产权性质视角下供应链金融对融资约束缓解效应研究

Research on the Mitigation Effect of Supply Chain Finance on Financing Constraints from the Perspective of Property Rights

我国中小企业在发展过程中始终面临着融资约束的难题,而供应链金融正是为破解这一困境所提出的融资模式创新。本文选取2013~2018年我国中小板上市公司为样本,通过构建现金—现金流敏感性模型,结合中小企业产权性质探究供应链金融对融资约束的缓解效用。实证研究结果表明,供应链金融对于我国中小企业融资约束起到了一定程度的缓解作用,且对于国有企业其作用更为明显。文章根据实证结果,从中小企业、政府部门及金融机构三方面提出了相应的对策建议。

China's small and medium-sized enterprises are always facing the problem of financing constraints in the development process,and supply chain finance is the financing model innovation proposed to solve this dilemma.This paper selects my country's small and medium board listed companies from 2013 to 2018 as a sample,and explores the mitigation effect of supply chain finance on financing constraints by constructing a cash-cash flow sensitivity model and combining the property rights of small and medium-sized enterprises.The empirical research results show that supply chain finance has played a certain role in alleviating the financing constraints of my country's small and medium-sized enterprises,and its role is more obvious for state-owned enterprises.Based on the empirical results,the article proposes corresponding countermeasures and suggestions from three aspects:small and medium-sized enterprises,government departments and financial institutions.