金融学院知识库

供应链金融作为产融共存的新型融资方式，近年来在我国发展快速，尤其为缓解中小企业自身困境、降低中小企业融资成本提供了新引擎。本文基于2010-2019年1405家中小板及创业板样本数据，共计8895个公司-年度观察值，采用双向固定效应模型检验了供应链金融对中小企业债务融资成本的影响。研究结果发现：开展供应链金融降低了中小企业债务融资成本。供应链金融对中小企业债务融资成本的影响存在显著异质性。相较国企而言，供应链金融对非国企债务融资成本的负向影响更大；相较于融资约束较低企业，供应链金融业务对融资约束较高的中小企业的债务融资成本的负向影响更大；在不同的环境不确定性程度下，供应链金融业务对环境不确定性较高的中小企业的债务融资成本的负向影响更大。进一步研究结果表明，在供应链金融对中小企业债务融资成本的影响路径上，开展供应链金融业务能缓解信息不对称，同时能约束其债务融资成本合理化。从经济后果检验来看，供应链金融为中小企业赋予了多重增加值，如融资源增加、成本降低、减缓了融资约束，促进技术升级，进一步提高了中小企业的全要素生产率，促进了中小企业的长期发展。本研究为更好的开展供应链金融业务，降低中小企业融资成本提供决策参考和一定的借鉴意义。

Supply chain finance, as a new type of financing mode with the coexistence of industry and finance, has developed rapidly in China in recent years, especially providing a new engine for alleviating the plight of small and medium-sized enterprises and reducing the financing cost of small and medium-sized enterprises. Based on the sample data of 1405 SME boards and gem from 2010 to 2019, a total of 8895 companies' annual observations, this paper uses a two-way fixed effect model to test the impact of Supply Chain Finance on the debt financing cost of SMEs. The results show that the development of supply chain finance reduces the debt financing cost of SMEs. There is significant heterogeneity in the impact of Supply Chain Finance on debt financing costs of SMEs. Compared with state-owned enterprises, supply chain finance has a greater negative impact on the debt financing cost of non-state-owned enterprises; Compared with enterprises with lower financing constraints, supply chain finance has a greater negative impact on the debt financing cost of SMEs with higher financing constraints; Under different degrees of environmental uncertainty, supply chain finance has a greater negative impact on the debt financing costs of small and medium-sized enterprises with high environmental uncertainty. Further research results show that in the path of the impact of Supply Chain Finance on the debt financing cost of small and medium-sized enterprises, the development of supply chain finance business can alleviate information asymmetry and restrict the rationalization of their debt financing cost. From the perspective of economic consequence test, supply chain finance has endowed SMEs with multiple added values, such as increasing financial resources, reducing costs, easing financing constraints, promoting technological upgrading, further improving the total factor productivity of SMEs and promoting the long-term development of SMEs. This study provides decision-making reference and certain reference significance for better developing supply chain finance business and reducing the financing cost of small and medium-sized enterprises.