Supply Chain Finance And Dynamic Adjustment Of Capital Structure Of Core Enterprises

As a new financing mode,supply chain finance is the combination product of industry and capital.Because it can effectively solve the financing difficulties of small and medium-sized enterprises,speed up capital circulation and improve the operation efficiency of the industrial chain,it has been highly concerned by the government and the business community.The academic circle has also carried out relevant research on the risk prevention and financing efficiency of supply chain finance,but rarely discussed the impact of core enterprises’ supply chain financial business on capital structure decision-making.As the logistics center,information exchange center and settlement center in supply chain finance,core enterprises are the important components of the new supply chain financial ecological network.The operation of their capital structure not only affects their own production and operation activities,but also is the key link to the survival of the whole industrial chain.Therefore,it is of great significance to study whether core enterprises can accelerate the dynamic adjustment of capital structure through supply chain finance.In this paper,A-share listed companies in 2010-2018 are taken as the research samples.Through the construction of dynamic adjustment model,this paper investigates the relationship between supply chain finance and the speed of capital structure adjustment of core enterprises.Firstly,based on the actor network theory,this paper discusses the overall impact of supply chain finance on the adjustment speed of capital structure of core enterprises,and compares whether the impact of supply chain finance on the adjustment speed is asymmetric when the adjustment is upward or downward.Secondly,referring to the internal and external factors that affect the effect of the development of supply chain finance,the relationship between supply chain finance and the dynamic adjustment of capital structure of core enterprises under different circumstances is discussed.Finally,based on the function mechanism of supply chain finance on capital structure adjustment of core enterprises,the paper takes cash holdings and product advantages as intermediary variables to explore the function path between supply chain finance and the dynamic adjustment speed of capital structure of core enterprises.The results are as follows.Firstly,it is general behavior of capital structure adjustment in Chinese listed companies,and the speed of downward adjustment is significantly faster than upward adjustment.Secondly,it also finds that supply chain finance has a significant positive effect on the overall adjustment speed of capital structure of core enterprises,and the promotion effect on the upward adjustment speed is better than the promotion effect on the downward adjustment speed.Thirdly,when we distinguish the internal and external situations of different companies,we find that the smaller the scale of core enterprises or the higher the development level of financial institutions,the more obvious the positive impact of supply chain finance on the speed of capital structure adjustment of core enterprises is.But the differences of the nature of property rights and industry do not have a significant impact on the relationship.Finally,the paper also verifies that the higher the cash holding level or the stronger the product advantages,the faster the dynamic adjustment of capital structure of the core enterprise that carries out the supply chain finance,which proves the partial mediating effect of cash holdings and product advantages.Although the coverage of supply chain finance in listed companies is still relatively low,this paper discusses the positive significance of supply chain finance from the perspective of core enterprises.On the one hand,it enriches the research of supply chain finance,verifies the important role of supply chain finance in core enterprises from the perspective of capital structure adjustment speed,and encourages listed companies to actively participate in the supply chain finance industry.On the other hand,it also enriches the relevant research on the influencing factors of the dynamic adjustment of capital structure,straightens out the function mechanism of supply chain finance,and provides a better idea for the core enterprises to build the core competitiveness and actively improve the efficiency of the industrial chain.