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| The Influence of Finance Oriented and Supply Chain Oriented Supply Chain Finance on Enterprise Performance |
| SONG Hua，HUANG Qianyuan，YANG Yudong |
| 1.Renmin University of China, Beijing, China; 2.China Center for Information Industry Development,Beijing, China; 3.China Supply Chain Strategic Management Research Center, Beijing, China |
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Abstract Taking the small and medium-sized board manufacturing enterprises from 2010 to 2016 as samples, this study uses fixed effect regression model to empirically analyze the impact of finance oriented and supply chain oriented supply chain finance on the performance of core enterprises, and uses the data from 2017 to 2019 to test the robustness. The results show that finance oriented supply chain financial activities can not reduce the risk of enterprises, and the impact on operational efficiency is inverted U-shaped. Supply chain oriented supply chain financial activities can significantly improve operational efficiency and reduce enterprise risk. Finance oriented supply chain finance can increase financial performance, while supply chain oriented supply chain financial activities and financial performance exist inverted U relationship.
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Received: 15 July 2020
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