线上供应链金融缓解中小企业融资约束研究——基于中小上市公司的实证分析

Role of Online Supply Chain Finance in Alleviating SMEs'Financing Constraints——Empirical Analysis Based on Listed Companies

利用现金现金流模型,以Wind数据库中小企业2008—2017年财务数据作为样本,依据企业所有制进行分组,对线上供应链金融缓解中小企业融资约束的作用进行实证分析。研究表明:融资约束现象普遍存在于中小企业之中,而非国有企业面临的融资约束更为严重;供应链金融能一定程度上缓解融资约束,而线上供应链金融能更有效地缓解中小企业面临的融资约束,且二者对非国有企业融资约束的缓解效果好于对国有企业的效果。

Using the cash-cash flow model and taking the financial data of SMEs(small and medium enterprises)from the year of 2008 to 2017 in the Wind Database as a sample,the role of online supply chain finance in alleviating financing constraints of SMEs is empirically analyzed based on the enterprise ownership system.The results show that financing constraints are common among SMEs,while non-state-owned enterprises face more serious financing constraints;supply chain finance can alleviate financing constraints to a certain extent,while online supply chain finance is more effective to SMEs.Financing constraints can be alleviated better in non-state-owned enterprises than in state-owned enterprises.