中小企业供应链融资与融资约束的相关性分析

发布时间：2018-03-01 16:08

本文关键词： 供应链融资融资约束核心企业中小企业第三方物流企业　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：供应链融资是对整个产业链中的所有企业提供全面的金融服务,是在企业进行交易活动产生的应收应付、预收预付和存货融资的基础上衍生出来的组合融资活动。信誉度良好的核心大企业、供应链上下游的中小企业、承担货物管理和担保作用的物流企业、发放贷款的金融机构等是供应链融资环节中的主体对象。供应链融资业务的全面发展,能有效地促进供应链的上游和下游企业的核心业务的稳定发展。发展供应链融资业务能够从核心企业和第三方物流两个途径消除银行和中小企业之间存在的严重的信息不对称问题,从而达到缓解融资约束的作用。本文在现有理论与实证研究成果的基础上,结合当前我国供应链融资发展模式和发展现状、中小企业融资约束现状及原因、供应链融资对融资约束的缓解机制进行理论分析并提出相应理论假设,然后根据我国深证证券公司中小板上市公司公布的相关财务数据做相关实证分析。结果表明,我国中小企业存在明显的融资约束,而且融资约束程度与信息不对称程度成正比,而发展供应链融资能够减轻企业的信息不对称程度,从而缓解融资约束。
[Abstract]:Supply chain financing is to provide comprehensive financial services to all enterprises in the entire industrial chain. It is a receivable and payable arising from the transaction activities carried out by the enterprises. Portfolio financing activities derived from prepayment and inventory financing. Core large enterprises with good reputation, small and medium-sized enterprises upstream and downstream of the supply chain, logistics enterprises that assume the role of goods management and guarantee, The financial institutions that make loans are the main objects in the financing link of supply chain. It can effectively promote the steady development of the core business of upstream and downstream enterprises of supply chain. The development of supply chain financing business can eliminate the serious problems between banks and small and medium-sized enterprises from two ways: core enterprise and third party logistics. The problem of asymmetric information, In order to alleviate the role of financing constraints. Based on the existing theoretical and empirical research results, combined with the current supply chain financing development model and development status, SMEs financing constraints and reasons, Supply chain financing makes a theoretical analysis of the mitigation mechanism of financing constraints and puts forward the corresponding theoretical assumptions. Then, based on the relevant financial data published by the small and medium-sized board listed companies of Shenzhen Securities Company, the results show that, There are obvious financing constraints in small and medium-sized enterprises in China, and the degree of financing constraints is directly proportional to the degree of information asymmetry, while the development of supply chain financing can alleviate the information asymmetry of enterprises, thereby easing the financing constraints.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.4;F224

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