供应链金融缓解中小企业融资约束的效应研究

发布时间：2018-01-03 20:10

本文关键词：供应链金融缓解中小企业融资约束的效应研究　出处：《浙江理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：金融市场的不完全导致银行与中小企业之间信息不对称的普遍存在，使得对我国经济社会贡献突出的中小企业长期面临着商业银行的信贷配给，从而外部融资的不可得与过高的融资成本成为制约中小企业发展的瓶颈。随着科技、物流以及供应链的不断发展，供应链金融作为商业银行开拓中小企业信贷市场的金融创新产品，通过核心企业和物流企业的参与，增强了中小企业的信息透明度，，从而有助于缓解中小企业的融资约束。而近年来供应链金融的发展缓解我国中小企业融资约束的效应，对不同特征的企业是否表现出差别？以法律制度为核心的金融生态发展对供应链金融缓解中小企业企业融资约束的效应是否有一定影响？这些问题的解决为金融机构更好地落实金融支持中小企业发展政策以及更好地开拓中小企业信贷市场提供一定的依据与思路。本文综合考虑企业特征和金融生态的发展状况，深入研究供应链金融缓解中小企业融资约束的效应。首先，在已有研究的基础上，运用交易成本理论、信息不对称理论以及金融生态理论对供应链金融缓解中小企业融资约束的机理做出解释并提出本文的三条研究假说。接着，利用我国上市中小企业财务数据，针对本文所提假说，参考Stephen, B.,Costas, M.(1994)的模型，建立了本文的模型并对之进行拓展。然后，对供应链金融缓解中小企业融资约束的效应进行实证检验，并运用逐步回归法，以及广义矩估计和固定效应估计方法的同时使用使研究结果更具有稳健性。最后，得出如下研究结论：第一，我国上市中小企业具有显著的融资约束，而供应链金融的发展能够有效缓解中小企业的融资约束；第二，对于我国上市中小企业，供应链金融所发挥的效应有所不同，具体表现为，对规模较大、股权集中度较低的企业，供应链金融产生的缓解效应显著，而规模小，股权集中度较高的企业根本未表现出相应的融资约束状况；第三，金融生态的不断优化，对供应链金融的发展能够提供制度保障，从而在一定程度上促进供应链金融改善中小企业的融资约束状况，但是从实证结果来看效果较小。
[Abstract]:The incomplete financial market leads to the widespread information asymmetry between the bank and the small and medium-sized enterprises (SMEs), which make the SMEs, which have made outstanding contribution to our economy and society, face the credit rationing of commercial banks for a long time. As a result, the unavailability and excessive financing cost of external financing has become the bottleneck restricting the development of small and medium-sized enterprises. With the development of technology, logistics and supply chain. Supply chain finance, as a financial innovation product for commercial banks to open up the credit market of small and medium-sized enterprises, enhances the information transparency of small and medium-sized enterprises through the participation of core enterprises and logistics enterprises. In recent years, the development of supply chain finance alleviates the effect of financing constraints on SMEs in China, and does it show different characteristics for different enterprises? Whether the financial ecological development with the legal system as the core has a certain effect on the supply chain finance to ease the financing constraints of small and medium-sized enterprises? The solution of these problems provides certain basis and train of thought for financial institutions to better implement the policy of financial support for the development of small and medium-sized enterprises and to develop the credit market of small and medium-sized enterprises. Considering the characteristics of enterprises and the development of financial ecology, this paper deeply studies the effect of supply chain finance to alleviate the financing constraints of SMEs. Firstly, based on the existing research, the transaction cost theory is used. Information asymmetry theory and financial ecology theory explain the mechanism of supply chain finance to ease the financing constraints of SMEs and propose three hypotheses of this paper. Then, using the financial data of listed SMEs in China. In view of the hypothesis proposed in this paper, the model of this paper is established and extended with reference to Stephen, B. Costas, M. This paper makes an empirical test on the effect of supply chain finance to alleviate the financing constraints of small and medium-sized enterprises, and applies the stepwise regression method. And the use of both generalized moment estimation and fixed effect estimation makes the research results more robust. Finally, the following conclusions are drawn: first, listed SMEs have significant financing constraints. The development of supply chain finance can effectively alleviate the financing constraints of small and medium-sized enterprises; Second, for China's listed SMEs, supply chain finance plays a different role, the specific performance is that the larger enterprises with low concentration of equity, supply chain finance has a significant mitigation effect. However, the enterprises with small scale and high degree of equity concentration have not shown the corresponding financing constraints at all. Third, the continuous optimization of financial ecology can provide institutional protection for the development of supply chain finance, thereby promoting supply chain finance to improve the financing constraints of small and medium-sized enterprises to a certain extent. But from the empirical results, the effect is relatively small.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F275;F832.4

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