{"title":"供应链话语权会影响企业的投资偏好吗?","authors":"","doi":"10.1016/j.frl.2024.106055","DOIUrl":null,"url":null,"abstract":"<div><p>Using data from Chinese A-share listed companies from 2012 to 2022, this study examines the influence of supply chain voice on firms’ investment preferences. Results reveal a notable increase in this influence, demonstrating how improving communication throughout the supply chain can encourage companies to participate actively in financial investments. Although increasing the supply chain's influence can boost actual investment levels, it cannot stop the process of corporate financialization, as demonstrated by the mechanism test results. Furthermore, the favorable impacts of the supply chain voice on companies’ investment preferences are attained through the cash flow mechanism.</p></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does supply chain voice influence firms’ investment preferences?\",\"authors\":\"\",\"doi\":\"10.1016/j.frl.2024.106055\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Using data from Chinese A-share listed companies from 2012 to 2022, this study examines the influence of supply chain voice on firms’ investment preferences. Results reveal a notable increase in this influence, demonstrating how improving communication throughout the supply chain can encourage companies to participate actively in financial investments. Although increasing the supply chain's influence can boost actual investment levels, it cannot stop the process of corporate financialization, as demonstrated by the mechanism test results. Furthermore, the favorable impacts of the supply chain voice on companies’ investment preferences are attained through the cash flow mechanism.</p></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-09-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324010857\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324010857","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
摘要
本研究利用 2012 年至 2022 年中国 A 股上市公司的数据,探讨了供应链声音对企业投资偏好的影响。研究结果表明,供应链声音对企业投资偏好的影响显著增加,这表明改善供应链沟通可以鼓励企业积极参与金融投资。虽然提高供应链的影响力可以提高实际投资水平,但正如机制检验结果所示,它无法阻止企业金融化的进程。此外,供应链声音对企业投资偏好的有利影响是通过现金流机制实现的。
Does supply chain voice influence firms’ investment preferences?
Using data from Chinese A-share listed companies from 2012 to 2022, this study examines the influence of supply chain voice on firms’ investment preferences. Results reveal a notable increase in this influence, demonstrating how improving communication throughout the supply chain can encourage companies to participate actively in financial investments. Although increasing the supply chain's influence can boost actual investment levels, it cannot stop the process of corporate financialization, as demonstrated by the mechanism test results. Furthermore, the favorable impacts of the supply chain voice on companies’ investment preferences are attained through the cash flow mechanism.
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