Research on supply chain finance and Chinese listed companies' risk-taking level

LIU Yiming, CAO Tingqiu, LIU Jiahao

Systems Engineering - Theory & Practice ›› 2025, Vol. 45 ›› Issue (2) : 391-407.

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Systems Engineering - Theory & Practice ›› 2025, Vol. 45 ›› Issue (2) : 391-407. DOI: 10.12011/SETP2023-1992

Research on supply chain finance and Chinese listed companies' risk-taking level

  • LIU Yiming1,2, CAO Tingqiu1,3, LIU Jiahao4
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Abstract

As a new financial service, supply chain finance plays an important role in improving financing efficiency and reducing transaction costs for enterprises. Behind the huge benefits there are often frequent incidents of pseudo supply chain finance, and "supply chain security" is gradually elevated to the level of the macro national security system. This paper uses the data of A-share non-financial listed companies in Shanghai and Shenzhen Stock markets from 2007 to 2021, and we find that supply chain finance can significantly reduce firms' risk-taking, while this negative relationship is more obvious in non-state-owned enterprises and small enterprises. Further analysis shows that supply chain finance will enhance the resilience of the industrial chain and supply chain by improving the company's operating efficiency, alleviating underinvestment, stabilizing supply chain relations to reduce the risk-taking level. In addition, enterprises with good bank-enterprise relationship, higher industry competition and higher risk preference of management can enhance the reducing effects to a greater extent. Under the background of high environmental uncertainty faced by enterprises at present, this paper provides feasible ideas for enterprises to carry out supply chain finance to reduce production and operation risks and financial risks, and then maintain the security of industrial chain and supply chain.

Key words

supply chain finance / risk-taking / supply chain relationship / industrial chain and supply chain security

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LIU Yiming , CAO Tingqiu , LIU Jiahao. Research on supply chain finance and Chinese listed companies' risk-taking level. Systems Engineering - Theory & Practice, 2025, 45(2): 391-407 https://doi.org/10.12011/SETP2023-1992

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Funding

Youth Program of Natural Science Foundation of Shandong Province (ZR2024QG004);Youth Innovation Technology Project of Higher School in Shandong Province (2023RW009);National Social Science Fund of China (19ZDA091);Youth Innovation Technology Project of Higher School in Shandong Province (2022RW049, 2022RW062)
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