区块链、供应链金融和制造业企业融资约束  

Block Chain,Supply Chain Finance and Manufacturing Enterprise Financing Constraints

作　　者：周书灵 王秋雨 ZHOU Shu-ling(Business School,Suzhou University,Suzhou 234000,China)

机构地区：[1]宿州学院商学院,宿州234000 [2]安徽理工大学经济与管理学院,淮南232001

出　　处：《长春工程学院学报(社会科学版)》2024年第4期32-39,共8页Journal of Changchun Institute of Technology(Social Sciences Edition)

基　　金：宿州学院科研平台公司治理与区域经济发展研究中心(项目编号:2021XJPT30);宿州学院研究生科研创新基金项目(项目编号:2023KYCX23)。

摘　　要：供应链金融的开展及其与区块链技术的融合,开辟了缓解企业融资约束新路径。基于2014—2022年A股制造业上市企业数据,实证分析我国制造业上市企业融资约束现状、供应链金融对企业融资约束的影响和区块链技术的调节效应。研究结果表明:制造业上市企业存在融资约束;供应链金融的开展缓解了企业融资约束;区块链技术对供应链金融缓解融资约束起正向调节作用。进一步研究发现,低市场势力企业和金融发展水平高的地区,区块链技术的正向调节作用具有更好的表现。基于以上结论提出相应对策建议,对优化我国制造业企业融资渠道,缓解融资约束具有重要的理论意义与实践价值。The development of supply chain finance and its integration with block chain technology have opened up a new path to alleviate corporate financing constraints.Based on the data of the listed enterprise of A-share manufacturing industry in 2014-2022,empirical analysis has been made to analyze the current situation of financing constraints,the impact of supply chain finance on corporate financing constraints,and regulating effects of block chain technology.The results of the study show that there are financing constraints in manufacturing companies;the development of supply chain finance alleviates corporate financing constraints;block chain technology plays a positive adjustment effect on supply chain finance to alleviate financing constraints.Further research has found that the positive adjustment effect of block chain technology has a better performance in regions with low market power enterprises and high levels of financial development.Based on the above conclusions,the corresponding countermeasures and suggestions are proposed,which have important theoretical significance and practical value for optimizing the financing channels of China’s manufacturing enterprises and alleviating financing constraints.

关 键 词：融资约束 供应链金融 区块链技术 现金—现金流敏感性模型 

分 类 号：F425[经济管理—产业经济] F274F832