| 供应链透明度与企业风险承担 |
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| 引用本文：曹越1，张澳1，陈文瑞2.供应链透明度与企业风险承担[J].财经理论与实践,2025,(1):76-84 |
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| 中文摘要:利用2007—2020年我国A股上市企业数据，探究供应链透明度对企业风险承担水平的影响。研究表明：供应链透明度的提升有助于提高企业风险承担水平，特别是对市场地位较低、声誉较差、行业竞争程度较小以及市场化程度较低的企业提升效果更好。机制检验结果显示，供应链透明度通过缓解融资约束、降低代理成本来提高企业风险承担水平。拓展性分析发现，供应链透明度作用下企业风险承担水平提高，会有更多的债务融资、更高的资本支出水平以及更大的并购规模等，最终有利于增加企业价值。鉴于此，中国证监会应完善供应链信息的披露准则，企业应发挥供应链信息的融资和治理效应，投资者应关注企业供应链信息的价值发现功能。 |
| 中文关键词:供应链透明度 企业风险承担 融资约束 代理成本 企业价值 |
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| Supply Chain Transparency and Enterprise Risk Taking |
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| Abstract:Using the data of China’s A-share listed enterprises from 2007 to 2020, this paper empirically explores the influence of supply chain transparency on the level of enterprise risk taking. The research shows that supply chain transparency helps to improve the level of enterprise risk taking, especially for enterprises with low market status, poor reputation, less competition and less marketization. The mechanism test results show that supply chain transparency can improve the level of enterprise risk taking by easing financing constraints and reducing agency costs. The expansion analysis finds that the increase in the level of enterprise risk taking under the effect of supply chain transparency will lead to more debt financing, higher capital expenditure level and larger merger and acquisition scale, which will ultimately contribute to the increase of enterprise value. In view of this: the CSRC should improve the disclosure guidelines of supply chain information, enterprises should utilize the financing and governance effects of supply chain information, and investors should pay attention to the value discovery function of enterprise supply chain information. |
| keywords:supply chain transparency enterprise risk taking financing constraints agency cost enterprise value |
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