摘要
中小企业是我国经济的重要构成部分,但普遍面临的融资约束问题成了其发展道路上的最大阻碍。政府多次出台政策法规扶持中小企业,规范发展供应链金融为其中之一。以现金-现金流敏感性模型为分析基础,基于2013-2019年中小企业板及创业板上市公司数据,探讨供应链金融对于当前我国中小企业融资约束问题的影响。结果表明供应链金融确实能对中小企业融资约束产生缓解作用,且对于国有企业融资约束问题的缓解作用比非国有企业更大。
SMEs are an important part of China's economy,but the financing constraints are the biggest obstacle to their development.The government has issued many policies and regulations to support SMEs,one of which is to standardize the development of supply chain finance.Based on the cash-cash flow sensitivity model and the data of listed companies on SME board and GEM board from 2013 to 2019,the paper discusses the impact of supply chain finance on financing constraints of SMEs in China.The results show that supply chain finance can alleviate the financing constraints of SMEs,and it can alleviate the financing constraints of state-owned enterprises more than non-state-owned enterprises.
作者
张兆芹
张少华
饶灿
ZHANG Zhaoqin;ZHANG Shaohua;RAO Can
出处
《商业经济》
2022年第2期89-91,113,共4页
Business & Economy
基金
国家自然科学基金专项项目:资本系族内部风险传染与资本结构动态调整(71940012)
广东省自然科学基金博士启动项目:公司资本结构影响股票风险溢价的传导机制和实证检验(2015A030310197)
广州市哲学社会科学规划羊城青年学人课题:广州民营企业融资中信用风险缓释工具的应用研究(2019GZQN31)。
关键词
融资约束
供应链金融
现金-现金流敏感性模型
financing constraint
supply chain finance
cash-cash flow sensitivity model
