供应链金融缓解融资约束效应研究--来自科技型中小企业的经验证据

本文理论分析供应链金融缓解融资约束的作用机理，提出金融发展与产权性质对供应链金融缓解企业融资约束具有调节效应的观点。研究结果表明：科技型中小企业普遍存在融资约束现象，具有强烈的研发投资－现金流敏感性；供应链金融可以缓解科技型中小企业的融资约束程度，显著降低企业的研发投资－现金流敏感性；相对于低金融发展地区，高金融发展地区的供应链金融对融资约束的缓解效应更显著，相对于国有企业，非国有企业的供应链金融对融资约束的影响更显著。

An Empiri cal Study on the Relationship between Supply-Chain Finance and Financial Contsraints:The Evidence from Tec hnology-Based SMEs

This paper theoretically analyzes the mechanism of how the supply-chain finance eases the financial con-straints, and points out that financial development and property-rights attributes have moderating effects on supply-chain fi-nance easing financial constraints.The results show that the financial constraints on technology-based SMEs are common, with a strong R&D investment-cash flow sensitivity.The supply-chain finance can ease financing constraints and significantly re -duces R&D investmentc-ash flow sensitivity.Compared with regions with a low level of financial development , the moderating effect of the supply-chain finance on financing constraints is more conspicuous in regions with a high level of financial develop -ment.Compared with the state-owned enterprises, the supply-chain finance of the non-state-owned enterprises has a greater impact on financial contraints.