摘要
以2008~2015年沪深A股上市企业为研究样本,构建现金—现金流敏感性拓展模型,对供应链金融缓解非产融企业和产融企业融资约束的作用机理与实际影响进行对比分析。研究发现,供应链金融能够有效缓解企业的融资约束,且与非产融企业相比,供应链金融对产融企业融资约束的缓解作用更显著。进一步研究发现,相对于产融结合程度低的企业来说,供应链金融对产融结合程度高的企业融资约束的缓解作用更明显。为更好地发挥供应链金融和产融结合的融资优势,应进一步创新供应链金融模式和技术以及适度提高产融结合程度。
Analyzing the influence of SCF on financial constraint in the industrial and finan- cial enterprises theoretically and empirically by constructing the model of cash -cash flow sensi- tivity with the data of A-Share Listed Companies from 2008 to 2015 ,the results show that SCF can ease the enterprises＇ financial constraint. SCF has a more significant effect on financial con- straint with the background of the combination of industry and Finance. Further research shows that the higher degree of the integration, the greater alleviating effect is on financial constraint of the industrial and financial enterprises from SCF. In order to give full play to the financing advan- tages of SCF and the industrial -financial combination, we should innovate the model and tech- nology of SCF, and improve the degree of the integration of industry and finance moderately.
作者
韩民
高戌煦
Han Min Gao Xuxu(College of Management and Economics,China University of Petroleum, Qingdao 266580 ,Chin)
出处
《金融经济学研究》
CSSCI
北大核心
2017年第4期59-69,共11页
Financial Economics Research
基金
中国石油大学(华东)自主创新科研项目(14CX04045B)
关键词
供应链金融
产融结合
融资约束
supply chain finance
the combination of industry and finance
financial constraint
