供应链金融发展与中小企业融资——基于制造业中小上市公司的实证分析  

The Supply Chain Finance and the SME Financing——An Empirical Study Based on Small and Medium-Sized Listed Manufacturing Companies

作　　者：刘可[1] 缪宏伟[1] 

机构地区：[1]暨南大学金融系

出　　处：《金融论坛》2013年第1期36-44,共9页Finance Forum

摘　　要：本文从投资—现金流敏感性的角度出发，利用我国制造业中小上市公司2001～2011年的数据，对投资—现金流敏感性进行验证，发现中小企业存在较为明显的融资约束，随着供应链金融的发展其所面临的融资约束得到一定程度地缓解。因此，政府应积极为供应链金融发展搭建政策平台，扮演好服务者的角色；金融机构应将供应链金融作为对中小企业融资渠道的业务创新、提升自身核心竞争力和盈利能力的重要手段；第三方物流企业应加强与企业深度合作提升增值服务价值，在为中小企业系统解决物流综合问题的同时也为企业提供融资服务。From the perspective of investment-cash flow sensitivity, this paper uses the data of small and medium-sized listed manufacturing companies during 2001-2011 to validate the investment-cash flow sensitivity. It is found that SMEs face significant financing constraints and the constraints decrease to some extent with the development of supply chain finance. Therefore, the paper suggests that the government should actively build a policy platform for the development of supply chain finance and play a role of attendant; financial institutions should view the business of supply chain finance as a business innovation of financing channels for SMEs and an important way to enhance their own core competitiveness and profitability; the third-party logistics enterprises should strengthen the deep cooperation with other enterprises to enhance the value of value-added service and provides financing service for the SMEs while solving the comprehensive logistics problem systematicly.

关 键 词：供应链金融 投资—现金流敏感性 融资约束 制造业中小企业 

分 类 号：F276.3[经济管理—企业管理] F832.51[经济管理—国民经济] F224F406