供应链金融能缓解中小企业投资不足吗?——基于融资约束的视角

Can Supply Chain Finance Alleviate the Insufficient Investment of SMEs from the Perspective of Financing Constraints?

选取2010-2018年深圳证券交易所创业板上市公司为研究样本,实证检验供应链金融对中小企业融资约束及投资不足的影响,并探究市场化程度和货币政策2类因素对供应链金融、融资约束及中小企业投资不足三者间关系的影响。研究发现,供应链金融对中小企业融资约束及投资不足问题具有改善的作用,融资约束在供应链金融与投资不足之间发挥了中介效应,并且这种中介作用在市场化程度比较高的地区及货币政策紧缩时更为显著。研究结论不仅可为相关管理部门制订针对中小企业的供应链金融政策提供理论依据,也有助于中小企业更好地运用供应链金融,缓解融资约束,提高投资效率,促进企业健康发展。

From the perspective of financing constraints,the listed companies on GEM of Shenzhen Stock Exchange from 2010 to 2018 are selected as samples to empirically test the impact of supply chain finance on the financing constraints and insufficient investment in small and medium-sized enterprises(SMEs),and the impact of the degree of marketization and monetary policy are explored on the relationship between supply chain finance,financing constraints,and insufficient investment in SMEs.It is found that:supply chain finance has an improved effect on the financing constraints and insufficient investment in SMEs;financing constraints play an intermediary role in the relationship between supply chain finance and insufficient investment,and this intermediary effect is more significant in high marketization regions and during monetary tightening.The research can not only provide theoretical basis for relevant management departments to formulate supply chain financial policies for SMEs,but also help SMEs to better use supply chain finance to alleviate financing constraints,improve investment efficiency,and promote the development of enterprises.