供应链合作关系对中小企业营运资本的影响研究——基于供应链融资的视角

Study on the Influence of Supply Chain Partnership on SMEs' Working Capital——from the Perspective of Supply Chain Finance

本文基于供应链融资的视角,探索供应链合作关系水平对中小企业营运资本的影响机理并提出相关假设。通过对西安市装备制造和生物医药行业供应链中企业的调研,收集196个有效样本,建立结构方程模型对假设进行实证检验,得到以下结论:通过提高供应链融资方案的使用频率,中小企业与供应链主导企业之间的信任、沟通、合作交流范围、投入资源、互惠性能够对中小企业营运资本产生显著影响。因此,中小企业加强与供应链主导企业的合作关系,可以提高企业供应链融资频率,也有益于加快资金周转速度,改善企业的营运资本绩效。

Since the 1990s, pressure is certainly increasing on many supply chains, especially in wholesale/re tail, automotive, hightech, and telecoms, to name a handful. Over the last decade, huge efforts have been made to improve the efficiency and effectiveness of supply chains, and logistic management has been refined. But after the fi nancial crisis, the current global economic downturn is putting increasing pressure on those supply chains. Hence lo gistic management and information flows management cannot have satisfied the requirements of enterprises. When customer demand falls, large companies at the end of supply chain tend to look to their suppliers to share the burden of that downturn. However, now that the supply chain has been subject to such finetuning since 1990s, supplier margins have been so pared and payment terms so extended that virtually no room for maneuver is left. As a solution to this situation Supply Chain Finance is generating much enthusiasm amongst books and their corporate customers as a means of substituting for lower credit availability. SCF structures allow large corporations＇ suppliers to use their debtors to finance their receivables at favorable rates based on the stable supply chain cooperation relationship. Therefore, the cooperation relationship between up stream and downstream small and mediumsized enterprises and their dominant copartners may have considerable influence on SMEs＇ working capital. However, theoretical and empirical research on this subject is still scarce in the domestic. Therefore, a theoretical research on the influence of enterprise relationship on SMEs＇ working capital has been conducted in this paper from the perspective of SCF, and several relevant hypotheses have been proposed. An empir ical test based on the method of SEM has been carried out with the 196 valid sample points in this paper. The fre quency of SMEs using SCF solution has been taken as an intermediary variable in this article, in order to testify the direct impacts and indirect impacts of supply chain partnership between large corporations and their small and medi umsized enterprises suppliers on SMEs＇ working capital. In the first part, six hypotheses have been proposed that the level of trust, communication, the range of coopera tion, the scale of resources inputs, the extent of reciprocal between SMEs and their dominant cooperators has a sig nificant positive impact on supply chain financing frequency, and supply chain financing frequency of SMEs has a significant positive impact on their working capital status. In the second part, a description on measured variables has been made and investigation questionnaires have been designed based on the previous research. These questionnaires for Xi＇an large companies in equipment manu facturing and biological medicine industry are distributed mainly by economic zone administration committees and the development and reform commissions of each district and county, by means of written form and Email. In the third part, an empirical test has been conducted in this paper. By establishing a structural equation mod el, those hypotheses are testified. And several conclusions are achieved as follows. Firstly, the range of cooperation and the scale of resources inputs between SMEs and their leading companies has a direct positive effect on the SMEs＇ working capital status, but has no effect on the immediate variable SMEs＇ SCF frequency. Secondly, the level of trust and the extent of reciprocal, between SMEs and their dominant cooperators, have an indirect impact on SMEs＇ working capital, without direct impacts. Thirdly, the communication horizontal between SMEs and their domi nant cooperators has both direct and indirect influence on SMEs＇ working capital status. In conclusion, the supply chain partnership between leading companies and their SMEs suppliers has signifi cant influence on SMEs＇ working capital status. And the influence solutions. Hence, strengthening the cooperation with supply chain leading function can be intensified by SCF enterprises, increasing the frequency of supply chain financing, is an effective way to improve SMEs＇ working capital status and speed up the capital turn over rate.