Can Supply Chain Transparency Help to Ease Corporate Financing Constraints:Evidences from A-Share Listed Companies
Finance constraints have long been a difficult challenge and a bottleneck hindering Chinese enterprise development,while promoting supply chain transparency provides an opportunity to ease corporate finance constraints.This article uses data from A-share listed companies from 2010 to 2022 to empirically examine the influence of supply chain transparency on corporate finance constraints.According to the study,promoting supply chain transparency can dramatically lower information uncertainty and risk,improve enterprise creditworthiness,and increase the reliability of finance channels,consequently decreasing corporate finance constraints.This conclusion is still valid after a series of robustness and endogenous tests.In addition,supply chain transparency can also significantly affect corporate finance constraints through the mediating role of supply chain concentration.Heterogeneity research reveals that the mitigation effect varies depending on the nature of the enterprises and the levels of internal and external governance.Among enterprises of state-owned,large,high-tech,and those that employ large accounting firms for audits,supply chain transparency plays a more substantial role in easing finance constraints.Based on the above conclusions,it is recommended to improve the level of supply chain management at the enterprise level and perfect the disclosure system of supply chain information at the government level to further promote the improvement of supply chain transparency,ease corporate finance constraints,and promote the sustainable and healthy development of enterprises.
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