供应链金融对中小企业融资约束的缓解效应研究

发布时间：2018-03-06 03:13

本文选题：中小企业　切入点：融资约束　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：中小企业作为我国经济发展的活力源头,在创造就业岗位、提高市场效率、促进技术创新、转变经济发展方式和维持社会稳定等方面起到了关键作用。但是中小企业由于核心竞争力不足、经营风险较大,同时缺乏金融机构认定的抵押资产,享受的金融服务与其战略地位、经济贡献等严重不匹配,"融资难、融资贵"问题成为制约其生存和发展的瓶颈问题。随着社会分工转变,供应链金融在全球化的市场中日益受到关注。作为一种新型融资方式,供应链金融基于核心企业资信状况,对供应链成员企业提供一系列的金融产品和服务,有效降低了整个链条的融资难度和成本。同时,资本市场的发展使商业银行传统优质信贷市场日渐萎缩。受金融脱媒和利率市场化影响,银行等机构贷款占企业融资总量的比重下降,金融机构传统依靠利差的盈利模式受到明显冲击。因此,供应链金融逐渐成为金融机构开发中小企业市场的重要方式。本文在归纳评述国内外供应链金融相关研究动态基础上,首先结合信息不对称理论和交易成本理论对供应链金融内涵进行研究。其次从运行环境、运行机制和收益成本三个方面对比分析供应链金融和传统融资模式。再次本文通过数理分析推导供应链金融对企业现金持有政策的影响,进而分析供应链金融对企业融资约束缓解作用,并提出两个可供检验假设。然后本文分析了我国中小企业融资约束现状和成因,以及我国发展供应链金融的现实条件和发展现状。最后本文在Almeida、Campell和Weisbach(2004)提出的现金—现金流敏感性模型的基础上,对供应链金融发展与中小企业融资约束进行了实证分析,发现我国中小企业普遍面临融资约束问题,但是随着供应链金融发展,其融资约束程度得到了一定缓解。因此政府、金融机构和企业应该加强多方合作,积极推动供应链金融发展。
[Abstract]:As the source of vitality of China's economic development, small and medium-sized enterprises are creating jobs, improving market efficiency, and promoting technological innovation. The transformation of the mode of economic development and the maintenance of social stability have played a key role. However, because of the lack of core competitiveness, small and medium-sized enterprises have a high risk of operation and lack of mortgage assets recognized by financial institutions. The enjoyment of financial services and its strategic status, economic contribution and other serious mismatch, "difficult to finance, financing expensive" problem has become a bottleneck of their survival and development. As a new financing method, supply chain finance provides a series of financial products and services to supply chain member enterprises based on the credit status of core enterprises. It effectively reduces the financing difficulty and cost of the whole chain. At the same time, the development of capital market causes the traditional high-quality credit market of commercial banks to shrink day by day, which is influenced by financial disintermediation and interest rate marketization. The proportion of loans from banks and other institutions to the total amount of enterprise financing has declined, and the traditional profit model of financial institutions relying on interest rate differentials has been significantly affected. Supply chain finance has gradually become an important way for financial institutions to develop the market of small and medium-sized enterprises. Firstly, combining information asymmetry theory and transaction cost theory to study the connotation of supply chain finance. Third, this paper deduces the influence of supply chain finance on enterprise cash holding policy through mathematical analysis. Then it analyzes the role of supply chain finance in alleviating the financing constraints of enterprises, and puts forward two hypotheses to be tested. Then, this paper analyzes the current situation and causes of financing constraints of small and medium-sized enterprises in China. Finally, on the basis of the cash-cash flow sensitivity model proposed by Almeida Campell and Weisbachi 2004, this paper makes an empirical analysis on the development of supply chain finance and the financing constraints of small and medium-sized enterprises. It is found that small and medium-sized enterprises in our country generally face the problem of financing constraints, but with the development of supply chain finance, the degree of financing constraints has been alleviated to a certain extent. Therefore, the government, financial institutions and enterprises should strengthen multi-party cooperation. Actively promote the development of supply chain finance.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F276.3;F275

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