Study On The Influence Of Supply Chain Finance On Enterprise Investment Efficiency

Enterprise investment behavior plays a key role in the process of enterprise value creation,the correct investment decision can bring a steady stream of cash flow,the enterprise in the fierce competitive environment,from the macro level,successful investment decisions for industry and regional and national economy is of great significance.As the provider of external funds of enterprises,financial institutions pay special attention to the operating conditions and investment decisions of enterprises,and play a role of external supervision to a certain extent.Supply chain finance is on the supply chain financing advantage of enterprises and Banks,a kind of all members of the supply chain enterprise systemic financing arrangement,not only can make the supply chain for financing,can also make the supply chain flow,information flow,logistics is consistent,achieve the effect of resource integration.The overall supply chain capital is optimized,the information is fully shared,and the investment behavior of enterprises will also be affected by their role in the supply chain finance.Therefore,this paper deeply studies the impact of supply chain finance on the investment efficiency of enterprises,which has important value for expanding the theoretical system of supply chain finance,and plays a certain guiding role for supply chain finance to better serve the real economy.Based on the summary of the existing literature on supply chain finance and investment efficiency,this paper puts forward the research hypothesis of information asymmetry theory,principal-agency theory and supply chain governance theory.Empirical test part of listed companies in China in 2011-2020 data as a sample,studied the influence of the supply chain finance on enterprise investment efficiency and its internal mechanism,and further study the supply chain concentration,supply chain stability,market competition,enterprise life cycle for supply chain finance and enterprise investment efficiency of heterogeneity.The research results are as follows:(1)supply chain finance can improve the investment efficiency of enterprises;(2)agency cost,information asymmetry and financing cost play an intermediary role in the process of improving the investment efficiency of enterprises;(3)For enterprises with high concentration of supply chain,high supply stability,high degree of market competition and in the growth period and maturity period,supply chain finance plays a more significant role in improving the investment efficiency of enterprises.