供应链金融对核心企业全要素生产率的影响研究

A Study on the Impact of Supply Chain Finance on the Total Factor Productivity of Core Enterprises

摘要: 供应链金融(SCF)作为一种嵌入产业链的金融创新，其价值效应已延伸至核心企业层面。本文系统回顾了SCF与全要素生产率(TFP)相关文献，旨在厘清SCF影响核心企业TFP的作用路径与边界条件。综述发现：1) SCF通过缓解融资约束、优化信贷资源配置和提升创新投入三条直接路径正向影响核心企业TFP；2) 区块链技术与数字化转型构成关键的调节因素，强化了信息协同与资源配置效率；3) 现有研究在风险收益量化、政策执行监督及异质性分析等方面存在明显不足。基于此，本文提出未来研究应聚焦于风险对冲机制的实证建模、制度冲击的准自然实验评估，以及“去核心化”新模式的探索，以推动SCF从短期融资工具向长期协同机制升级。

Abstract: Supply chain finance (SCF), as a financial innovation embedded in the industrial chain, has extended its value effect to the core enterprise level. This paper systematically reviews the literature related to SCF and total factor productivity (TFP), aiming to clarify the path and boundary conditions through which SCF affects the TFP of core enterprises. The review finds that: 1) SCF positively impacts the TFP of core enterprises through three direct paths: alleviating financing constraints, optimizing credit resource allocation, and enhancing innovation investment; 2) blockchain technology and digital transformation constitute key moderating factors, strengthening information synergy and resource allocation efficiency; 3) existing research has significant deficiencies in risk-return quantification, policy implementation supervision, and heterogeneity analysis. Based on this, this paper proposes that future research should focus on empirical modeling of risk hedging mechanisms, quasi-natural experiment evaluation of institutional shocks, and exploration of new “de-cored” models, in order to promote the upgrading of SCF from a short-term financing tool to a long-term collaboration mechanism.