供应链信息披露对投资效率影响及机制研究——基于有调节的中介效应模型
Research on the Impact and Mechanism of Supply Chain Information Disclosure on Investment Efficiency:Based on a Moderated Mediation Effect Model
周沁萱1
作者信息
- 1. 湖南工业大学经济与贸易学院,湖南株洲 412007
- 折叠
摘要
供应链信息与企业运营状况紧密联系,披露供应链信息是提高企业投资效率的重要因素.选取2012-2021年中国非金融上市公司面板数据,考察企业供应链信息披露与企业投资效率的关系、具体作用机制和情景机制.研究结果表明,供应链信息披露与企业投资效率呈正向关系.通过作用机制分析,发现企业的供应链信息披露可以通过减少企业的代理成本和融资约束来提高企业的投资效率.通过情景机制分析,发现数字金融负向调节融资约束在供应链信息披露和投资效率之间的中介效应.研究结果对于企业投资效率的影响因素和外部机制探讨具有一定理论意义,同时可为提升企业投资效率提供参考.
Abstract
Supply chain information is closely related to enterprise operation,and disclosure of supply chain information is an important factor to improve enterprise investment efficiency.Based on the panel data of non-financial listed companies in China from 2012 to 2021,this paper investigated the relation-ship,specific mechanism and situational mechanism between information disclosure of enterprise sup-ply chain and investment efficiency.The results show that there is a positive relationship between sup-ply chain information disclosure and enterprise investment efficiency.Through the analysis of the mechanism,it is found that the information disclosure of supply chain can improve the investment effi-ciency of enterprises by reducing the agency cost and financing constraints.Through the analysis of sce-nario mechanism,it is found that digital finance negatively regulates the intermediary effect between supply chain information disclosure and investment efficiency.The research results have certain theo-retical significance for discussing the influencing factors and external mechanism of enterprise invest-ment efficiency,and provide reference for how to improve enterprise investment efficiency.
关键词
供应链信息披露/代理成本/投资效率/数字金融/公司治理Key words
Supply chain information disclosure/Agency cost/Investment efficiency/Digital finance/corporate governance引用本文复制引用
出版年
2024
NETL
NSTL
万方数据