供应链金融与企业韧性

——基于风险感知和资源配置视角

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关键词：供应链金融；企业韧性；风险感知；资源配置 中图分类号：F274；F832；F273.1；F272.3 文献标识码：A doi：10.3969/j.issn.1672-2272.202506075

Supply Chain Finance and Corporate Resilience：A Perspective of Risk Perception and Resource Allocation

Luo Yonghua，Ling Jingyu

（School of Economicsand Management，Hunan University of Technology，Zhuzhou 4l2oo7，China）

Abstract：Against the backdrop of increasing global economic uncertainties and frequent risks of supply chain disruptions，supply chain finance has emerged asa critical strategy for enterprises to achieve sustainable development，serving as an important tool to optimize capital flow and enhance supply chain resilience.Based on panel data from A-share listed companies between 2O1O and 2O23，this study empirically examines the impact of supply chain finance on corporate resilience and its underlying mechanisms.The results indicate that the development of supply chain finance significantly enhances corporate resilience. Heterogeneity analysis reveals that this positive efect is more pronounced in nonstate-owned enterprises，smalland medium-sized enterprises，as wellas firms operating in highly competitive industries.Mechanism tests demonstrate that supply chain finance primarily strengthens corporate resilience by enhancing risk perception capabilities and improving resource allocation efficiency. Therefore，it is recommended that policymakers strengthen guidance for supply chain finance，with particular emphasis on non-state-owned enterprises and small and medium-sized enterprises.The findings provide a theoretical foundation for enterprises to leverage supply chain finance in enhancing resilience and achieving sustainable development.

Key Words：Supply Chain Finance；Enterprise Resilience；Risk Perception；Resource Allocation

0 引言

近年来，贸易保护主义抬头、地缘政治冲突频发以及供应链中断风险加剧等一系列挑战，使企业生存与发展面临多重挑战。（剩余12231字）