供应链金融对企业资本结构调整的影响——来自中国的证据

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2022-05-02 DOI:10.1177/03128962221092179

Ailing Pan, Lei Xu, Bin Li, Runze Ling, Luyan Zheng

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引用次数: 3

摘要

我们通过上海和深圳证券交易所上市公司的数据集，建立了供应链金融与核心企业资本结构调整之间的联系。我们发现SCF可以显著加快资本结构的调整，特别是对于杠杆率不足的公司。增强的财务实力和竞争优势是这种影响的基础。综合研究还表明，SCF可以加快现金周转，降低融资成本，提高公司价值。此外，对规模较小、位于较发达地区的公司、没有银行-公司关系的公司以及环境活力较高的公司的影响更大。然而，对私营企业和国有企业，或者不同竞争程度的行业，这种影响似乎相似。我们的研究结果具有这样的政策含义，即SCF可以加速资本结构调整，并有助于新兴市场的高质量经济增长。JEL分类：G31、G32、O33

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The impact of supply chain finance on firm capital structure adjustment: Evidence from China

We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets. JEL Classification: G31, G32, O33

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来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.