企业数字化的供应链融资效应——基于商业信用视角

王超　余典范

（上海财经大学商学院）

　　内容提要：本文基于2010—2020年中国上市公司数据，实证研究了企业数字化对供应链融资的影响。研究结果显示，数字化提高了企业风险承担能力和经营绩效，显著促进了商业信用供给。随着数字化的深入推进，企业延缓了客户销售款的收取并且更快地向供应商支付货款。异质性分析结果表明，企业数字化的供应链融资效应在非国有企业、上下游数字化协同水平较高以及地区信任水平较低的样本中更为显著；企业数字化主要促进了以融资而非交易为目的的商业信用供给；数字化促使供应链中的资金显著流向了交易次数较少、非国有企业以及融资约束较低的上下游供应商和客户。应继续推进数字技术在企业信用评估、风险规避和供应链协作中的应用，为供应链发挥融资作用提供有力支持。

　　

　　关键词：企业数字化；商业信用；融资约束；供应链韧性；产业链协同

　　

　　作者简介：王超，上海财经大学商学院博士研究生，上海，200433；余典范，上海财经大学商学院教授、博士生导师，通信作者。

　　基金项目：国家社会科学基金一般项目“我国核心技术自主创新突破口与实现路径的体制机制研究”（20BJY039）；中央高校基本科研业务费“数字经济高质量发展的特征及驱动策略研究项目”（2023110139）

　　引用格式：王超,余典范.企业数字化的供应链融资效应——基于商业信用视角[J].经济与管理研究,2023,44(10):109-128.DOI:10.13502/j.cnki.issn1000-7636.2023.10.007.

　　

　　

Supply Chain Financing Effect of Enterprise Digitalization—From the Perspective of Trade Credit

WANG Chao, YU Dianfan

(Shanghai University of Finance and Economics, Shanghai 200433)

　　

　　Abstract: As a key role in informal financing, trade credit has a positive effect on stabilizing supply chain relationships and diversifying funding sources. However, due to the lack of third-party guarantees, trade credit often faces trust deficits and information asymmetry. Therefore, establishing a credible and sustainable supply chain financing promotion mechanism is of great significance in alleviating corporate financing constraints.

　　The emergence and application of digital technologies may help alleviate these barriers. On the one hand, digitalization enhances enterprises’ abilities to collect and analyze information, thereby facilitating comprehensive risk assessment and improving risk-taking. On the other hand, digitalization improves production efficiency and enhances enterprises’ abilities to provide trade credit for upstream and downstream partners. Based on the panel data of China's listed companies from 2010 to 2020, this paper constructs a two-way fixed effect model to empirically test the impact of enterprise digitalization on the provision of trade credit and explores the heterogeneity and the mechanism.

　　The findings are as follows. First, the integration of digital technology and operations prompts companies to increase supply chain financing support for upstream and downstream suppliers and customers. Digitalization improves the risk-taking ability and business performance of enterprises, which in turn makes them more willing and able to provide trade credit. Second, there is significant heterogeneity in the impact of enterprise digitalization on the supply of trade credit. Specifically, compared with state-owned enterprises (SOEs), non-SOEs increase the supply of trade credit after digitalization. Furthermore, the supply chain financing effect of enterprise digitalization is more significant in samples with higher levels of upstream and downstream collaboration. In addition, digitalization effectively addresses the issue of trust deficit among enterprises, and those in regions with lower levels of trust provide more trade credit after digitalization. Third, digitalization promotes the supply of trade credit for financing rather than for transactional purposes. Digitalization leads to a significant flow of funds in the supply chain to upstream and downstream suppliers and customers with fewer transactions, non-state ownership, and lower financing constraints.

　　This paper provides the following policy implications. On the one hand, it is necessary to accelerate the application of digital technology in corporate credit assessment, risk management and control, and upstream and downstream collaboration. The government can provide external support for informal financing among enterprises by supporting the construction of commercial query platforms and increasing the disclosure of information related to business operations. On the other hand, it is needed to establish a digital collaboration mechanism for the industrial chain and open up data channels for upstream and downstream enterprises. The government can encourage chain leaders to use their advantages to strengthen cooperation with digital service providers, build a digital collaboration platform in line with industry characteristics, and promote the sharing of orders, production capacity, and channels among enterprises.

　　Keywords: enterprise digitalization; trade credit; financing constraint; supply chain resilience; industrial chain coordination