智能供应链金融缓解中小企业融资约束检验

Testing on Intelligence Supply Chain Finance to Ease the Financing Constraints in SMEs

智能供应链金融出现,有望缓解中小企业融资约束,促进实体经济发展。本文以深圳中小板上市公司为研究对象,收集2015-2019年数据,建立现金-现金流敏感性模型,实证发现,中小企业存在较强的融资约束;通过在模型中加入智能供应链金融发展指数(ISCF)与现金流(CF)的交乘项,发现现金流(CF)对中小企业现金持有量变化(CASHs)的影响随着智能供应链金融发展指数(ISCF)的增加而降低,即智能供应链金融可以减缓中小企业的现金流敏感性,能有效缓解中小企业的融资约束。因此,本文从建立金融创新服务机制、强化中小企业信用管理、发挥核心企业的帮扶作用及推动金融科技创新等方面提出改进建议,助推智能供应链金融在中小企业融资中的应用,以改善中小企业的融资困境,更好地促进中小企业可持续发展。

The emergence of intelligence supply chain finance is expected to ease the financing constraints in SMEs and promote the development of the real economy.Based on the data from 2015-2019,taking the small and medium board listed companies as research objects,this paper establishes the model of the cash flow sensitivity of cash and empirically finds that there are severe financing constraints in SMEs.Adding the Intelligent Supply Chain Finance Development Index(ISCF)and Cash Flow(CF)in the model,the paper finds that the impact of Cash Flow(CF)changing the Cash Holdings(CASHs)in SMEs decreases with the increasing of the Intelligence Supply Chain Finance Development Index(ISCF).Intelligence supply chain finance can slow down the cash flow sensitivity of SMEs and alleviate the financing constraints of SMEs.Therefore,this paper puts forward suggestions including establishing financial innovation mechanism,strengthening the credit management of SMEs,playing the role of core enterprises and promoting Fintech innovation and so on to boost the development of intelligent supply chain finance in SMEs"financing,easing the financing difficulties and pushing the sustainable development in SMEs.