电商经济背景下供应链集中度对财务弹性的影响研究——基于商业信用供给的中介效应

Research on the Impact of Supply Chain Concentration on Financial Flexibility in the Context of E-Commerce—Based on the Mediating Effect of Trade Credit Supply

摘要: 本文聚焦电商经济背景，以2014~2023年沪深A股非金融上市企业为研究对象，从供应链关系视角出发，深入探索供应链集中度、商业信用供给对企业财务弹性的影响程度与作用机制，并进一步验证商业信用供给在供应链集中度与财务弹性中的中介作用。研究表明供应链集中度对财务弹性的不同维度具有显著且差异化的影响：一方面，供应链集中度在电商“轻资产、高周转”模式下显著提升了企业财务弹性中的企业现金持有比例与外部融资能力，另一方面，又抑制了留存收益积累；同时，研究还发现供应链集中度显著增加了企业的商业信用供给；进一步分析表明，商业信用供给是供应链集中度影响财务弹性的关键渠道，其信用保险功能在电商供应链金融中尤为突出。本研究从电商经济视角拓展了供应链集中度与财务弹性的理论关联，为理解数字经济下企业供应链管理策略与财务资源调配的互动关系提供了微观证据，为了解供应链集中度与财务弹性之间的关系细化了作用机制。

Abstract: This paper focuses on the context of the e-commerce economy, taking non-financial listed companies in Shanghai and Shenzhen A-shares from 2014 to 2023 as the research objects. From the perspective of supply chain relationships, it deeply explores the impact and mechanism of supply chain concentration and commercial credit supply on corporate financial flexibility, and further verifies the mediating role of commercial credit supply in the relationship between supply chain concentration and financial flexibility. The research shows that supply chain concentration has significant and differentiated impacts on different dimensions of financial flexibility. On the one hand, under the e-commerce model of “light assets and high turnover”, supply chain concentration significantly improves the cash holding ratio and external financing capacity, which are part of corporate financial flexibility. On the other hand, it inhibits the accumulation of retained earnings. Meanwhile, the study also finds that supply chain concentration significantly increases the commercial credit supply of enterprises. Further analysis indicates that commercial credit supply is a key channel through which supply chain concentration affects financial flexibility, and its credit insurance function is particularly prominent in e-commerce supply chain finance. This study expands the theoretical connection between supply chain concentration and financial flexibility from the perspective of the e-commerce economy, provides micro-evidence for understanding the interaction between corporate supply chain management strategies and financial resource allocation in the digital economy, and refines the mechanism for understanding the relationship between supply chain concentration and financial flexibility.