工业技术经济2026，Vol.45Issue(9)：93-106,14.DOI:10.3969/j.issn.1004-910X.2026.09.009
供应链金融与企业商业信用
Supply Chain Finance and Corporate Commercial Credit
摘要
Abstract
Supply chain finance,as an innovative instrument for alleviating financing constraints and optimizing capital allo-cation along industrial chains,has emerged as a pivotal financial pillar for serving the real economy and fostering new quality pro-ductive forces.Yet supply chain finance does not automatically translate into improved commercial credit.Whether it does so hinges on whether its credit signals can be clearly interpreted by the market;where credit transmission is disordered or capital allocation misdirected,positive signals go unrecognised,and any credit-enhancing effect is unlikely to materialise.Using financial data from Chinese A-share listed companies and information on the implementation of supply chain finance policies from 2011 to 2024,this paper constructs a multi-period difference-in-differences model from the dual perspectives of credit transmission and capital optimi-sation.The results show that:(1)supply chain finance raises firms'commercial creditworthiness,and this finding holds across a battery of endogeneity and robustness checks;(2)the effect operates chiefly through two channels—credit transmission and capital optimisation;(3)the impact varies systematically across firm and regional characteristics,with larger improvements for estab-lished firms,large enterprises,downstream firms,and economically developed regions.By identifying the dual mechanism of cre-dit transmission and capital optimisation,this study contributes new empirical evidence on how supply chain finance shapes corporate credit,and offers theoretical and practical implications for policy design,credit enhancement,and debt risk mitigation.关键词
供应链金融/商业信用/融资约束/信息不对称/资金配置/信用传递/资本市场/双重差分Key words
supply chain finance/commercial credit/financing constraints/information asymmetry/capital allocation/credit transmission/capital markets/difference-in-differences分类
管理科学引用本文复制引用
孙博文,刘晏熙..供应链金融与企业商业信用[J].工业技术经济,2026,45(9):93-106,14.基金项目
中国社会科学院智库基础研究项目"数智技术的'碳排放悖论':历史逻辑、生成机制与策略应对"(项目编号:ZKJC261106) （项目编号:ZKJC261106）
中国社会科学院习近平新时代中国特色社会主义思想研究阐释工程重点项目"生态文明3.0:数字生态文明标识性概念与三重逻辑研究"(项目编号:2026XYZD09). （项目编号:2026XYZD09）
