Vertical Collaborative Innovation in the Supply Chain：Evidence from Commercial Credit Financing
SUN Hui1, ZHANG Ren-shou2
1. College of Economics and Statistics, Guangzhou University, Guangzhou, Guangdong, 510006; 2. College of Management, Guangzhou University, Guangzhou, Guangdong, 510006
Abstract：With more complex competition and increasing shortage of available resources, it is a new trend to build vertical collaborative innovation alliances between upstream and downstream enterprises in the supply chain. More extensive coordination and effective integration of resources and capabilities is of great significance for the improvement of the competitiveness of enterprises and the whole supply chain. From the perspective of coordinated innovation of supply chains and on the basis of the data of commercial credit of China's non-financial listed companies from 2013 to 2018, this paper empirically discusses the impact of the technological innovation performance of downstream enterprises on the commercial credit of upstream suppliers. The findings show that in the coordinated innovation of supply chains, the technological innovation performance of enterprises helps them access commercial credit from suppliers. The technological innovation performance of enterprises conveys their corporate values and determines their position in the market, and the agglomeration of suppliers exerts more influence through the competition mechanism to promote downstream enterprises to get commercial credit. Specifically, the commercial credit provided by suppliers is much positively correlated with the innovation efficiency of the downstream innovation-oriented enterprises of the industrial chain. The participation of suppliers in enterprise innovation through commercial credit varies across regions with different supplier concentration. Enterprises with high innovation efficiency can obtain commercial credit more conveniently in regions where suppliers are concentrated.
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