，上述研究结论依然成立。本文的研究为理解供应链的治理特征提供了新的证据，对决策层进一步完善供应链金融政策，增强实体抵抗风险冲击的能力具有参考价值。
关键词：供应链金融; 资产专用性; 财务风险; 商业信用融资; 供应链治理理论
Summary: Using the unique supply chain data collected manually, this paper takes Shanghai and Shenzhen A-share listed companies from 2007 to 2019 as the research object, constructs the index of supply chain asset specificity from the dimension of product nature, and examines whether the asset specificity of supply chain can promote enterprises to obtain more trade credit financing. The higher the asset specificity of supply chain, the stronger the lock-in effect of both sides of trade. In order to avoid the risk of lock-in and the high cost of contract resigning, both sides of trade prefer to establish long-term trade alliances, promote information communication, and adopt strong relational governance to curb opportunistic behavior, which will help enterprises use trade credit financing.This paper shows that after controlling the size and age feature of supply chain, the improvement of supply chain asset specificity will significantly improve the level of trade credit financing, which is more significant in enterprises with high financial risk. Furthermore, the advantages of trade credit financing brought by the asset specificity of supply chain will significantly promote enterprises with high financial risk to improve asset turnover efficiency and achieve better performance. Trade credit financing plays a mediation role in this process. On the contrary, bank credit cannot bring these positive impacts. After the robustness test and the use of natural disaster impact as an instrument variable, the research conclusion is still valid.Based on the above, this paper makes the following contributions: Firstly, due to data constraints, little literature studies the impact of supply chain asset specificity on trade credit financing based on the perspective and analysis framework of supply chain governance theory. The unique data samples in this paper provide a reliable analytical basis and robust empirical conclusions for testing how asset specificity affects trade credit financing. Secondly, by manually sorting out and matching the specific supplier information, this paper can more accurately measure the differences in the nature of supply chain. Thirdly, by distinguishing the differences of supply chain asset specificity, this paper provides micro empirical evidence for the substitute financing hypothesis of trade credit. Fourthly, this paper also has practical significance. It affirms the importance of supply chain construction in the context of “Dual Circulation” and “14th Five-Year Plan”, which has reference value for decision-makers and commercial banks.
Key words: supply chain finance; asset specificity; financial risk; trade credit financing; supply chain governance theory
DOI：10.16538/j.cnki.jfe.20211216.102
收稿日期：2021-9-29
基金项目：国家自然科学基金项目（72073086）
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