供应链金融:金融科技赋能路径探究

Research on the Path of FinTech Enabling Supply Chain Finance

实体产业链与金融供给端在融合过程中一直摩擦不断,严重阻碍金融服务为实体经济进一步纾困解忧,金融科技的发展为缓解这一融资“痛点”打开了新格局。本文从跨企业关系角度对供应链金融中129组“融资需求方(中小企业)—信用担保方(核心企业)—资金提供方(商业银行)”脉络关系进行梳理,运用模糊集定性比较分析(fsQCA)考察了三大融资主体对提升供应链融资的组态效应及其多重路径。研究发现:单一方融资参与者金融科技对供应链融资的作用有限,需三大融资主体秉持“一荣俱荣、一损俱损”理念,共同激发金融科技联动效应——供应链融资高水平情境唯一组态为核心企业和商业银行共驱型,而低水平情境呈现非中小企业引领型、核心企业主导型与商业银行主导型三种组态。进一步研究发现,就提升供应链融资体量而言,组态特征为商业银行主导型;就缩短供应链融资周期而言,组态特征为三方低态协同型;就降低供应链融资成本而言,组态特征为三方协同型。

In the process of integration,the real industrial chain and the financial supply side have been constantly friction,which seriously hinders financial services from further relief for the real economy.The development of fintech has opened up a new pattern for alleviating this“pain point”of financing.This paper from the perspective of cross-enterprise relationship to 129 groups of supply chain finance“financing demand party(small and medium-sized enterprises)-credit guarantor(core enterprise)-capital provider(commercial bank)of the”context relationship,using fuzzy set qualitative comparative analysis(fsQCA)examines the three major financing subject to improve the configuration effect of supply chain financing and its multiple path mode.Research found:a single financing participants financial technology of supply chain financing is limited,need three financing main body uphold“a glory,a damage”concept,jointly stimulate financial technology linkage effect,supply chain financing high level situation only configuration for the core enterprises and commercial Banks,and low level situation leading the small and medium-sized enterprises,core enterprise dominant and commercial Banks leading three kinds of configuration.Further research shows that the configuration characteristics of commercial banks for improving supply chain financing volume,the shortened supply chain financing cycle,and the configuration characteristics of reducing supply chain financing cost.