供应链金融如何影响供应链韧性?

摘要/Abstract

摘要： 供应链金融作为现代金融服务的重要组成部分,为供应链运转提供重要资金支持。在全球经济复杂、供应链风险多样化的背景下,其能否有效提升供应链韧性,亟待深入研究。本文基于2012—2023年A股上市企业数据,考察供应链金融对供应链韧性及其细分维度的影响,并探讨其作用机制与非线性特征。研究发现:第一,供应链金融显著提升了供应链韧性;且对供应链响应力促进效果最强,恢复力次之,多元化最弱。第二,供应链金融通过促进企业价值共创、提振企业家信心与降低企业债务违约风险,对供应链韧性产生积极影响。第三,随着供应链中断风险增强,供应链金融对供应链韧性的正向影响呈边际递增特征。第四,供应链金融对治理能力较强、供应链集中度较高企业的供应链韧性提升效果更强。本文为优化金融资源配置、夯实供应链安全底座提供了理论依据。

关键词: 供应链金融, 供应链韧性, 供应链中断风险

Abstract: As a vital component of modern finance, supply chain finance provides critical funding for supply chain operations. In light of global economic complexity and diverse risks, its role in enhancing supply chain resilience warrants deeper investigation. Using the data from the A-share listed companies in China from 2012 to 2022, this study explores how supply chain finance influences overall resilience and sub-dimensions of the supply chains, focusing on transmission mechanisms and nonlinear effects. Findings indicate that supply chain finance significantly strengthens resilience of the supply chains, with the strongest effect on supply chain responsiveness, followed by its recoverability, and the least effect on its diversification. Secondly, supply chain finance exerts its positive effect on the supply chain resilience through promoting value co-creation, increasing entrepreneurial confidence, and reducing the default risk of enterprise debt. Moreover, as the disruption risk of the supply chains increases, the positive effect of supply chain finance exhibits a nonlinear rising marginal pattern. Furthermore, the resilience-enhancing effect of supply chain finance is more pronounced in firms with stronger governance capabilities and higher supply chain concentration.

Key words: Supply Chain Finance, Supply Chain Resilience, Supply Chain Disruption Risk

中图分类号:

F425

尤晓彤, 吴福象. 供应链金融如何影响供应链韧性?[J]. 财经论丛, 2026, 42(5): 89-100.

YOU Xiaotong, WU Fuxiang. How Does Supply Chain Finance Affect Supply Chain Resilience?[J]. Collected Essays on Finance and Economics, 2026, 42(5): 89-100.

参考文献

[1] 宋华, 黄千员, 杨雨东. 金融导向和供应链导向的供应链金融对企业绩效的影响[J]. 管理学报, 2021, (5):760-768.
[2] 徐鹏, 孙宁, 敖雨. 供应链金融与企业创新投入[J]. 外国经济与管理, 2023, (11):49-61.
[3] 宋华, 卢强. 基于虚拟产业集群的供应链金融模式创新:创捷公司案例分析[J]. 中国工业经济, 2017, (5):172-192.
[4] Beak Be Nguema J. N., Bi G., Akenroye T. O., et al. The Effects of Supply Chain Finance on Organizational Performance:A Moderated and Mediated Model[J]. Supply Chain Management:An International Journal, 2022, 27(1):113-127.
[5] 宋华, 韩梦玮, 胡雪芹. 供应链金融如何促进供应链低碳发展?——基于国网英大的创新实践[J]. 管理世界, 2023, (5):93-112.
[6] 谷浩然, 杨胜刚, 成程, 等. 供应链溢出视角下供应链金融对企业国际化的影响研究[J]. 国际金融研究, 2023, (3):74-83.
[7] 潘爱玲, 王慧, 凌润泽. 供应链金融能否促进“链主”企业培育?——基于企业兼并重组的经验证据[J]. 会计研究, 2023, (1):120-134.
[8] 于苏, 于小悦, 王竹泉. “链主”企业的供应链治理与链上企业全要素生产率[J]. 经济管理, 2023, (4):22-40.
[9] 国文婷, 李云鹤. ESG表现与资本无序扩张——来自企业并购的经验证据[J]. 财经论丛, 2024, (12):57-68.
[10] 袁业虎, 吴端端. 企业数字化转型与供应链韧性——基于供应链溢出的视角[J]. 系统工程理论与实践, 2025, (7):2309-2326.
[11] 沈国兵, 沈彬朝. 高标准贸易协定与全球供应链韧性:制度环境视角[J]. 经济研究, 2024, (5):151-169.
[12] 苏梽芳, 王婷伟, 白雨露, 等. 数字金融与制造业企业供应链韧性提升[J]. 经济评论, 2025. (1):87-101.
[13] Yuan Y., Li W. The Effects of Supply Chain Risk Information Processing Capability and Supply Chain Finance on Supply Chain Resilience:A Moderated and Mediated Model[J]. Journal of Enterprise Information Management, 2022, 35(6):1592-1612.
[14] Lu Q., Wang X. Y., Wang Y. Enhancing Supply Chain Resilience with Supply Chain Governance and Finance:The Enabling Role of Digital Technology Adoption[J]. Business Process Management Journal, 2023, 29(4):944-964.
[15] 卢毅, 郑青昊, 邓扬. 资源编排视角下供应链金融对供应链韧性的影响研究[J]. 统计与信息论坛, 2025, (4):61-75.
[16] Lu Q., Lu W., Jiang Y., et al. Impacts of Supply Chain Finance on Supply Chain Resilience:Empirical Evidence from a Dynamic Capability Perspective[J]. Journal of Manufacturing Technology Management, 2025, 36(2):534-552.
[17] 武文珍, 陈启杰. 价值共创理论形成路径探析与未来研究展望[J]. 外国经济与管理, 2012, (6):66-73, 81.
[18] 陈太义, 王燕, 赵晓松. 营商环境、企业信心与企业高质量发展——来自2018年中国企业综合调查(CEGS)的经验证据[J]. 宏观质量研究, 2020, (2):110-128.
[19] 黄宏斌, 张玥杨. 分行业信息披露能够抑制企业杠杆操纵吗[J]. 现代经济探讨, 2025, (4):41-54.
[20] 魏龙, 蔡培民, 潘安. 供应链冲击、多元化战略与企业发展韧性——来自中国重大自然灾害的证据[J]. 中国工业经济, 2024, (9):118-136.
[21] Hosseini S., Ivanov D., Dolgui A. Review of Quantitative Methods for Supply Chain Resilience Analysis[J]. Transportation Research Part E:Logistics and Transportation Review, 2019, 125:285-307.
[22] 王珍珠, 袁平红, 周明生. 全国统一大市场建设如何影响企业供应链韧性[J]. 财经科学, 2025, (2):74-89.
[23] 胡宪武, 滕春贤. 供应链企业关系稳定机制的竞合博弈分析[J]. 统计与决策, 2010, (22):173-175.
[24] Pettit T. J., Croxton K. L., Fiksel J. Ensuring Supply Chain Resilience:Development and Implementation of an Assessment Tool[J]. Journal of Business Logistics, 2013, 34(1):46-76.
[25] 吴群, 韩天然, 杜媛媛, 等. 数字技术赋能平台创新生态系统韧性提升研究[J]. 经济与管理研究, 2025, (3):112-127.
[26] Gelsomino L. M., Mangiaracina R., Perego A., et al. Supply Chain Finance:A Literature Review[J]. International Journal of Physical Distribution & Logistics Management, 2016, 46(4):348-366.
[27] Li H. L., Wu Y., Cao D. M., et al. Organizational Mindfulness towards Digital Transformation as a Prerequisite of Information Processing Capability to Achieve Market Agility[J]. Journal of Business Research, 2021, 122:700-712.
[28] 翟淑萍, 韩贤, 张晓琳, 等. 数字金融能降低企业债务违约风险吗[J]. 会计研究, 2022, (2):117-131.
[29] 江伟, 王楠, 曹少鹏. 供应链中断风险的度量与应用:基于词嵌入模型的分析[J]. 南开管理评论, 2025, (4):109-120.
[30] 钟涛. 供应链稳定性、市场环境与企业持续竞争优势[J]. 财会通讯, 2022, (13):53-57.
[31] Cachon G. P., Randall T., Schmidt G. M. In Search of the Bullwhip Effect[J]. Manufacturing & Service Operations Management, 2007, 9(4):457-479.
[32] 张树山, 谷城. 供应链数字化与供应链韧性[J]. 财经研究, 2024, (7):21-34.
[33] 周兰, 吴慧君. 供应链金融与产品市场表现[J]. 金融经济学研究, 2022, (6):99-112.
[34] 王立清, 胡滢. 供应链金融与企业融资约束改善——基于产融结合与战略承诺的调节作用分析[J]. 中国流通经济, 2018, (6):122-128.
[35] 徐细雄, 段玲玲, 林翠梁, 等. 数字化进程与企业风险防御:基于动态能力理论视角[J]. 外国经济与管理, 2023, (8):51-67.
[36] 徐朝辉, 王满四. 财政补贴、企业家信心与实体企业过度金融化[J]. 会计研究, 2023, (1):149-163.
[37] 周茜, 许晓芳, 陆正飞. 去杠杆, 究竟谁更积极与稳妥?[J]. 管理世界, 2020, (8):127-148.