供应链金融缓解青岛市中小企业融资约束研究

【作者】 王磊；

【导师】 梁军；

【作者基本信息】 曲阜师范大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 中小企业是国民经济发展壮大的中坚力量,但常常面临融资约束难题,困扰着中小企业的转型升级。一些传统的融资模式如银行信贷模式虽然力量仍然强大但已跟不上“互联网+”时代飞速发展的步伐。受疫情影响,中小企业的融资约束问题变得日益严峻,而作为新生力量的供应链金融正借助互联网新兴科技力量,将业务从线下搬到了线上,通过借助线上平台信息互联互通的优势,减轻了中小企业与银行等金融机构的信息不对称,有效地缓解了信息不对称等原因导致的融资约束问题。本文从中小企业面临的融资约束问题出发,依托中小企业相关融资理论,采用了青岛市40家新三板企业作为实证样本,使用现金—现金流敏感性模型对供应链金融缓解青岛市中小企业的融资约束问题进行实证研究。实证部分首先对青岛市中小企业是否普遍存在融资约束进行研究,然后对供应链金融是否可以有效缓解青岛市中小企业融资约束进行研究考察。通过实证研究,本文得出如下研究结论:一是青岛市中小企业普遍存在融资约束,二是供应链金融能够有效缓解青岛市中小企业的融资约束。为了深入了解当前青岛市供应链金融模式具体做法及取得效果,本文在实证研究基础上对青岛市柠檬豆供应链金融平台案例进行研究,对于平台发展情况、运作流程及特点、参与方分析及取得效果进行深入研究,了解当前供应链金融模式对于缓解青岛市中小企业融资约束的可操作性。通过结合实证结论与案例分析,最终提出完善供应链金融政策制定实施、健全供应链金融信用担保体系、完善中小企业供应链金融信用评估机制和健全供应链金融平台多方监管机制的政策建议。更多还原

【Abstract】 Small and medium-sized enterprises are the backbone of the development and growth of the national economy.Their financing constraints and other problems still exist extensively,which plague the transformation and upgrading of small and medium-sized enterprises.Although some traditional financing models(such as the most classic bank credit model)have always been powerful,they can no longer keep up with the rapid development of the "Internet+" era.Affected by the epidemic,the financing constraints problems of small and medium-sized enterprises have become increasingly serious.As a new force,supply chain finance is using the emerging technology of the Internet to move its business from offline to online.By leveraging the advantages of online platform information interconnection,it reduces the information asymmetry between SMEs and other financial institutions,effectively alleviating the financing constraints caused by information asymmetry and other reasons.Starting from the financing constraints faced by small and medium-sized enterprises,this paper uses 40 new third-board enterprises in Qingdao as empirical samples,and uses the cash-cash flow sensitivity model to ease the financing of supply chain finance for small and medium-sized enterprises in Qingdao based on relevant financing theories for small and medium-sized enterprises.The empirical part first conducts research on whether financing constraints exist for SMEs in Qingdao,and then conducts research on whether supply chain finance can effectively alleviate financing constraints for SMEs in Qingdao.Through empirical research,this article draws the following research conclusions: First,the financing constraints of Qingdao SMEs are widespread and the second is that supply chain finance can effectively alleviate the financing constraints of Qingdao SMEs.In order to gain an in-depth understanding of the current operation mode of supply chain finance in Qingdao and the results achieved,Based on empirical research,this article combines the case study of the Qingdao Lemon bean Supply Chain Finance Platform and conducts in-depth research on the platform development,operation process and characteristics,analysis of the participants and the results achieved.The current operation mode of supply chain finance is operability for alleviating the financing constraints of small and medium enterprises in Qingdao.Through the combination of empirical results and case analysis,this article finally put forward policy recommendations such as improving the supply chain financial policy formulation and implementation,improving the supply chain financial credit guarantee system,implementing the construction of the supply chain financial platform mechanism and improving the multi-party supervision mechanism of the supply chain financial platform.更多还原