供应链金融对中小型畜牧企业融资约束的缓解效应研究  

Study on the mitigating effects of supply chain finance on financing constraints of small and medium-sized livestock enterprises

作　　者：孙宇 辛立秋[1] SUN Yu;XIN Liqiu(College of Economics and Management,Northeast Agricultural University,Harbin 150030,China)

机构地区：[1]东北农业大学经济管理学院,哈尔滨150030

出　　处：《黑龙江畜牧兽医》2023年第4期7-15,20,共10页Heilongjiang Animal Science And veterinary Medicine

基　　金：黑龙江省哲学社会科学项目“黑龙江省财政金融协同巩固拓展脱贫攻坚成果的路径研究”(22JYH077)。

摘　　要：为充分发挥供应链金融在畜牧业经济领域中的作用,有效缓解中小型畜牧企业的融资约束,本研究基于Wind数据库,选取42个2014—2020年上市的中小型畜牧企业的面板数据,采用现金-现金流敏感性模型分析供应链金融对中小型畜牧企业融资约束的缓解效应。结果表明:中小型畜牧企业存在较强的现金-现金流敏感性,普遍存在融资约束;企业盈利能力、企业资本结构、企业资本支出和企业非现金营运资本均对企业的现金持有行为存在一定影响;供应链金融的发展能够降低企业的现金-现金流敏感性,缓解中小型畜牧企业的融资约束;供应链金融在1%水平下对中小型畜牧企业的外源融资成本具有显著负向影响,企业外源融资成本在1%水平下对中小型畜牧企业融资约束具有显著正向影响,企业外源融资成本在供应链金融缓解中小型畜牧企业融资约束中起到部分中介作用。鉴于此,笔者从政府、企业、金融机构三个层面出发,提出以下对策建议:加强政策引导,完善市场竞争体系;强化信用体系建设,提升企业经营管理水平;加大信贷支持力度,创新金融产品与服务。In order to give full play to the role of supply chain finance in the field of livestock economy and effectively alleviate the financing constraints of small and medium-sized livestock enterprises,based on the Wind database,this study selected the panel data of 42 small and medium-sized livestock enterprises listed from 2014 to 2020.The cash-cash flow sensitivity model was used to analyze the mitigation effect of supply chain finance on the financing constraints of small and medium-sized livestock enterprises.The results showed that small and medium-sized livestock enterprises had strong cash-cash flow sensitivity and financing constraints.Profitability of enterprises,capital structure of enterprises,capital expenditure of enterprises and non-cash working capital of enterprises all had certain influence on the cash holding behavior of enterprises.The development of supply chain finance could reduce the cash-cash flow sensitivity of enterprises and alleviated the financing constraints of small and medium-sized livestock enterprises.At the 1%level,supply chain finance had a significant negative impact on the external financing costs of small and medium-sized livestock enterprises,and at the 1%level,external financing costs of enterprises had a significant positive impact on the financing constraints of small and medium-sized livestock enterprises.External financing costs played a partial intermediary role in supply chain finance to alleviate the financing constraints of small and medium-sized livestock enterprises.In view of this,the author put forward the following countermeasures and suggestions from the three levels of government,enterprises and financial institutions:strengthen policy guidance and improve the market competition system;strengthen the construction of credit system and improve the level of enterprise management,and increase credit support and innovate financial products and services.

关 键 词：供应链金融 中小型畜牧企业 融资约束 缓解效应 现金-现金流敏感性 

分 类 号：F832[经济管理—金融学] S8-9[农业科学—畜牧兽医]