How does the Discourse Power of Enterprise Supply Chain Affect Physical Investment?
Based on the data of non-financial enterprises listed on the A-share market from 2011 to 2020,this paper shows the dis-course power of enterprises in the supply chain,measured by commercial credit,has an inverted-U effect on real investment.Many enterprises with less power increase their physical investment when they have more commercial credit,while a few power-ful enterprises do the opposite.Mechanism research finds that the corporate financial investment mainly mediate this non-linear relationship,and the uncertainty of economic policy has a moderating effect.Heterogeneity analysis shows that it is during the pe-riod of loosing monetary policy that the inverted-U effect is significant,and compared to the inverted-U curve of non-state enter-prises,the extreme point of the state-owned enterprises appears later.
The discourse power of supply ChainCommercial creditPhysical investmentFinancial investment
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NSTL
万方数据
