信息不对称下中小企业如何获得融资绩效——基于供应链金融的实证分析

发布时间：2018-06-19 06:04

本文选题：供应链金融 + 供应链能力　；参考：《中国流通经济》2017年09期

【摘要】：信息不对称是造成中小企业融资困难的主要原因,中小企业应该主动向融资提供者传递能力信号,使自身与其他不符合条件的融资者区分开,以便获得必要的融资绩效。与此同时,供应链金融为中小企业进行信号传递提供了有利的环境,即供应链网络将影响信号传递的有效性。构建中小企业供应链能力、信息不对称与融资绩效之间的理论模型,将网络嵌入性作为调节变量,对150家中小企业供应链金融活动的实证研究发现,分销运营能力和需求管理能力对融资绩效有显著的正向影响,并且信息不对称在供应链能力和融资绩效之间发挥着不完全的中介作用,同时关系嵌入性和结构嵌入性正向调节供应链能力对融资绩效的作用,这对银行和中小企业的供应链金融实践都具有一定参考价值。
[Abstract]:Information asymmetry is the main cause of financing difficulties for SMEs. SMEs should actively transmit the ability signal to the financing providers so that they can distinguish themselves from other non-qualified financiers in order to obtain the necessary financing performance. At the same time, supply chain finance provides a favorable environment for small and medium-sized enterprises to carry out signal transmission, that is, supply chain network will affect the effectiveness of signal transmission. To construct the theoretical model between supply chain capability, information asymmetry and financing performance of SMEs, taking network embeddedness as a regulating variable, the empirical study on the financial activities of 150 small and medium-sized enterprises in supply chain has been found. Distribution operation ability and demand management ability have significant positive impact on financing performance, and information asymmetry plays an incomplete intermediary role between supply chain capability and financing performance. At the same time, the relationship embeddedness and structural embeddedness positively regulate the role of supply chain capability on financing performance, which has certain reference value to the supply chain financial practice of banks and small and medium-sized enterprises.
【作者单位】：中国人民大学商学院;
【基金】：国家自然科学基金项目“产业供应链服务化条件下的服务外包决策与风险管理”(71272155);国家自然科学基金重点项目“中国转型经济背景下企业创业机会与资源开发行为研究”(71232011)
【分类号】：F275;F276.3;F832

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