中文摘要
本文研究供应链对金融冲击向企业创新传导的影响。利用2007—2017年意大利企业—银行匹配数据,我们发现企业参与供应链增强了创新活动对"双重金融危机"(全球金融危机与主权债务危机)所引发银行冲击的韧性。结果表明,在银行冲击期间,供应链通过提供贸易信贷促进了创新性中间投入品的采购,并有助于维持企业的联合研发努力。然而,估计结果显示,供应链所提供的支持并未延伸至激进的产品突破。
Abstract
We study the influence of supply chains on the transmission of financial shocks to firms’ innovation. Using matched Italian firm-bank data over the 2007–2017 period, we find that firms’ engagement in supply chains enhanced the resilience of innovation activities to the banking shock caused by the “twin financial crises” (Great Financial Crisis and sovereign debt crisis). The results suggest that, amid the banking shock, supply chains facilitated purchases of innovative intermediates through trade credit provision and helped to sustain firms’ joint research and development efforts. The estimates imply, however, that the support offered by supply chains did not extend to radical product advances.