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Mathematical Biosciences and Engineering

2023, Volume 20, Issue 9: 16421-16446. doi: 10.3934/mbe.2023733
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Does supply chain finance business model innovation improve capital allocation efficiency? Evidence from the cost of capital

  • Department of Accounting, Capital University of Economics and Business, Beijing 100071, China
  • Received: 05 June 2023 Revised: 06 August 2023 Accepted: 10 August 2023 Published: 15 August 2023

  • Based on the sample of China's A-share listed companies from 2008 to 2021 and the text analysis data of supply chain finance, this study examines whether the supply chain finance business model innovation can improve the efficiency of capital allocation. Results showed that: 1) Firms with a supply chain finance business model have a low cost of capital, particularly the cost of equity capital; 2) The supply chain finance business model reduces the cost of capital in firms with low strategic commitment and a high degree of information asymmetry; 3) The supply chain finance business model innovation can reduce the cost of capital when the degree of competition in the external product market is low and the internal enterprise scale is large. The above findings can greatly inform the optimization of equity finance market supply, the promotion of innovation, and the provision of investment and financing and business decisions that are consistent with sustainable development goals.

    Citation: Ping Wang, Rui Chen, Qiqing Huang. Does supply chain finance business model innovation improve capital allocation efficiency? Evidence from the cost of capital[J]. Mathematical Biosciences and Engineering, 2023, 20(9): 16421-16446. doi: 10.3934/mbe.2023733

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  • Based on the sample of China's A-share listed companies from 2008 to 2021 and the text analysis data of supply chain finance, this study examines whether the supply chain finance business model innovation can improve the efficiency of capital allocation. Results showed that: 1) Firms with a supply chain finance business model have a low cost of capital, particularly the cost of equity capital; 2) The supply chain finance business model reduces the cost of capital in firms with low strategic commitment and a high degree of information asymmetry; 3) The supply chain finance business model innovation can reduce the cost of capital when the degree of competition in the external product market is low and the internal enterprise scale is large. The above findings can greatly inform the optimization of equity finance market supply, the promotion of innovation, and the provision of investment and financing and business decisions that are consistent with sustainable development goals.




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