| At present,the world is undergoing major changes unseen in a century,the global political economy has entered a period of turbulence,and economic globalization has encountered a countercurrent.In order to effectively cope with the complex international situation,China is also building a "new development pattern",the task of reforming,developing,and stabilizing the economy is difficult,and the quality,efficiency,and motivation of economic development must be improved.Therefore,China’s economic and social development is facing great uncertainty.As an important economic entity,macroeconomic uncertainty has increased the unpredictability of enterprises in terms of technological progress,customer preferences,raw material supply,and market competition,thereby exacerbating the uncertainty of the corporate environment.The environment is the condition for an enterprise to survive,and it will affect the company’s strategy formulation,business decision-making and even value appreciation.How to deal with the impact of the uncertain environment has become an important problem facing the high-quality development of Chinese enterprises.Funds are the "blood" of the company’s operations,especially companies facing high environmental uncertainty must have sufficient financial support in the process of production and operation activities.Debt financing is currently the main financing method for most Chinese companies.However,companies generally face financing constraints,which hinder the company’s high-quality development process.How to effectively improve debt financing capabilities has also become an urgent issue that Chinese companies need to solve in response to the increasing environmental uncertainty.But the smooth development of debt financing activities is not only reflected in the decline in debt financing costs and the increase in the scale of debt financing,but also involves the choice of debt financing maturity structure and debt financing methods.Moreover,the cost of debt financing will also be affected by the scale of debt financing,debt financing methods and capital structure.Therefore,it is necessary to start with the specific characteristics of debt financing behavior such as debt financing method and scale,debt financing period and capital structure adjustment,and comprehensively reveal the influencing factors,mechanisms and economic consequences of corporate debt financing behavior.So as to provide decision-making ideas for enterprises to improve their debt financing capabilities.In recent years,the development of Fintech has provided many companies and financial institutions with innovative financial products to broaden financing channels and improve financing capabilities to provide important technical support.This has given birth to a series of innovative financing models.Supply chain finance is one of the more important ones.Supply chain finance is an innovative financing model that uses financial technology to integrate the logistics,capital flow,information flow and other information of the supply chain to build an integrated financial ecosystem between core enterprises and upstream and downstream enterprises.Supply chain finance can effectively meet the needs of supply chain companies for fund settlement,debt financing,and financial management by providing systematic financial solutions,reduce corporate costs,and enhance supply chain value.Therefore,As a new way of integrating industry and finance to promote the agglomeration of financial resources to real enterprises and improve the efficiency of financial resource allocation,can supply chain finance become a strategic tool for enterprises to cope with increasing environmental uncertainty?Will it affect the company’s debt financing behavior?We took the Chinese listed companies from 2010 to 2020 as the research object,manually sorted the listed companies that carried out supply chain finance as core enterprises,and studied the impact of environmental uncertainty on corporate supply chain financial decision-making.and the impact of supply chain finance on corporate debt financing behavior.From the three dimensions of whether to develop supply chain finance,the direction of supply chain finance.and the digitalization of supply chain finance,it systematically examines the impact of environmental uncertainty on enterprise supply chain financial decision-making,the internal mechanism and economic consequences.From the three dimensions of debt financing method and scale,debt financing maturity,and capital structure adjustment,it systematically tested the influence,internal mechanism and economic consequences of supply chain finance on corporate debt financing behavior.The main conclusions are as follows:First,the higher the environmental uncertaintw,the more likely it is for companies to develop supply chain finance,develop two-way supply chain finance,and build a digital supply chain financial platform.The mechanism test found that the promotion effect of environmental uncertainty on supply chain finance is significant in the high information asymmetry group.high earnings volatility group,low supply chain stability group and high financing cost group.but not significant in the low group.It shows that environmental uncertainty will affect the information environment,surplus fluctuations,supply chain stability and financing costs of enterprises,thereby promoting enterprises to develop supply chain finance.The heterogeneity test found that the promotion effect of environmental uncertainty on supply chain finance is more obvious in small-scale enterprises,private enterprises,enterprises in areas with higher levels of financial technology development.and enterprises in industries with fierce product market competition.The economic consequences test found that the financing constraints.earnings volatility and cash turnover period of enterprises after supply chain finance have been significantly reduced,and the inventory turnover rate,total asset turnover rate and profitability have been significantly improved,and the effect on enterprises with high environmental uncertainty is stronger.Second,supply chain finance can significantly increase the scale of corporate bank loans and commercial credit financing.The higher the environmental uncertainty,the stronger the role of supply chain finance in promoting bank loans and commercial credit financing.Compared with commercial credit financing,enterprises account for a higher proportion of bank loans.For companies with high environmental uncertainty,bank loans and commercial credit financing have a complementary relationship,and for companies with low environmental uncertainty,bank loans and commercial credit financing have an alternative relationship.Twoway supply chain finance and high supply chain finance capabilities are more conducive to enterprises to increase the scale of bank loans and commercial credit financing.The mechanism test found that the promotion effect of supply chain finance on bank borrowing was significant in the high-information asymmetry group and the non-bank-enterprise relationship group,while it was not significant in the low-information asymmetry group and the bank-enterprise relationship group.The role of supply chain finance in promoting commercial credit financing is more significant in the monetary easing group.The rationality test found that the promotion effect of supply chain finance on bank loans was more significant in the under-indebted group,and the promotion effect of supply chain finance on bank loans and commercial credit financing was more significant in the under-investment group.It shows that the promotion of supply chain finance to corporate debt financing is a reasonable behavior in the context of insufficient debt financing and insufficient investment.The economic consequences test found that the promotion effect of supply chain finance on enterprises’ increasing bank loan scale is also conducive to promoting enterprises to increase the scale of industrial investment and improve the level of innovation,while commercial credit financing did not show a similar effect.Third,supply chain finance can promote companies to reduce long-term bank loans and increase short-term bank loans to shorten the debt maturity.The shortening effect of supply chain finance on debt maturity is more significant in the two-way supply chain finance group,the high supply chain finance capability group,and the low environmental uncertainty group.The mechanism test found that the effect of supply chain finance on the shortening of debt maturity is mainly because supply chain finance can improve the profitability and financial strength of enterprises,thereby reducing the interest rate risk and refinancing risk of short-term debt.Further inspection found that the shortening of the debt maturity of supply chain finance did not aggravate the mismatch of investment and financing maturity of enterprises,but restrained the mismatch of investment and financing maturity,and also reduced the cost of debt financing and improved investment efficiency.It shows that the decision to shorten the debt maturity under the influence of supply chain finance is a rational trade-off for managers to maximize the value of the enterprise.The heterogeneity test found that the shortening effect of supply chain finance on debt maturity is more significant in small-scale enterprises,private enterprises,and enterprises with fierce product market competition.Fourth,supply chain finance can promote enterprises to adjust their capital structure.Enterprises are more willing to adjust their capital structure upwards by increasing interestbearing debt,and adjust their capital structure downwards by debt repayment and equity refinancing.Two-way supply chain finance and high supply chain finance capabilities are more conducive to the adjustment of capital structure,and supply chain finance has a greater role in promoting the adjustment of capital structure of enterprises with high environmental uncertainty.The mechanism test found that the promotion effect of supply chain finance on capital structure adjustment was significant in the high financing constraint group,the high debt financing cost group,and the high equity financing cost group,while the low financing constraint group,the low debt financing cost group and the low equity financing cost group did not Significantly.and supply chain finance can significantly reduce the cost of debt financing and equity financing of enterprises.It shows that supply chain finance reduces the cost of corporate debt and equity financing,thereby reducing the cost of capital structure adjustment,and then promoting leverage optimization.The heterogeneity test found that supply chain finance is more conducive to promoting the adjustment of capital structure of small and medium-sized,private enterprises,located in areas with high development level of financial institutions,and without bankenterprise relations.The economic consequences test found that the optimization effect of supply chain finance on the capital structure is conducive to reducing the financial risk of the enterprise and increasing the value of the enterprise.Our research clarifies the internal relationship between enterprise environmental uncertainty and enterprise supply chain finance decision,as well as supply chain finance and enterprise debt financing behavior,and enrichis relevant research literature.Our research also provides a theoretical basis and decision-making reference for enterprises to deal with the impact of environmental uncertainty,and for government departments to improve the financial supply-side reform and promote high-quality economic development. |
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