School of International Trade & Economics, Anhui University of Finance & Economics, Bengbu, Anhui, PR China.
PLoS One. 2023 May 10;18(5):e0285308. doi: 10.1371/journal.pone.0285308. eCollection 2023.
Enterprise financialization will block the equipment update and technological innovation of enterprises by crowding out the main business funds. The risks and benefits of supply chain concentration will affect the enterprise financialization. This paper selects the panel data of A-share listed companies in China from 2009 to 2021, and uses fixed effect regression to analyze the impact of supply chain concentration on enterprise financialization. The conclusions show: both suppliers and customers concentration significantly promote the financialization of enterprises, and this conclusion is still valid after a series of tests; This kind of financialization effect is heterogeneous in four aspects: the nature of property rights, the scale of enterprises, the intensity of industrial competition and the level of economic development in the region where the enterprises are located; the mechanism analysis show that customer concentration can affect enterprise financialization through upstream commercial credit, but supplier concentration cannot affect enterprise financialization through downstream commercial credit.
企业金融化会通过挤出主营业务资金来阻碍企业的设备更新和技术创新。供应链集中的风险和收益会影响企业的金融化。本文选取了 2009 年至 2021 年中国 A 股上市公司的面板数据,采用固定效应回归分析了供应链集中对企业金融化的影响。研究结果表明:供应商和客户的集中都显著促进了企业的金融化,并且在经过一系列检验后这一结论仍然成立;这种金融化效应在四个方面存在异质性:产权性质、企业规模、产业竞争强度和企业所在地的经济发展水平;机制分析表明,客户集中可以通过上游商业信用影响企业的金融化,而供应商集中则不能通过下游商业信用影响企业的金融化。
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