供应链金融对中小农业企业的融资约束缓解效应

Effect of Supply Chain Finance on Easing Financing Constraint of Small and Medium-sized Agricultural Enterprises

中小农业企业为促进我国农业产业化做出了巨大贡献。但由于农业天然弱质性且生产周期长,生产规模小、财务规范性差及抵押资产不足等原因导致中小农业企业具有较高的融资约束。农业供应链金融可以弥补中小农业企业的信用缺失,降低银企的信息不对称,从而缓解其面临的融资困境。在对中小农业企业融资约束的影响因素及缓解效应进行理论分析的基础上,以2012-2018年A股中小企业板和创业板中涉农中小企业数据为研究对象构建回归模型并实证分析。研究发现:中小农业企业融资约束受信息不对称程度和信用风险因素的影响,供应链金融能显著缓解中小农业企业的融资约束,并通过降低企业间信息不对称程度和信用风险来增强这种缓解效应。

Small and medium-sized agricultural enterprises have made great contributions to the promotion of agricultural industrialization in China.However,due to the weak nature of agriculture,long production cycle,small scale,poor financial regulation and insufficient mortgage assets,it has high financing constraints.Agricultural supply chain finance can make up for the lack of credit of small and medium-sized agricultural enterprises,reduce the information asymmetry between banks and enterprises,and thus alleviate their financing difficulties.On the basis of theoretical analysis of the influencing factors and mitigation effects of financing constraints on small and medium-sized agricultural enterprises,a regression model was constructed and empirical analysis was conducted with the data of small and medium-sized agricultural enterprises on a share SME board and GEM board from 2012 to 2018 as the research object.The results show that the financing constraints of small and medium-sized agricultural enterprises are affected by the degree of information asymmetry and credit risk factors.Supply chain finance can significantly alleviate the financing constraints of small and medium-sized agricultural enterprises,and enhance the mitigation effect by reducing the degree of information asymmetry and credit risk between enterprises.The conclusion can provide the basis for small and medium-sized agricultural enterprises,financial institutions and governments to make financial decisions.