文献类型：期刊文献

英文题名：Supply-Chain Finance and Investment Efficiency: The Perspective of Sustainable Development

作者：Li, Xinli[1,2];Yan, Junzhou[1,2];Cheng, Jun[3];Li, Jiaying[4]

第一作者：Li, Xinli

通讯作者：Li, XL[1];Li, XL[2]

机构：[1]Zhengzhou Univ Aeronaut, Sch Business, Zhengzhou 450046, Peoples R China;[2]Collaborat Innovat Ctr Aviat Econ Dev Henan Prov, Zhengzhou 450046, Peoples R China;[3]Zhengzhou Univ Aeronaut, Sch Econ, Zhengzhou 450046, Peoples R China;[4]Henan Univ Econ & Law, Sch Accounting, Zhengzhou 450046, Peoples R China

第一机构：Zhengzhou Univ Aeronaut, Sch Business, Zhengzhou 450046, Peoples R China

通讯机构：[1]corresponding author), Zhengzhou Univ Aeronaut, Sch Business, Zhengzhou 450046, Peoples R China;[2]corresponding author), Collaborat Innovat Ctr Aviat Econ Dev Henan Prov, Zhengzhou 450046, Peoples R China.

年份：2023

卷号：15

期号：10

外文期刊名：SUSTAINABILITY

收录：;Scopus(收录号：2-s2.0-85160953878);WOS:【SSCI(收录号:WOS:000997239000001)，SCI-EXPANDED(收录号:WOS:000997239000001)】；

语种：英文

外文关键词：supply-chain finance; investment efficiency; corporate social responsibility; financial constraint

摘要：Recent debates regarding supply-chain finance have separated financial attributes from supply-chain attributes, ignoring their unity and the utilization efficiency of funds after financing. Can supply-chain finance affect corporate investment efficiency? There is still insufficient research in existing studies. In this paper, multiple regression analysis is used on 9757 listed companies in China for the period 2010-2020, to empirically test the impact of supply-chain finance on investment efficiency by integrating financial and supply-chain attributes of supply-chain finance, and we further analyze its mechanism. The results show that supply-chain finance can alleviate corporate under-investment and inhibit over-investment. The relationship is stronger for nonstate-owned corporations and is stronger when corporations operate in a superior information environment. Further, financial constraint plays an intermediary role between supply-chain finance and under-investment, while corporate social responsibility plays an intermediary role between supply-chain finance and over-investment. This study enriches the relevant research on the economic consequences of supply-chain finance, and provides new evidence for how supply-chain finance can promote the high-quality development of the real economy.