可持续供应链金融如何影响中小企业融资绩效——基于环境规制视角

融资困境已成为制约中小企业发展的主要瓶颈,而将可持续理念融入供应链金融,是实现中小企业经济、社会、环境效益最大化以及有效融资的重要方式.本文基于社会网络理论,建立了融合可持续供应链金融、环境规制、融资绩效间的概念模型,并以386份来自中小企业高管的数据进行实证检验.模型结果表明:(1)经济、社会、环境三个层面的可持续供应链金融均能够显著提升中小企业融资绩效;(2)命令控制型环境规制,能够增强社会、环境层面可持续供应链金融与融资绩效的正相关关系;(3)市场激励型环境规制,能够增强三维度可持续供应链金融与融资绩效的正相关关系.本研究拓展了供应链金融的研究范畴,也为拓展中小企业融资提出了新的思路.

How does Sustainable Supply Chain Finance Affect the Financing Performance of SEMs:From the Perspective of Environmental Regulation

Financing dilemma has become a major bottleneck restricting the development of small and medium-sized enterprises. Integrating the concept of sustainability into supply chain finance is an important way to realize the maximization of economic, social and environmental benefits and effective financing of small and medium-sized enterprises. Based on social network theory, this study establishes a conceptual model between sustainable supply chain finance, environmental regulation and financing performance, and examining the hypothesis based on 386 data from SME Executives. The results of the model show that(1) Sustainable supply chain finance at the economic, social and environmental levels can significantly improve the financing performance of SEMs;(2) Command-and-control environmental regulation can enhance the positive correlation between sustainable supply chain finance and financing performance at the social and environmental levels;(3) Market incentive environmental regulation can enhance the positive correlation between three-dimensional sustainable supply chain finance and financing performance. This study expands the research scope of supply chain finance and puts forward a new idea for financing of small and medium-sized enterprises.