| Since the 19 th National Congress of the CPC,“Preventing and resolving major risks” has been listed as the first of the three major offensive battles in our country,the report of the 20 th party congress once again stressed that “All kinds of financial activities should be brought into the supervision,and the bottom line of no systemic risk should be guarded”.Behind this is the trend of serious “From real to virtual” of our country economy,which brings the problem of soaring financial risks.As the basic unit of social production and the main carrier of the real economy,the financialization of enterprises is undoubtedly an important symptom of the phenomenon of "From real to virtual ".Therefore,it is important to investigate the formation mechanism and influencing factors of the financialization of enterprises,not only to guide enterprises to return to their original source,and then realize the high-quality development of China’s economy,but also an important academic hotspot in the field of risk prevention.As enterprises often maintain stable supply chain relationships through supply chain management in their production operations,and through external social relationships will have an impact on their resource allocation.This paper focuses on the impact of supply chain management model on capital flow,and empirically analyzes the relationship between supply chain integration and corporate financialization.Based on the traditional social and cultural background of " relationshipism " in China,this paper reflects the level of supply chain integration by the closeness of social network relationship between enterprises,and empirically investigates the impact of supply chain integration on enterprise financialization by using the data of Shanghai and Shenzhen A-share listed enterprises from 2010 to 2021.The research results show that: firstly,the degree of supply chain integration is significantly and negatively related to the financialization level of corporates,and supply chain integration reduces the financialization level of corporates;secondly,the heterogeneity analysis shows that supply chain integration can play a more important role in reducing the financialization level of corporates among corporates with high risk-taking and small corporates;thirdly,market competition plays a moderating role in the relationship between supply chain integration and the corporate financialization,and the higher the degree of market competition,the stronger the inhibiting effect of supply chain integration on corporate financialization;fourth,after testing the intermediation mechanism,it is found that supply chain integration can reduce corporate financialization through two paths:alleviating corporate financing constraints and strengthening innovation incentives.Taking the social network theory as the grip,this paper empirically examines the correlation between supply chain integration and corporate financialization,deepens the research on the influencing factors of corporate financialization,and confirms the influence of corporate supply chain management mode on resource allocation,while the findings of this paper provide ideas for promoting the real economy to "transform from virtual to real". |
