信息不对称下中小企业如何获得融资绩效——基于供应链金融的实证分析  

How Can SMEs Obtain Financing Performance under the Background of Information Asymmetry

作　　者：宋华 杨璇[1] 喻开 SONG Hua;YANG Xuan;YU Kai(Renmin University of China,Beijing100872,China)

机构地区：[1]中国人民大学商学院,北京市100872

出　　处：《中国流通经济》2017年第9期89-99,共11页China Business and Market

基　　金：国家自然科学基金项目"产业供应链服务化条件下的服务外包决策与风险管理"(71272155);国家自然科学基金重点项目"中国转型经济背景下企业创业机会与资源开发行为研究"(71232011)

摘　　要：信息不对称是造成中小企业融资困难的主要原因,中小企业应该主动向融资提供者传递能力信号,使自身与其他不符合条件的融资者区分开,以便获得必要的融资绩效。与此同时,供应链金融为中小企业进行信号传递提供了有利的环境,即供应链网络将影响信号传递的有效性。构建中小企业供应链能力、信息不对称与融资绩效之间的理论模型,将网络嵌入性作为调节变量,对150家中小企业供应链金融活动的实证研究发现,分销运营能力和需求管理能力对融资绩效有显著的正向影响,并且信息不对称在供应链能力和融资绩效之间发挥着不完全的中介作用,同时关系嵌入性和结构嵌入性正向调节供应链能力对融资绩效的作用,这对银行和中小企业的供应链金融实践都具有一定参考价值。Information asymmetry is the main cause of small and medium-sized enterprises’(SMEs)financing difficulties.SMEs should initiatively transmit signals to finance institutes to make themselves outstand other unqualified firms and obtain necessary financing performance.At the same time,supply chain finance provides a favorable environment for SMEs’signal transmission,and supply chain network will affect the effectiveness of signal transmission.The authors construct a theoretical model of SMEs’supply chain capability,information asymmetry and financing performance,and make the network embeddedness as a moderator.After an empirical study of150supply chain SMEs,it is found that physical distribution capability and demand management ability both have significant positive influences on financing performance,and information asymmetry partially acts as a mediator.Relational embeddedness and structural embeddedness positively moderate the relationship between supply chain capability and financing performance.This result will have a reference value both for the banks and SMEs that are involved in supply chain finance practice.

关 键 词：供应链金融 供应链能力 信息不对称 关系嵌入性 结构嵌入性 

分 类 号：F275.1[经济管理—企业管理]