供应链集中度、供应链金融与企业融资约束

Supply Chain Concentration,Supply Chain Finance and Corporate Financing Constraints

融资约束是企业发展面临的永恒主题,作为一种金融创新服务,供应链金融能否有效缓解企业融资约束问题越来越引起普遍关注。文章以2012-2019年沪深A股制造业上市公司为研究对象,实证检验供应链金融对企业融资约束的影响,并在此基础上进一步验证供应链集中度的调节效应。研究发现:基于研究样本,供应链金融能够有效缓解企业融资约束。相比于供应链集中度较低的公司,供应链金融对供应链集中度较高公司的融资约束缓解作用更加显著。而且无论是提高上游供应商集中度还是下游客户集中度,都有助于促进供应链金融对企业融资约束的缓解作用。

Financing constraint is an eternal theme faced by enterprises in the course of their development.As a kind of financial innovative service,whether the supply chain finance can effectively alleviate the financing constraint of enterprises has attracted more and more attention.This paper takes A-share listed manufacturing companies in China from 2012 to 2019 as samples to test the impact of supply chain finance on corporate financing constraints empirically,on which the moderating effect of supply chain concentration ratio is further tested.The results show that the supply chain finance can effectively alleviate the financing constraints of enterprises.Compared to the companies with a lower supply chain concentration,the supply chain finance has a more significant effect on the financing constraint alleviation to the companies with a higher supply chain concentration ratio.In addition,both of the increase of the supplier concentration or the customer concentration can help promote the easing effect of the supply chain finance on corporate financing constraints.