供应链金融对核心企业财务绩效的影响研究

基于2009—2019年沪深A股上市公司的相关数据，将企业内部整合指标作为中介变量，实证研究核心企业参与供应链金融活动对企业财务绩效产生的影响。结果表明，核心企业参与供应链金融活动能够通过企业内部整合降低企业期间费用，提升企业财务绩效；进一步研究发现，该作用对非国有制核心企业的影响更加显著。因而核心企业应当更加积极主动地参与供应链金融活动，推动供应链整体实现降本增效，加强产业链协同合作。

The Impact of Supply Chain Finance on the Financial Performance of Core Enterprises Adoption Examinations

Based on the relevant data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2019, internal integration indicators was used as mediating variables to empirically study the impact of core enterprise participation in supply chain finance activities on corporate financial performance. The results show that the participation of core enterprises in supply chain finance activities can reduce period costs and improve the financial performance of enterprises through internal integration. Further research shows that this effect is more significant for non-state-owned enterprises. Therefore, core enterprises should take a more proactive approach in participating in supply chain finance activities to achieve overall cost reduction and efficiency within the supply chain, as well as strengthen cooperation within the industrial chain.