B2B平台供应链金融对中小企业融资效率的影响研究

发布时间：2018-01-10 11:20

本文关键词：B2B平台供应链金融对中小企业融资效率的影响研究　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着供给侧改革的推进,传统行业需要转型发展,提高产业链连接的效率,同时中小企业的融资问题仍有待解决。在此基础上面临互联网金融创新的发展,大数据和物流行业的崛起,B2B平台供应链金融可发挥自己将信息流、资金流和物流相结合的优势,提高信息透明度,与中小企业、金融机构和第三方物流企业共同合作,发挥供应链金融的活力,弥补中小企业信用不足的问题,对中小企业融资给予动力,可能有助于中小企业降低融资约束,提高融资效率。本文先进行重要概念的厘清,分别定义传统供应链金融和B2B供应链金融,进行简要的特征和内涵的分析,总结了B2B平台供应链金融的特征为行业标准化程度高、交易量大、上下游企业连接较弱、控制力强,并探讨两种供应链金融的运作模式,基本都围绕着采购、生产和销售阶段进行对现金流的补充。接着分析了在B2B供应链金融环节中,中小企业、B2B平台、金融机构和物流企业在B2B供应链金融中的影响要素,也简要分析了影响融资效率的元素因子。在实证部分,根据已有的文献成果,构建了现金-现金流敏感性模型来探究中小企业融资效率的影响因素。在前文分析中小企业的融资效率因素基础上,选取了适当的变量,又从企业微观层面选取了B2B供应链金融的发展指标。采用我国2012年至2016年制造业中小上市公司的面板数据进行多元回归,对样本企业的融资约束和效率进行检验,发现中小企业的现金-现金流敏感性呈正向,存在较为明显的融资约束。之后,量化B2B供应链金融指标,探讨B2B供应链金融的发展对中小企业的融资调节作用,验证提出的基本假设。接着通过稳健性测试,检验上述回归分析得到的结果。研究发现,如果发挥中小企业现有的应收账款、应收票据和短期借款的潜力开展B2B供应链金融,可以缓解中小企业的融资约束。B2B供应链金融的主要目的在于发挥B2B电子商务平台的信息优势,联结中小企业、金融机构和物流企业,打破彼此间的信息壁垒,减少信息不对称,尽可能地降低道德风险和信用风险,有效地对供应链上的信息、资金和物流进行综合,进而使中小企业得到信贷支持,提高融资效率。最后,分别从中小企业自身、B2B平台、金融机构、物流企业和政府层面探究了我国B2B平台供应链金融的发展方向。中小企业可以合理利用B2B供应链金融进行融资,注重增强自身的实力,以规范发展来吸引外部投资者的资金投入;B2B平台可发挥自身的信息优势,把控风险,帮助供应链中的各个主体获得收益;金融机构和物流企业可通过参与B2B供应链金融来发展产品创新,扩大业务;政府则要建立起一个多层次的中小企业金融体系来帮助中小企业更好地提高融资效率,使经济稳健发展。
[Abstract]:With the development of supply-side reform, traditional industries need to be transformed and developed to improve the efficiency of industrial chain connectivity, while the financing problem of SMEs remains to be solved. On this basis, facing the development of Internet financial innovation. The rise of big data and logistics industry B2B platform supply chain finance can play its own information flow, capital flow and logistics to combine advantages, improve information transparency, with small and medium-sized enterprises. Financial institutions and third party logistics enterprises work together to give full play to the vitality of supply chain finance, make up for the problem of credit shortage of SMEs, and give impetus to SME financing, which may help SMEs to reduce financing constraints. In order to improve the efficiency of financing, this paper firstly clarifies the important concepts, defines traditional supply chain finance and B2B supply chain finance, and analyzes the characteristics and connotation of the traditional supply chain finance and B2B supply chain finance. This paper summarizes the characteristics of B2B platform supply chain finance, such as high standardization, large trading volume, weak upstream and downstream enterprises, strong control, and discusses the two operation modes of supply chain finance. Basically all around the procurement, production and sales phase to supplement the cash flow. Then the analysis of the B2B supply chain financial links, small and medium-sized enterprises in the B2B platform. The influence factors of financial institutions and logistics enterprises in B2B supply chain finance are also briefly analyzed. In the empirical part, according to the existing literature results. A cash-cash flow sensitivity model is constructed to explore the influencing factors of SMEs' financing efficiency. On the basis of the previous analysis of SMEs' financing efficiency factors, the appropriate variables are selected. The development index of B2B supply chain finance is selected from the micro level of enterprises. The panel data of small and medium-sized listed companies in manufacturing industry from 2012 to 2016 are used for multivariate regression. By testing the financing constraints and efficiency of the sample enterprises, we find that the cash-cash flow sensitivity of small and medium-sized enterprises is positive, and there are obvious financing constraints. Then, quantitative B2B supply chain financial indicators. This paper discusses the role of the development of B2B supply chain finance in the financing regulation of small and medium-sized enterprises, and verifies the basic hypotheses. Then, through the robustness test, the results obtained by the above regression analysis are tested and found. If the existing accounts receivable, notes receivable and short-term borrowing potential of SMEs to develop B2B supply chain finance. Can ease the financing constraints of SMEs. B2B supply chain finance the main purpose is to give play to the information advantages of B2B e-commerce platform, linking small and medium-sized enterprises, financial institutions and logistics enterprises. Break down the information barrier between each other, reduce the information asymmetry, reduce the moral hazard and credit risk as far as possible, and effectively synthesize the information, capital and logistics in the supply chain. So that SMEs get credit support, improve the efficiency of financing. Finally, from the SMEs themselves B2B platform, financial institutions. Logistics enterprises and government level explored the development direction of supply chain finance of B2B platform in China. Small and medium-sized enterprises can make use of B2B supply chain finance to finance reasonably and pay attention to strengthen their own strength. To attract capital investment from outside investors through normative development; B2B platform can give play to its own information advantage, control risk, help each main body in the supply chain to gain income; Financial institutions and logistics enterprises can develop product innovation and expand business by participating in B2B supply chain finance. The government should set up a multi-level financial system to help SMEs improve their financing efficiency and make the economy develop steadily.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832;F276.3;F275

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