供应链关联与中小企业融资——基于供应链金融与商业信用视角

Supply Chain Association and SME Financing-From the Perspective of Supply Chain Finance and Trade Credit

利用改进的企业名称匹配方法,本文发现供应链关联可以通过增信效应和供应链金融改善中小企业融资。具体而言,受上市公司增信的应收账款将提高上游中小企业保理和票据贴现的能力,但所获得的部分资金将被上市公司通过商业信用的方式吸收。此外,当中小企业的市场力量更强时,将提供更少的商业信用并获得更多的融资,此时中小企业资金从总量和结构上都将得到优化。本文为引导供应链金融充分发挥“稳链固链”作用,提供了经验启示。

Using improved enterprise matching method,we find that becoming a listed companies'main counter parties can significantly improve the financing ability of SMEs(small and medium-sized enterprises)by credit enhancement effect and SFC(supply chain finance).The credit enhancement effect of accounts receivable will increase the factoring and bill discount of upstream SMEs,but the funds obtained will be absorbed by listed companies through commercial credit.The SMEs with strong market power will send less commercial credit and gain more bank financing,and the amount and structure of capital will be optimized.Our findings provide practical enlightenment to guide the development of supply chain finance.