金融学院知识库

中小企业在经济和社会发展中发挥着举足轻重的作用，但中小企业融资难问题客观存在。中小企业存在抵押资产少、盈利能力弱、抗风险能力低等局限性，加之债券市场和股票市场的高门槛使得银行贷款成为中小企业主要的融资渠道。但银企之间的信息不对称导致银行在传统信贷中不青睐中小企业。为满足中小企业发展需求，融资约束问题亟需解决。随着大数据、区块链等技术应用于供应链金融，供应链金融得到飞速发展，供应链金融市场规模不断扩大，为中小企业获取资金提供了一条新途径。供应链金融的运用可以促进供应链上真实信息的传递，缓解信息不对称，降低交易成本，对化解中小企业融资约束问题，促进中小企业创新发展有重要现实意义。

首先，论文概述了中小企业融资现状与供应链金融发展态势，分析了企业融资约束的成因并理清供应链金融的主要模式和特点。然后基于信息不对称、优序融资、委托代理、交易成本理论深入分析供应链金融缓解中小企业融资约束的作用机理。之后选取2011—2020年中小板与创业板上市公司为样本，运用现金－现金流模型进行双向固定效应回归，检验供应链金融的缓解效果。同时分析会计信息披露质量、金融发展水平、产权性质、企业规模不同下供应链金融的融资约束缓解效果是否有差异，最后进一步探究缓解融资约束后的经济后果。

主要结论如下：第一，供应链金融有效缓解了中小企业融资约束；第二，供应链金融缓解效果具有差异。相较于会计信息披露质量低的中小企业，供应链金融对会计信息披露质量高的中小企业融资约束缓解效果更好。金融发展水平负向调节供应链金融的缓解作用。供应链金融的缓解作用在国有企业和规模小企业中更显著；第三，供应链金融通过缓解融资约束对中小企业创新投入产生正向影响，推动中小企业创新发展。最后，根据以上结论，从中小企业、金融机构和政府角度提出对策建议。为中小企业更好利用供应链金融，金融机构针对不同中小企业发展多样化供应链金融服务提供参考与借鉴。

Smes play a pivotal role in economic and social development, but the problem of financing for smes objectively exists. Smes have limitations such as few collateral assets, weak profitability and low risk resistance, and high thresholds in the bond and stock markets make bank loans the main financing channel for smes. However, information asymmetry between banks and enterprises has led to banks not favouring smes in traditional credit. To meet the development needs of smes, the issue of financing constraints needs to be addressed urgently. With the application of technologies such as big data and blockchain in supply chain finance, supply chain finance has developed rapidly and the scale of the supply chain finance market has been Expanding, providing a new way for smes to obtain funds. The use of supply chain finance can promote the transmission of real information in the supply chain, alleviate information asymmetry and reduce transaction costs, which is of great practical significance in solving the financing constraints of smes and promoting their innovative development.

Firstly, we analyse the mechanism of supply chain finance in alleviating the financing constraints of smes based on theories of information asymmetry, preferential financing, principal-agent and transaction costs. Secondly, the current situation of sme financing and the development trend and typical models of supply chain finance are outlined. After that, we use the sample of smes and GEM listed companies from 2011 to 2020 and apply the Cash-Cash flow model to conduct a two-way fixed effects regression to analyse the alleviation effect of supply chain finance, and also analyse whether there are differences in the financing alleviation effect of supply chain finance under the different quality of accounting information disclosure, Level of financial development, nature of property rights and relative Size of enterprises. Finally, the economic consequences of alleviating financing constraints are further Explored.

The main findings are as follows: firstly, supply chain finance effectively alleviates the financing constraints of smes; secondly, there are differences in the alleviation effect of supply chain finance. Compared to smes with low quality accounting information disclosure, supply chain finance has a better effect on alleviating financing constraints for smes with high quality accounting information disclosure. The Level of financial development negatively moderates the relief effect of supply chain finance. The relief effect of supply chain finance is more significant among state-owned enterprises and relatively small-Sized enterprises. Thirdly, supply chain finance reduces smes' financing constraints positively influences smes' innovation investment and promotes smes' innovation development. Finally, based on the above findings, countermeasures are proposed from the perspectives of smes, financial institutions and the government. This paper provides references and suggestions for smes to make better use of supply chain finance and for financial institutions to develop diversified supply chain financial services for different smes to alleviate financing constraints.