School of Accounting, Harbin University of Commerce

通过实证分析,探讨供应链融资对企业营运资金管理效率的影响,能够为企业降低融资成本、提高资金利用率提供策略建议,有助于推动企业高质量发展。选取2010—2022年制造业A股上市公司的面板数据,运用定量分析方法,从渠道管理视角出发,探讨采购、生产、营销3个渠道下供应链融资水平对营运资金周转期的影响。实证结果表明,在采购渠道下,供应商信赖度与营运资金周转期呈负相关关系,而短期应付账款比例与营运资金周转期呈正相关关系;在生产渠道下,生产渠道资金占用水平和链内薪金占用水平对营运资金周转期均有负向影响;在营销渠道下,客户信用依赖度和短期应收账款比例与营运资金周转期均呈负相关关系。此外,从整体层面研究发现,供应链信用依赖度对营运资金周转期有负向影响,而供应链资金占用度对营运资金周转期有正向影响。因此,合理运用供应链融资,可以显著提高营运资金管理效率。通过进一步研究发现,产权性质、是否为高科技企业以及市场地位的异质性分析对于理解供应链融资对营运资金管理效率影响的作用效果具有重要意义。

An empirical analysis was conducted to explore the impact of supply chain financing on the efficiency of corporate working capital management. The study provides strategic recommendations for reducing financing costs and enhancing capital utilization rates, contributing to the high-quality devel- opment of enterprises. The research utilized panel data from manufacturing companies listed on the A - share market from 2010 to 2022 and employed quantitative analysis methods. It probed the impact of supply chain financing levels in procurement, production, and marketing channels on the period of working capital turnover from a channel management standpoint. The empirical results indicate that in the procurement channel, supplier trust dependency are negatively correlated with the working capital turnover period, while the ratio of short-term accounts payable is positively correlated with it. In the production channel, the levels of capital occupation during production and salary occupancy levels with- in the supply chain both negatively impact the working capital turnover period. In the marketing chan- nel, customer credit dependency and the ratio of short-term accounts receivable are negatively correla- ted with the working capital turnover period. Moreover, the study finds that at an overall level, supply chain credit dependency negatively affects the working capital turnover period, whereas the degree of supply chain capital occupation has a positive effect. Therefore, the rational use of supply chain finan- cing can significantly improve the efficiency of working capital management. Further research reveals that the analysis of property rights nature, whether it is a high-tech enterprise, and the heterogeneity of market status are of great significance for understanding the effect of supply chain financing on the effi- ciency of working capital management.

哈尔滨商业大学教师“创新”项目(20GLE391)