人工智能如何提升企业供应链金融水平

How Artificial Intelligence Enhances Enterprise Supply Chain Finance

摘要:

随着人工智能技术加速向实体经济渗透，企业如何借助人工智能改善自身融资条件、突破供应链金融的准入约束，已成为数实融合背景下供应链金融创新发展的重要命题。以2010-2024年中国A股上市公司为研究样本，实证检验了人工智能对供应链金融水平的影响效应及其传导机制。研究结果表明：人工智能显著提升了供应链金融水平，该结论在经过一系列稳健性检验后仍然成立。异质性分析发现，人工智能对供应链金融水平的提升效应具有非对称性，该效应在国有企业、管制性行业、低市场化区域作用有限，但在非国有企业、竞争性行业和高市场化区域更为显著。机制检验显示，人工智能具有信息透明效应、供应链效率提升效应与供应链协同创新效应，能够通过提高企业信息透明度、提升供应链运行效率、促进供应链协同创新三条渠道改善供应链金融水平。研究将供应链融资可得性的解释从金融机构服务能力拓展至企业技术应用能力，对供应链金融从供给侧主导转向供需协同发展具有实践启示。

Abstract:

As artificial intelligence technology accelerates its penetration into the real economy, how enterprises leverage AI to improve their financing conditions and overcome access constraints in supply chain finance has become a critical issue in the innovative development of supply chain finance under the backdrop of digital-real integration. Using Chinese A-share listed companies from 2010 to 2024 as the research sample, this study empirically examines the impact of AI on supply chain finance levels and its transmission mechanisms. The findings reveal that AI significantly enhances supply chain finance levels, a conclusion that remains valid after a series of robustness tests. Heterogeneity analysis further indicates that the effect of AI on improving supply chain finance levels is asymmetric, with limited impact in state-owned enterprises, regulated industries, and low-marketization regions, while being more pronounced in non-state-owned enterprises, competitive industries, and high-marketization regions. Mechanism tests demonstrate that AI possesses information transparency effects, supply chain efficiency improvement effects, and supply chain collaborative innovation effects, enabling it to enhance supply chain finance levels through three channels: increasing corporate information transparency, improving supply chain operational efficiency, and fostering supply chain collaborative innovation. This research extends the explanation of supply chain financing accessibility from the service capabilities of financial institutions to the technological application capabilities of enterprises, offering practical insights for shifting supply chain finance from supply-side dominance to a supply-demand collaborative development model.