现金流敏感模型下供应链金融对中小企业融资的影响研究

Research on the Influence of Supply Chain Finance on the Financing of Small and Medium-sized Enterprises under Cash Flow Sensitivity Model

近年来,供应链金融作为一种新型金融模式已引起相关行业的广泛关注,并得以应用。供应链金融能够为链上企业提供优质金融服务,给中小企业融资提供一个新路径。基于中小企业的融资现状及问题分析,将我国深市主板A股612家上市的中小企业作为研究对象,整理其2015-2020年的财务数据,通过构建现金-现金流敏感性模型进行实证研究,探讨上市的中小企业是否存在融资约束问题,以及供应链金融是否对中小企业融资约束具有缓释作用,最后提出完善供应链金融以促进中小企业融资的策略。

In recent years,as a new financial model,supply chain finance has drawn widespread attention from the relevant industries and has been applied,which not only provides quality financial services for enterprises in the supply chain but also offers a new path to SME financing.Based on the analysis of the current financing situation and problems of SME,taking A-share 612 small and medium-sized enterprises listing on the main board of Shenzhen stock market as the research object,collating the financial data from 2015 to 2020 and constructing a cash-cash flow sensitivity model,this paper conducts an empirical study to explore the financing constraints on listed SME and whether supply chain finance can alleviate the financing constraints,finally,the paper puts forward the strategies of improving supply chain finance to promote SME financing.