金融科技、供应链金融与企业融资约束——基于中小板上市公司的经验证据

Financial Technology,Supply Chain Finance and Corporate Financing Constraints:Evidence from SMEs Listed on ChiNext

本文基于2012—2021年深交所中小板企业数据,利用现金—现金流敏感性模型验证得出中小企业普遍面临融资约束。在此基础上建立OLS模型,验证供应链金融对企业融资约束的缓解效应,并发现金融科技的发展能够调节供应链金融对企业融资约束的缓解作用。此外,对中小企业按照信息披露程度进行分组回归的结果说明,供应链金融对信息披露度高的企业融资约束缓解效果更显著。对此,政府方面应采取相关措施,如鼓励金融机构为中小企业提供贷款优惠;推行企业试点政策,扶持金融科技以及供应链金融在行业中的发展;中小企业方面也需结合自身经营情况,制定合理的金融科技应用策略,并提高信息披露程度,最大程度发挥供应链金融的作用。

Based on the data of SMEs listed on Shenzhen ChiNext from 2012 to 2021,this paper verifies the widespread financing constraints faced by SMEs using cash-sensitivity model.On this basis,OLS model is established to verify the alleviating effect of supply chain finance on corporate financing constraints,and it is found that the development of financial technology can regulate the alleviating effect of supply chain finance on corporate financing constraints.In addition,the results of grouped regression for SMEs by information disclosure level indicate that supply chain finance has a more significant alleviating effect on financing constraints for enterprises with higher information disclosure level.In this regard,government should take relevant measures,such as encouraging financial institutions to provide preferential loans for SMEs,implementing pilot policies for enterprises,and supporting the development of financial technology and supply chain finance in the industry.SMEs also need to formulate reasonable financial technology application strategies according to their own operations,and improve information disclosure level to maximize the role of supply chain finance.