企业供应链话语权如何影响实体投资?——基于商业信用视角的实证检验
How does the Discourse Power of Enterprise Supply Chain Affect Physical Investment?
李雅丽 1王笑笑1
作者信息
摘要
基于2011-2020年A股上市非金融企业数据,实证研究显示,以商业信用度量的企业话语权对实体投资的影响呈倒"U"型关系,即众多话语权较小的企业实体投资会随着商业信用的增加而增加,而少数话语权强大的企业则相反.进一步研究发现,企业金融投资随话语权的变动中介了这种非线性关系,并且经济政策不确定性在二者之间具有调节作用.在货币政策宽松而非紧缩时期,倒"U"型关系显著;国有企业倒"U"型拐点比非国有企业出现得更晚.
Abstract
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.
关键词
供应链话语权/商业信用/实体投资/金融投资Key words
The discourse power of supply Chain/Commercial credit/Physical investment/Financial investment引用本文复制引用
基金项目
国家社会科学基金重点项目(23AJY008)
出版年
2024
NETL
NSTL
万方数据