供应链金融缓解四川省中小企业融资约束的实证研究  

An Empirical Study on Supply Chain Finance to Alleviate the Financing Constraint of SMEs in Sichuan Province

作　　者：王智灵 周蔷 Wang Zhiling;Zhou Qiang(Sichuan University of Arts and Science,Dazhou,Sichuan 635000)

机构地区：[1]四川文理学院,四川达州635000

出　　处：《中国商论》2024年第18期114-118,共5页China Journal of Commerce

基　　金：国家社会科学基金项目“供应链中断对企业的影响及应对研究”(23BJY229);四川省金融学会重点课题“供应链金融对四川省中小企业融资约束的影响研究”(SCJR2023117)研究成果。

摘　　要：中小企业是四川省最具活力的经济增长点,但由于资金短缺和融资成本高等问题,发展受到严重制约;作为一种新兴的金融模式,供应链金融能够为中小企业提供多元化的融资途径。本文基于2015—2022年四川省上市的中小企业数据,实证分析供应链金融如何缓解中小企业融资约束。结果表明:供应链金融能够有效降低中小企业对现金流的敏感性,缓解融资约束。供应链金融模式能在企业经营现金流与现金及现金等价物的持有量之间产生中介效应,能降低银企间的信息不对称和交易成本,核心企业通过帮助中小企业增信来促进其融资。基于此,本文从政府、金融机构和企业三个方面提出相应的建议,以期促进中小企业更好地融入供应链体系,实现四川省中小企业高质量发展。Small and medium-sized enterprises(SMEs)are the most dynamic growth points in Sichuan Province,but they face serious constraints on development due to shortage of funds and highfinancing costs.Supply chainfinance,as a newfinancial model,can provide diversifiedfinancing channels for SMEs.This paper empirically analyzed how supply chainfinance relieves thefinancing constraints based on data from listed SMEs in Sichuan Province from 2015 to 2022.The results showed that supply chainfinance can effectively reduce the sensitivity of small enterprises to cashflow,thereby alleviating financing constraints.Adopting a financing model under supply chain finance can produce an intermediary effect between the operating cashflow of enterprises and the holding amount of cash and cash equivalents,which can reduce the information asymmetry and transaction costs between banks and enterprises.Moreover,core enterprises help SMEs enhance their credibility to promote theirfinancing.Finally,based on the researchfindings,suggestions were put forward from three aspects:government,financial institutions,and enterprises to help SMEs better integrate into the supply chain system and achieve high-quality development of SMEs in Sichuan Province.

关 键 词：供应链金融 中小企业 融资约束 中介效应 现金流敏感性 

分 类 号：F276.3[经济管理—企业管理] F833[经济管理—国民经济]