供应链金融的融资约束缓解效应研究——基于中国创业板数据的实证分析

On Mitigating Effect of Financing Constraint in Supply Chain Finance——An Empirical Analysis Based on the China GEM Data

针对中小企业融资难的现实,本文从信号传递机制及共生理论视角,提出供应链上合作关系的稳定性以及核心企业信用扩散对供应链金融模式下中小企业融资绩效调节机理的构念模型及相关假设,并运用2011年-2017年我国创业板上市企业的面板数据进行了实证研究。结果显示:企业的现金持有量会随其经营性现金流正向变动,这表明企业面临着一定的融资约束;而在加入供应链金融发展水平变量后,企业的现金持有量变动受经营性现金流的影响减弱,这表明融资难度有所降低。进一步地,本文引入供应链上合作关系的稳定性以及核心企业的信用扩散影响两个调节变量,分别在原有模型中加入交互项进行了总体回归和分组检验,研究发现供应链金融模式对于供应链上合作关系趋于稳定的企业以及受核心企业信用扩散影响的企业具有更显著的融资约束缓解效应。

In view of the difficulty of financing for SMEs, this paper puts forward a conceptual model and relevant hypothesis of the stability of cooperative relationship in supply chain and the positive impact of credit diffusion of core enterprises on the financing performance of SMEs under the supply chain financial model from the perspective of signaling mechanism and industrial symbiosis theory, empirical research is carried out by using the panel data of GEM listed companies from the year 2011 to 2017. The results show that the cash holdings of enterprises will change positively with their operating cash flows, which indicates that enterprises can’t obtain sufficient funds from outside and face a certain degree of financing constraints. After adding the variable of supply chain financial development level, the cash holdings of enterprises will be weakened by their operating cash flows, indicating that the degree of financing difficulties will be reduced. Based on this, this paper introduces the stability of cooperation relationship in the supply chain and the credit impact of core enterprises as two adjusting variables. The interaction item is added into the original model to make overall regression, and then tested by grouping. It is found that the supply chain financial model can be applied to enterprises whose cooperation relationship tends to be stable in supply chain and enterprises whose credit is diffused by core enterprises. It has a more significant mitigation effect of financing constraints, which makes the hypothesis of this paper verified.