摘要
破解中小企业融资困境,助力中小企业持续健康发展,是恢复我国经济增长内生动力的关键环节。本文以2011-2021年中国创业板上市企业为研究样本,基于供应链金融缓解中小企业融资约束的视角,引入数字经济这一外部环境因素,实证检验了数字经济在这二者之间的调节效应。研究发现,供应链金融能显著改善中小企业的融资困境,数字经济发展环境正向强化了供应链金融对中小企业融资约束的缓解作用。异质性分析表明,数字经济的调节效应在信息披露质量高、供应链集中度低的中小企业中表现更明显。本文研究为数字经济背景下供应链金融更好地服务实体经济提供一定的管理参考。
Cracking the financing difficulties of small and medium-sized enterprises(SMEs)and facilitating their sustainable and healthy development are the key links to restore the endogenous momentum of China's economic growth.This paper takes 2011-2021 Chinese GEM listed enterprises as research samples,based on the perspective of supply chain finance to alleviate the financing constraints of SMEs,introduces the external environmental factors of digital economy,and empirically examines the moderating effect of the digital economy in the relationship between the two.It is found that supply chain finance can significantly improve the financing difficulties of SMEs,and the development environment of digital economy positively strengthens the mitigating effect of supply chain finance on the financing constraints of SMEs.The heterogeneity analysis finds that the moderating effect of digital economy is more obvious in SMEs with high information disclosure quality and low supply chain concentration.Accordingly,this paper provides certain management references for supply chain finance to better serve the real economy in the context of digital economy.
作者
周孟亮
唐佩萱
Zhou Mengliang;Tang Peixuan(Hunan Agricultural University)
出处
《金融发展评论》
2024年第2期65-80,共16页
Financial Development Review
基金
国家社科基金“家庭农场融资约束纾解的‘双保险’增信模式研究”(项目编号:23BJY167)基金项目的资助
关键词
供应链金融
融资约束
数字经济
Supply Chain Finance
Financing Constraints
Digital Economy
作者简介
周孟亮,经济学博士,教授,湖南农业大学经济学院;通讯作者:唐佩萱,金融专硕研究生,湖南农业大学经济学院,Email:tpx18000@163.com。
