Innovation success and enterprise supply chain financing
This article takes Chinese A-share manufacturing listed companies as samples to empirically test the specific impact and mechanism of successful innovation on supply chain financing of manufacturing enterprises.The results show that successful innovation can significantly improve the net financing level of supply chain commercial credit for manufacturing enterprises.In terms of transmission pathways,successful enterprise innovation reduces supply chain concentration,changes the cost structure and external financing structure of enterprises,and enhances net financing of commercial credit by leveraging the buyer's market effect and alternative financing effect,promoting high-quality development.In terms of heterogeneity,the promoting effect of successful innovation on net financing of commercial credit is significant in non-state-owned enterprises,economic expansion periods,and situations with high analyst attention.This article focuses on the specific impact and internal mechanism of successful innovation on supply chain commercial credit financing.The research conclusion helps to deepen the understanding of the micro financial function of successful innovation,and provides new explanations and useful references for transitional countries to solve the problem of difficult and expensive financing for enterprises and find ways to ensure the security of supply chain and industrial chain.
NETL
NSTL
万方数据
