供应链金融对中小企业融资约束的缓解效应  

Alleviation Effect of Supply Chain Finance,Capital structure and Equity structure on Financing constraints

作　　者：燕东泰 周宝刚[1] Yan Dongtai;Zhou Baogang(School of Management,Bohai University,Jinzhou Liaoning 121007)

机构地区：[1]渤海大学管理学院,辽宁锦州121007

出　　处：《北方经贸》2024年第3期96-103,共8页Northern Economy and Trade

基　　金：国家自然科学基金资助项目(71401015)。

摘　　要：中小企业融资困难目前已成为政府、企业和学术界普遍关注的热点问题,供应链金融作为一种新兴的产融结合工具能够解决中小企业融资难题。本文以2012-2020年我国深交所创业板上市企业为研究对象,实证分析供应链金融对中小企业融资约束的作用机理。研究结果表明:供应链金融能够显著缓解中小企业融资约束。进一步研究发现,供应链金融能够降低企业权益融资成本和债务融资成本,优化企业自身资本结构,吸引更多的投融资;股权结构在供应链金融缓解中小企业融资约束之间调节效应显著,高股权集中度能够正向强化供应链金融对中小企业融资约束的缓解效应。透视供应链金融对融资约束的作用机理,以期为供应链金融领域的相关研究提供更全面的理论支持与经验证据。The financing difficulties of small and medium-sized enterprises have become a hot issue that enterprises,governments and academia generally pay attention to.Supply chain finance,as an emerging tool combining industry and finance,can solve the financing difficulties of SMEs.This paper takes the enterprises listed on GEM of Shenzhen Stock Exchange from 2012 to 2020 as the research object and empirically analyzes the mechanism of supply chain finance on financing constraints of SMEs.The results show that supply chain finance can significantly alleviate the financing constraints of SMEs.Further research shows that supply chain finance can reduce the cost of equity financing and debt financing of enterprises,so as to promote the optimization of their own capital structure and attract more investment and financing.Equity structure has a significant moderating effect on supply chain finance to ease SMEs’financing constraints.High equity concentration can positively strengthen the easing effect of supply chain finance on SMEs’financing constraints.This paper enriches the relevant research in the field of supply chain finance and provides more comprehensive theoretical support and empirical evidence for supply chain finance to ease the financing constraints of SMEs.

关 键 词：供应链金融 资本结构 股权结构 融资约束 

分 类 号：F832[经济管理—金融学]