供应链金融与企业债务风险：“短贷长投”的视角

摘要/Abstract

摘要： 近年来，如何防范和化解企业债务风险受到越来越多的重视。供应链金融作为服务实体经济高质量发展的重要工具也受到了广泛关注。本文利用A股上市公司数据，从短贷长投的角度考察了供应链金融对企业债务风险的缓释效应。研究发现，企业实施供应链金融战略能有效抑制短贷长投这一投融资期限错配行为，双向供应链金融和数字供应链金融的效果更好。进一步检验发现：供应链金融是通过增加内源性融资和股权融资减少短贷长投；供应链金融对短贷长投的抑制效应在长期债务融资能力较弱和短期债务融资能力较强的企业中更显著；供应链金融对短贷长投的抑制作用能进一步降低企业的经营风险和财务风险，以及提升盈利能力和投资效率。本文不仅丰富和拓展了供应链金融服务实体经济作用机制和短贷长投影响因素的相关研究，也为企业和政府有关部门降低企业债务风险以防范系统性金融风险，以及更好地利用供应链金融服务实体经济高质量发展提供了经验证据与决策参考。

关键词: 供应链金融, 短贷长投, 内源性融资, 外源性融资, 核心企业

Abstract: In recent years, more and more attention has been paid to the question of how to prevent and resolve corporate debt risks. As an important tool to serve the high-quality development of the real economy, supply chain finance has also received widespread attention. Using the data of A-share listed companies, this paper examines the role of supply chain finance in preventing debt risk from the perspective of maturity mismatch of investment and financing. It is found that the implementation of supply chain finance strategy can significantly restrain enterprises from maturity mismatch of investment and financing, and the effect of two-way supply chain finance and digital supply chain finance is better. Extended test finds that supply chain finance reduces maturity mismatch of investment and financing by increasing operating cash flow and equity financing. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing is more significant for enterprises with weak long-term debt financing capabilities and strong short-term debt financing capabilities. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing can reduce the business risk and financial risk of enterprises, and improve the financial performance and investment efficiency. This paper not only enriches and expanded the research on the mechanism of supply chain finance serving the real economy and the influencing factors of maturity mismatch of investment and financing, but also provides empirical evidence and policy reference for enterprises and government departments to scientifically reduce corporate debt risks, prevent systemic financial risks and better use supply chain finance to serve the high-quality development of the real economy.

Key words: supply chain finance, maturity mismatch of investment and financing, internal financing, external financing, core firms

凌润泽, 潘爱玲, 王慧. 供应链金融与企业债务风险：“短贷长投”的视角[J]. 管理评论, 2025, 37(10): 210-222.

Ling Runze, Pan Ailing, Wang Hui. Supply Chain Finance and Corporate Debt Risk: The Perspective of Maturity Mismatch of Investment and Financing[J]. Management Review, 2025, 37(10): 210-222.

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