供应链金融与中小企业融资约束——以制造行业中小上市公司为例  

Supply Chain Finance and Financing Constraint of SMEs—Evidence from Small and Medium-Sized Listed Manufacturing Companies

作　　者：李宝宝[1] 李婷婷[1] 耿成轩[1] 

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106

出　　处：《华东经济管理》2016年第11期174-179,共6页East China Economic Management

基　　金：国家社会科学基金项目(15BGL056);中央高校基本科研业务费专项资金项目(NR2015025)

摘　　要：文章从现金—现金流敏感性角度出发,以我国制造行业中小上市公司2008-2015年的数据为研究样本,并以金融发展水平为标准进行分组,验证现金—现金流敏感性以及供应链金融对融资约束的缓解作用。研究发现:制造行业中小企业具有融资约束现象,且供应链金融对其所受的融资约束具有缓解作用;而金融发展水平对供应链金融缓解企业融资约束起到正向调节作用。在此基础上提出政策性建议,以期为中小企业、政府等提供参考。From the perspective of cash-cash flow sensitivity,the paper uses the data of small and medium-sized listed manu-facturing companies from 2008 to 2015 as research samples,and groups them on the basis of financial development level tovalidate the cash-cash flow sensitivity as well as the easing effect of supply chain finance on financing constraint. The studyfinds that：Small and medium-sized listed manufacturing companies face financing constraints. Moreover supply chain finance has the easing effect on its financing constraints;And the level of financial development has a positive moderating effect on supply chain finance to ease corporate financing constraints. Accordingly,the paper also proposes policy suggestions inorder to provide a reference for SMEs,government and so on.

关 键 词：供应链金融 制造业中小企业 现金—现金流敏感性 

分 类 号：F275[经济管理—企业管理]