会计学院知识库

  近年来，国家也不断激励中小企业加大研发投入、进行创新发展活动。坚定不移地推行创新驱动发展，增强公司的创新实力是现阶段的一项关键性措施。然而，融资问题一直是困扰中小企业成长的关键因素，还是中小企业开展研发活动、提升创新投入和能力的主要制约因素。作为缓解中小企业融资约束的全新模式，供应链金融是供应链发展、金融创新的成果，它使各参与主体通过资源的有效整合实现多方互利共赢，对化解中小公司的资金融通难题，推动创新增长有着十分重大的现实价值。

  本文通过对国内外关于供应链金融、融资约束和创新投入方面的文献进行整理归纳，利用信息不对称理论、优序融资理论等对三者之间的关系进行理论分析，并且收集了2010—2020年中小板和创业板上市公司的相关数据，以其为研究样本，分析了三者之间的关系，并且加入了融资依赖与风险承担水平的调节作用进行考虑，得出了以下结论：供应链金融可以有效促进中小企业的创新投入，并且融资约束在其中起到了中介作用，即供应链金融可以通过缓解中小企业的融资约束从而促进其创新投入；融资依赖在供应链金融与创新投入之间具有调节作用，即相对于内部融资依赖的企业，供应链金融对于外部融资依赖的企业的创新投入的促进作用更加显著；风险承担水平在供应链金融与创新投入之间具有调节作用，即相对于风险承担水平高的企业，供应链金融对于风险承担水平低的企业的创新投入的促进作用更加显著。

  本文基于以上分析以及研究结论，对企业、金融机构和政府提出了针对性建议以给予有关启示，并且对本文存在的不足之处进行反思、对未来的研究进行展望。以上理论和实证分析都表明，发展供应链金融对于中小企业缓解融资约束、加大创新投入、进行创新发展具有重要意义，这不仅有利于供应链金融的发展与创新、应用范围更加广泛，而且有利于中小企业扩大融资渠道、开拓新的融资方式，投入更大的力量实施创新，努力增强自己的创新实力。

 In recent years, our country has also continued to stimulated SMEs to increase R&D investment and carry out innovative development activities.To adhere to innovation-driven development, enhancing the technological innovation capability of enterprises is an important initiative for the development of our country. However, the financing problem has been a key factor troubling the growth of SMEs, and is still a major constraint for SMEs to carry out R&D activities and enhance their innovation investment and capability. As a brand-new model to alleviate the financing constraints of SMEs,supply chain finance is a result of the development of supply chain and financial innovation. It enables all participating parties to achieve mutual benefits through the effective integration of resources, which is of great practical significance to alleviate the financial problems of SMEs and contributes to innovation development.

 This paper collates and summarises the literature on supply chain finance, financing constraints and innovation input at home and abroad, and theoretically analyses the relationship between the three using information asymmetry theory and preferential financing theory, and collects relevant data on listed companies on the SME and GEM boards from 2010 to 2020, and uses them as research samples to analyse the relationship between the three, and adds in the role of financing dependence and the moderating role of the level of risk-taking is considered and the following conclusions are drawn.

  Supply chain finance can effectively promote the innovation input of SMEs, and the financing constraint plays a mediating role in it, i.e. supply chain finance can promote the innovation input of SMEs by alleviating their financing constraint; Financing dependence has a moderating effect between supply chain finance and innovation input, i.e. the promotion effect of supply chain finance on the innovation input of enterprises with external financing dependence is more significant than that of enterprises with internal financing dependence; Risk-taking level has a moderating effect between supply chain finance and innovation input, i.e. the promotion effect of supply chain finance on the innovation input of enterprises with low risk-taking level is more significant than that of enterprises with high risk-taking level.

 Finally, based on the findings of the study, this paper makes recommendations for enterprises, financial institutions and the government to give relevant insights, as well as reflecting on the shortcomings of the paper and looking forward to future research.The above theoretical and empirical analyses show that the development of supply chain finance is important for SMEs to alleviate financing constraints, increase innovation investment, and carry out innovation development, which is not only beneficial to the innovation development of SMEs, but also has an important impact on the market economy and even the technological development of China.