金融理论与教学2025，Vol.43Issue(5)：23-32,10.
稳定的供应链关系能缓解企业融资约束吗
Can Supply Chain Stability Alleviate the Financing Constraints of Enterprises:From the Perspective of Financing Channels
杨隽萍 1郑宏宇 1李潇潇1
作者信息
- 1. 浙江理工大学 经济管理学院,浙江 杭州 310018
- 折叠
摘要
Abstract
Supply chain relationship is an important factor for investors to measure enterprise risks.This study,using A-share listed companies from 2009 to 2022 as samples,examines the relationship and the mechanism between supply chain stability and financing constraints.The results show that a stable supply chain can solidify internal financing within enterprises and optimize the acquisition of external financing,effectively reducing financing constraints for enterprises.The specific mechanism include reducing performance fluctuations,alleviating information asymmetry between enterprises and capital market,increasing commercial credit lines for suppliers,and reducing commercial credit encroachment by customers.Further analysis reveals that such an impact exhibits strong heterogeneous characteristics in terms of the dimension of subdivided enterprise supply chains,the nature of property rights,and whether(enterprises)hold shares in financial institutions.The research conclusion provides empirical evidence for the overall macro-control of supply chains by regulatory authorities and offers beneficial insights for enterprises to alleviate financing constraints by building stable supply chain relationship.关键词
供应链稳定性/融资约束/内部融资渠道/外部融资渠道Key words
supply chain stability/financing constraints/internal financing channels/external financing channels分类
管理科学引用本文复制引用
杨隽萍,郑宏宇,李潇潇..稳定的供应链关系能缓解企业融资约束吗[J].金融理论与教学,2025,43(5):23-32,10.
