P2P supply chain financing, R&D investment and companies' innovation efficiency

Abstract

PurposeThe purpose of this paper is to explore the impact of peer-to-peer (P2P) supply chain financing on companies' innovation efficiency.Design/methodology/approachThis study takes the core companies that invest in the P2P platform as the research background and uses data for Chinese companies and the systematic Generalised Method of Moments (the systematic GMM) to explore the relationship between the improvement of supply chain efficiency, research and development (R&D) investment, and innovation efficiency.FindingsThis study indicates that core enterprise investment in P2P can cause a significant improvement in the efficiency of the supply chain and that this improvement can significantly motivate enterprises to increase R&D investment. Although the improvement of supply chain efficiency has no significant effect on improving companies' innovation efficiency, it can have a positive impact on innovation efficiency through the regulating role of R&D investment.Research limitations/implicationsThis research shows several limitations such as single industry and few companies involved, but it analyses the impact of P2P supply chain financing on R&D investment, and companies' innovation efficiency and broadens the research field of P2P supply chain financing.Practical implicationsThis article provides a theoretical direction for listed companies to invest in P2P platforms and achieve supply chain management. The research on the regulating role of this article provides a new way of thinking for the study of enterprise innovation.Originality/valueThis paper analyses the impact of the core enterprise investment in P2P on R&D investment and its subsequent impact on the companies' innovation efficiency, thus broadening the research field of P2P supply chain financing.