供应链金融对中小企业全要素生产率的影响研究

Research on the Impact of Supply Chain Finance on Total Factor Productivity of SMEs

供应链金融的开展是服务国家大局、满足市场需求的必然之举。尤其对于我国中小企业来说供应链金融更是实现自身高速发展的“借力点”。文章为研究供应链金融对中小企业的全要素生产率的影响,以2014—2021年在中小板和创业板上市的企业作为研究主体,中小企业的融资约束为中介变量,区块链技术的使用为调节变量进行实证分析。研究结果表明,供应链金融的使用可以显著提高中小企业全要素生产率,融资约束在其中承担中介角色,区块链技术的使用赋能供应链金融正向作用于中小企业的全要素生产率。

The development of supply chain finance is an inevitable move to serve the overall situation of the country and meet the market demand.Especially for China's small and medium-sized enterprises,supply chain finance is the"borrowing point"to achieve their rapid development.In order to study the impact of supply chain finance on the total factor productivity of small and medium-sized enterprises,this paper takes the enterprises listed on the small and medium-sized board and the GEM from 2014 to 2021 as the research subject,the financing constraints of small and medium-sized enterprises as the mediating variable,and the use of blockchain technology as the moderating variable for empirical analysis.The results show that the use of supply chain finance can significantly improve the total factor productivity of SMEs,and financing constraints play an intermediary role.The use of blockchain technology enables supply chain finance to positively affect the total factor productivity of SMEs.