The impact of supply chain finance on firm capital structure adjustment: Evidence from China

We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the underleveraged firms. En...

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Published inAustralian journal of management Vol. 48; no. 2; pp. 436 - 462
Main Authors Pan, Ailing, Xu, Lei, Li, Bin, Ling, Runze, Zheng, Luyan
Format Journal Article
LanguageEnglish
Published London, England SAGE Publications 01.05.2023
Sage Publications Ltd
Subjects
Business logistics
Economic development
Government business enterprises
Shenzhen zheng quan jiao yi suo
Stock exchanges
Turnover (Business)
CHINA
competitive advantage
cash holdings
core firm
Capital structure
supply chain finance
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Abstract We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the underleveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank-firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and stateowned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets.
AbstractList We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the underleveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank-firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and stateowned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets.
We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets. JEL Classification: G31, G32, O33
We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and Shenzhen Stock Exchanges. We find that SCF can significantly speed up capital structure adjustment, especially for the under-leveraged firms. Enhanced financial strengths and competitive advantages underlie this impact. Comprehensive examinations also suggest that SCF may speed up cash turnovers, lower financing costs, and improve firm values. In addition, the impact is more substantial on firms of smaller sizes, located in better-developed regions, those without bank–firm connections, and those with higher environmental dynamism. However, the impact seems similar on private firms and state-owned enterprises (SOEs), or across industries of various degrees of competition. Our findings bear such policy implications that SCF can accelerate capital structure adjustment and contribute to the quality economic growth in emerging markets.JEL Classification: G31, G32, O33
Author Luyan Zheng
Lei Xu
Runze Ling
Ailing Pan
Bin Li
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cash holdings
core firm
Capital structure
supply chain finance
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Notes AUSTRALIAN JOURNAL OF MANAGEMENT, Vol. 48, No. 2, May 2023, 436-462
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Snippet We establish a link between supply chain finance (SCF) and capital structure adjustment by core firms through a data set of listed firms on the Shanghai and...
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SubjectTerms Business logistics
Economic development
Government business enterprises
Shenzhen zheng quan jiao yi suo
Stock exchanges
Turnover (Business)
Title The impact of supply chain finance on firm capital structure adjustment: Evidence from China
URI http://search.informit.org/doi/10.3316/agispt.20230523088754
https://journals.sagepub.com/doi/full/10.1177/03128962221092179
https://www.proquest.com/docview/2798077382
Volume 48
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