供应链金融对企业融资约束的缓解作用——产融企业与非产融企业的对比分析

发布时间：2018-03-13 03:16

  本文选题：供应链金融　切入点：产融结合　出处：《金融经济学研究》2017年04期 　论文类型：期刊论文

【摘要】：以2008~2015年沪深A股上市企业为研究样本,构建现金—现金流敏感性拓展模型,对供应链金融缓解非产融企业和产融企业融资约束的作用机理与实际影响进行对比分析。研究发现,供应链金融能够有效缓解企业的融资约束,且与非产融企业相比,供应链金融对产融企业融资约束的缓解作用更显著。进一步研究发现,相对于产融结合程度低的企业来说,供应链金融对产融结合程度高的企业融资约束的缓解作用更明显。为更好地发挥供应链金融和产融结合的融资优势,应进一步创新供应链金融模式和技术以及适度提高产融结合程度。
[Abstract]:Based on the Shanghai and Shenzhen A-share listed companies from 2008 to 2015, this paper constructs a cash-cash flow sensitivity expansion model, and analyzes the mechanism and actual impact of supply chain finance to alleviate the financing constraints of non-industrial and financial enterprises. Supply chain finance can effectively ease the financing constraints of enterprises, and compared with non-industrial finance enterprises, supply chain finance has a more significant role in alleviating the financing constraints of industry and finance enterprises. Further research shows that, compared with enterprises with low degree of combination of industry and finance, supply chain finance has a more significant role in easing the financing constraints of industry and finance enterprises. The role of supply chain finance in alleviating the financing constraints of enterprises with high degree of combination of production and finance is more obvious. In order to better exert the advantages of supply chain finance and combination of production and finance, The supply chain financial model and technology should be further innovated and the degree of combination of production and finance should be improved moderately.
，

本文编号：1604558