高管团队异质性与供应链金融

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-30 DOI:10.1016/j.frl.2025.108604

Chuanan Su , Yawen Chen

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引用次数: 0

摘要

本文利用2010-2022年中国a股上市公司的数据，研究了高管团队异质性对供应链金融发展的影响。我们发现，TMT异质性通过优化信息披露、加强技术采用和促进利益相关者合作三种机制，显著提高供应链透明度，从而提高供应链绩效。我们的分析表明，这种效应在融资约束较低的企业中更为明显，国有企业受益于政策资源整合，而私营企业则利用市场网络。这些发现推动了供应链金融研究中的上层理论，并为公司治理和监管政策设计提供了可操作的见解。

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Heterogeneity of top management team and supply chain finance

Using 2010–2022 data from China's A-share listed companies, we investigate how top management team (TMT) heterogeneity affects supply chain finance (SCF) development. We find TMT heterogeneity significantly improves SCF performance by enhancing supply chain transparency through three mechanisms: optimizing information disclosure, strengthening technology adoption, and fostering stakeholder collaboration. Our analysis reveals this effect is more pronounced in firms with low financing constraints, with state-owned enterprises benefiting from policy resource alignment while private firms capitalize on market networks. These findings advance upper echelons theory in SCF research and provide actionable insights for corporate governance and regulatory policy design.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance