供应链票据能有效改善末端中小企业融资弱势地位吗?  

Can Supply Chain Bills Strengthen the Financing Vulnerabilities of End-user SMEs?

作　　者：黄维 宋沂文 HUANG Wei;SONG Yiwen(Xinyuan Asset Management Co.,Ltd;Shanghai Pudong Development Bank)

机构地区：[1]鑫元基金 [2]浦发银行机构部

出　　处：《金融市场研究》2023年第3期13-28,共16页Financial Market Research

基　　金：国家社科基金项目“制造业服务化对我国价值链升级的指标测度、形成机理及效应分析研究”(19CJY025,2019.7—2022.12)。

摘　　要：供应链票据起源于应收账款,由于应收账款融资标准化程度低,流动性差,银行对账款控制力弱,使用场景有局限,核心企业占款欲强,加之企业信用参差不齐,导致市场接受度不高。近年随着应收账款票据化,中小企业似乎看到了曙光,供应链票据能否解决上述问题,值得商榷。从核心企业与金融机构两大视角剖析票据化跃升带来的变化可以发现,供应链票据在法律权属、支付属性、信用融资、流通变现、规范化属性等方面确实存在优势,但并非完美。研究发现,链条末端的中小企业仍无法摆脱弱势地位,若没有科学的市场机制,不但不能反哺中小企业,反而会加速“抽血”和“挤占”中小企业利益。Supply chain bills originate from accounts receivable. But market acceptance is limited due to the low level of standardization of accounts receivable financing as well as poor liquidity, weak control of bank reconciliation, limited usage scenarios, and uneven corporate credit. In recent years, small and medium-sized enterprises(SMEs) seem to have recognized the potential of securitizing accounts receivable, but whether supply chain bills can solve the existing problems is the subject of much debate. This article analyzes the changes brought about by an upturn in the use of bills from the perspective of core enterprises and financial institutions. It concludes that supply chain bills have advantages in legal ownership, payment attributes, credit financing, and other aspects. SMEs at the end of the supply chain still cannot evade their weak position, and if there is no scientific market mechanism, further pressures on small and medium-sized enterprises are likely.

关 键 词：商业信用评级 供应链金融 应收账款票据化 票据支付 

分 类 号：F274[经济管理—企业管理] F832[经济管理—国民经济] F275