發(fā)布時(shí)間：2018-03-13 03:16

  本文選題：供應(yīng)鏈金融　切入點(diǎn)：產(chǎn)融結(jié)合　出處：《金融經(jīng)濟(jì)學(xué)研究》2017年04期 　論文類型：期刊論文

【摘要】：以2008~2015年滬深A(yù)股上市企業(yè)為研究樣本,構(gòu)建現(xiàn)金—現(xiàn)金流敏感性拓展模型,對(duì)供應(yīng)鏈金融緩解非產(chǎn)融企業(yè)和產(chǎn)融企業(yè)融資約束的作用機(jī)理與實(shí)際影響進(jìn)行對(duì)比分析。研究發(fā)現(xiàn),供應(yīng)鏈金融能夠有效緩解企業(yè)的融資約束,且與非產(chǎn)融企業(yè)相比,供應(yīng)鏈金融對(duì)產(chǎn)融企業(yè)融資約束的緩解作用更顯著。進(jìn)一步研究發(fā)現(xiàn),相對(duì)于產(chǎn)融結(jié)合程度低的企業(yè)來(lái)說(shuō),供應(yīng)鏈金融對(duì)產(chǎn)融結(jié)合程度高的企業(yè)融資約束的緩解作用更明顯。為更好地發(fā)揮供應(yīng)鏈金融和產(chǎn)融結(jié)合的融資優(yōu)勢(shì),應(yīng)進(jìn)一步創(chuàng)新供應(yīng)鏈金融模式和技術(shù)以及適度提高產(chǎn)融結(jié)合程度。
[Abstract]:Based on the Shanghai and Shenzhen A-share listed companies from 2008 to 2015, this paper constructs a cash-cash flow sensitivity expansion model, and analyzes the mechanism and actual impact of supply chain finance to alleviate the financing constraints of non-industrial and financial enterprises. Supply chain finance can effectively ease the financing constraints of enterprises, and compared with non-industrial finance enterprises, supply chain finance has a more significant role in alleviating the financing constraints of industry and finance enterprises. Further research shows that, compared with enterprises with low degree of combination of industry and finance, supply chain finance has a more significant role in easing the financing constraints of industry and finance enterprises. The role of supply chain finance in alleviating the financing constraints of enterprises with high degree of combination of production and finance is more obvious. In order to better exert the advantages of supply chain finance and combination of production and finance, The supply chain financial model and technology should be further innovated and the degree of combination of production and finance should be improved moderately.
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本文編號(hào)：1604558