| 摘要: |
| 摘要：在全球地缘政治冲突加剧和国际“逆全球化”浪潮背景下，实体企业的风险呈现显性化和复杂化特征。基于2010－2023年上市公司数据研究发现：供应链金融对企业综合风险以缓释效应为主，能显著缓解财务风险与经营风险，但面临系统性风险时因供应链传导特征易导致风险积聚；其通过驱动创新效率提升及抑制供应链“长鞭效应”降低综合风险，经检验无反向因果问题；管理层境遇影响风险缓释效应，既受制于管理层权力和供应链透明度，又受到业绩考核与股权激励双重压力诱发风险非常态扭曲。因此，金融工具运用中需关注管理层权力运行与监督，警惕“激励工具风险化”现象。 |
| 关键词: 关键词：供应链金融；企业综合风险；系统性风险；供应链长鞭效应；管理层境遇 |
| DOI： |
| 分类号:F832；F274；F272.3 |
| 基金项目:基金项目：国家自然科学基金青年项目“主动式证劵科技监管的治理效应研究”（72402152）；云南省哲学社会科学规划智库项目“数字技术赋能云南高原特色现代农业绿色发展的路径和对策”(ZK2024YB14)；科技人才与平台计划（院士专家工作站）“云南省朱庆华专家工作站”（202305AF150028）。 |
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| The Integrated Risk Mitigation Effect of Supply Chain Finance：A Study Based on Efficiency Transmission and Managerial Context |
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YI Shuai-hang1,3，LI Qin-qin1，LI Fu-chang1,3，SHI Jia-ying21,2,3
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1.（1.School of Economics，Yunnan Normal University;2.School of Management，Yunnan Normal University;3.Key Laboratory of Digital Finance Development and Management，Department of Education of Yunnan Province）
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| Abstract: |
| Abstract：Against the backdrop of escalating global geopolitical conflicts and the international wave of “deglobalization”，risks faced by physical enterprises exhibit increasingly evident and complex characteristics.Based on an empirical study using listed company data from 2010 to 2023，this research finds that：Supply chain finance (SCF) primarily exerts a mitigating effect on enterprises’ comprehensive risk，significantly alleviating financial and operational risks.However，when confronted with systemic risks，SCF characteristics can lead to risk accumulation.SCF reduces comprehensive risk by driving innovation efficiency and suppressing the bullwhip effect within the supply chain；causality tests confirmed no reverse causality issue.The risk-mitigating effect is influenced by management circumstances，constrained by both managerial power and supply chain transparency，while also being subject to dual pressures from performance evaluation and equity incentives，which can induce abnormal distortions in risk profiles.Consequently，the application of financial instruments necessitates close attention to the exercise and oversight of managerial power and vigilance against the phenomenon of “incentivization-induced risks”. |
| Key words: Key words：Supply Chain Finance；Enterprise Comprehensive Risk；Systemic Risk；Bullwhip Effect in Supply Chain；Management Situation |
