本文關鍵詞：供應鏈金融緩解中小企業(yè)融資約束的效應研究　出處：《浙江理工大學》2014年碩士論文　論文類型：學位論文

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【摘要】：金融市場的不完全導致銀行與中小企業(yè)之間信息不對稱的普遍存在，使得對我國經濟社會貢獻突出的中小企業(yè)長期面臨著商業(yè)銀行的信貸配給，從而外部融資的不可得與過高的融資成本成為制約中小企業(yè)發(fā)展的瓶頸。隨著科技、物流以及供應鏈的不斷發(fā)展，供應鏈金融作為商業(yè)銀行開拓中小企業(yè)信貸市場的金融創(chuàng)新產品，通過核心企業(yè)和物流企業(yè)的參與，增強了中小企業(yè)的信息透明度，，從而有助于緩解中小企業(yè)的融資約束。而近年來供應鏈金融的發(fā)展緩解我國中小企業(yè)融資約束的效應，對不同特征的企業(yè)是否表現(xiàn)出差別？以法律制度為核心的金融生態(tài)發(fā)展對供應鏈金融緩解中小企業(yè)企業(yè)融資約束的效應是否有一定影響？這些問題的解決為金融機構更好地落實金融支持中小企業(yè)發(fā)展政策以及更好地開拓中小企業(yè)信貸市場提供一定的依據(jù)與思路。 本文綜合考慮企業(yè)特征和金融生態(tài)的發(fā)展狀況，深入研究供應鏈金融緩解中小企業(yè)融資約束的效應。首先，在已有研究的基礎上，運用交易成本理論、信息不對稱理論以及金融生態(tài)理論對供應鏈金融緩解中小企業(yè)融資約束的機理做出解釋并提出本文的三條研究假說。接著，利用我國上市中小企業(yè)財務數(shù)據(jù)，針對本文所提假說，參考Stephen, B.,Costas, M.(1994)的模型，建立了本文的模型并對之進行拓展。然后，對供應鏈金融緩解中小企業(yè)融資約束的效應進行實證檢驗，并運用逐步回歸法，以及廣義矩估計和固定效應估計方法的同時使用使研究結果更具有穩(wěn)健性。最后，得出如下研究結論：第一，我國上市中小企業(yè)具有顯著的融資約束，而供應鏈金融的發(fā)展能夠有效緩解中小企業(yè)的融資約束；第二，對于我國上市中小企業(yè)，供應鏈金融所發(fā)揮的效應有所不同，具體表現(xiàn)為，對規(guī)模較大、股權集中度較低的企業(yè)，供應鏈金融產生的緩解效應顯著，而規(guī)模小，股權集中度較高的企業(yè)根本未表現(xiàn)出相應的融資約束狀況；第三，金融生態(tài)的不斷優(yōu)化，對供應鏈金融的發(fā)展能夠提供制度保障，從而在一定程度上促進供應鏈金融改善中小企業(yè)的融資約束狀況，但是從實證結果來看效果較小。
[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.
【學位授予單位】：浙江理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.3;F275;F832.4

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