新冠肺炎疫情下国有企业对民营企业的融资支持作用——基于供应链的视角

The Role of State-owned Enterprises in Financing Support for Private Enterprises under the COVID-19 Epidemic: From the Perspective of Supply Chain

《财经研究》2023年49卷第2期 页码：125 - 137 online：2023年2月3日

作者

中：曾嶒1 , 唐松2

英：Zeng Ceng1, Tang Song2

作者单位：1. 上海财经大学 会计学院，上海 200433; 2. 上海财经大学 会计与财务研究院，上海 200433

摘要及关键词

摘要：突如其来的新冠肺炎疫情导致民营企业面临流动性危机，亟需金融支持，而民营企业所处供应链的稳定性会影响其融资能力。文章基于供应链的视角，考察了国有企业对民营企业的融资支持作用。研究发现，新冠肺炎疫情暴发后，如果供应链上有国有企业，则民营企业的银行借款显著更多。民营企业抵御新冠肺炎疫情负面冲击的能力越弱、在供应链上的可替代程度越低，国有企业发挥的供应链融资支持作用越显著。机制分析显示，国有企业能够通过缩短上下游民营企业的净营业周期，提升其债务融资能力。此外，民营企业在疫情之后获得更多银行借款并非以支付更高的利息为代价。文章揭示了新冠肺炎疫情冲击下国有企业对供应链上民营企业的融资支持作用，有助于全面理解国有企业影响民营企业经营发展的微观机制。

关键词：新冠肺炎疫情；国有企业；银行借款；供应商；客户

Summary: The sudden outbreak of the COVID-19 epidemic had a huge negative impact on the production and operation activities of enterprises. China adopted strict restrictions on the flow of goods and personnel to control the epidemic, resulting in the suspension of firm operations. At the same time, the interruption of the supply of raw materials and the decline in market demand also further aggravated the operation difficulties. Compared with state-owned enterprises (SOEs), non-state-owned enterprises (NSOEs) are more likely to have liquidity crises and need financing support once they suffer from operation problems caused by major negative shocks. This paper studies the financing support role of SOEs to NSOEs from the perspective of supply chain based on the setting of the COVID-19 epidemic. Using the data of China’s A-share listed private firms from the second quarter of 2019 to the fourth quarter of 2019 and the second quarter of 2020 to the fourth quarter of 2020, the study finds that after the outbreak of the COVID-19 epidemic, compared with NSOEs whose suppliers and customers excluded SOEs, those whose suppliers or customers included SOEs had significantly more bank loans. In addition, SOEs played a more significant role in supply chain financing support when NSOEs’ ability to resist the negative impact of the COVID-19 epidemic was weaker and their substitutability in the supply chain was lower. Mechanism analysis shows that SOEs in the supply chain could improve the debt financing capacity of NSOEs by shortening their net operating cycles. Moreover, NSOEs whose suppliers or customers included SOEs did not get more bank loans at the expense of paying higher interest. The contributions of this paper are as follows: First, it contributes to a comprehensive understanding of the mechanism of SOEs affecting the operation and development of NSOEs by finding that SOEs can help NSOEs obtain more bank loans when major negative shocks occur. Second, it enriches the relevant research on the impact of the COVID-19 epidemic on enterprises. Third, it expands the research on the impact of SOEs in the supply chain. The results of this paper show that: Encouraging close cooperation between SOEs and NSOEs in the supply chain can promote their common developments. SOEs are more resilient to risks, while NSOEs operate more efficiently. The cooperation of the two can form complementary advantages, and enhance the toughness and competitiveness of the supply chain. Especially in the sudden outbreak of major negative shocks, NSOEs with fragile capital chains are more likely to have financing difficulties. At this time, SOEs can play the role of debt financing support for NSOEs in the supply chain.

Key words:the COVID-19 epidemic; SOEs; bank loan; suppliers; customers

其他信息

DOI：10.16538/j.cnki.jfe.20220814.102

收稿日期：2022-04-22

基金项目：国家自然科学基金面上项目（72272095，71772114）；上海市教育发展基金会和上海市教育委员会“曙光计划”（20SG35）；教育部人文社会科学重点研究基地重大项目（22JJD790094）；高等学校学科创新引智计划（B18033）；上海财经大学创新团队支持计划；上海财经大学研究生创新基金资助项目（CXJJ-2020-339）

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