单
单位代码： 10166
硕士学位论文
供应链金融模式下中小企业融资约束机制
的研究
论文作者： 池小慧
学科专业： 企业管理
指导教师： 李锋
培养单位：国际商学院
类 别： 全日制
完成时间： 2022 年 05 月 21 日
沈阳师范大学学位评定委员会编 号：
全日制研究生√
类
别 教育硕士
同等学力
硕士学位论文
题目：供应链金融模式下中小企业融资约束机制的研究
培养单位：国际商学院
专业名称：企业管理
指导教师：李锋
研 究 生：池小慧
完成时间：2022 年 05 月 21 日
沈阳师范大学研究生 学位论文独创性声明
本人所呈交的学位论文是在导师的指导下取得的研究成果。据我所知，
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作者签名： 日期： 供应链金融模式下中小企业融资约束机制的研究
摘要
中小企业作为国民经济的重要组成部分，在提高劳动生产率、增加就业、均衡收入等
方面发挥重要作用。但近年来，特别是新冠肺炎疫情以来，中小企业经营面临巨大压力，
融资方面也迎来新挑战。供应链金融作为新型融资模式，经过十多年的发展，为我国中小
企业融资开辟了新道路。
通过阅读大量文献，本文从供应链金融、中小企业融资约束及二者关系三方面对相关
研究进行梳理，同时对理论基础作具体阐释。说明我国中小企业融资现状和供应链金融发
展情况，进一步论述中小企业融资约束的成因和供应链金融模式下中小企业的融资方式。
理论分析部分，依据信息不对称理论和交易成本理论，深入分析供应链金融模式下中小企
业融资约束的缓解机制；依据信息不对称理论和共生理论，分别探究信息披露质量和供应
链上企业合作稳定性对供应链金融缓解作用的调节作用，分析过程中提出本文研究假设。
实证分析部分，选取 2011-2020 年我国中小企业板上市公司的相关数据，基于现金-现金
流敏感性模型分析我国中小企业融资约束情况，建立扩展模型分析供应链金融的缓解作用
和信息披露质量的调节作用，并分组研究供应链上企业合作稳定性的调节作用，利用
stata.17 对数据进行统计分析和稳健性检验。最终本文得出以下结论：（1）我国中小企业
存在显著的现金-现金流敏感性，外部融资难以充分满足其融资需求，融资约束存在；（2）
供应链金融能够降低现金-现金流敏感性，通过降低借贷双方的信息不对称程度、减少借
贷双方的融资交易成本实现对融资约束的缓解；（3）信息披露质量正向调节供应链金融
的缓解作用，信息披露质量越高，供应链金融缓解作用越明显；（4）供应链上企业合作
稳定性正向调节供应链金融的缓解作用，供应链上企业合作稳定性越强，供应链金融缓解
作用越明显。最后从大力发展供应链金融、提高供应链上信息质量和加强供应链上企业合
作稳定性三方面提出对策建议。
关键词：供应链金融，融资约束，现金-现金流敏感性模型
I A Study on the FinancingConstraint Mechanism of SMEs
under the Supply Chain Finance Model
Abstract
As an important part of the national economy, SMEs play an important role in improving
labor productivity, increasing employment and balancing income. However, in recent years,
especially since the new crown pneumonia epidemic, SMEs are facing huge pressure on their
operation and new challenges in financing. Supply chain finance, as a new financing model, has
opened up a new path for SME financing in China after more than a decade of development.
Through reading a large amount of literature, this paper sorts out relevant researches from
three aspects of supply chain finance, SME financing constraints and the relationship between
them, and also makes a specific explanation of the theoretical basis. The current situation of
SME financing and the development of supply chain finance in China are explained, and the
causes of SME financing constraints and the financing methods of SMEs under the supply chain
finance model are further discussed. In the theoretical analysis, the mechanism of alleviating the
financing constraints of SMEs under the supply chain finance model is analyzed in depth based
on the theory of information asymmetry and the theory of transaction costs. In the empirical
analysis part, relevant data of China;s SMEs listed on the SME board from 2011 to 2020 are
selected to analyze the financing constraints of SMEs in China based on the cash-cash flow
sensitivity model, an extended model is established to analyze the mitigating effect of supply
chain finance and the moderating effect of information disclosure quality, and the moderating
effect of cooperation stability of enterprises in the supply chain is studied in groups, and the data
are analyzed using stata.17 Statistical analysis and robustness test are conducted. Finally, this
paper draws the following conclusions: (1) Chinese SMEs have significant cash-cash flow
sensitivity, external financing can hardly meet their financing needs adequately, and financing
constraints exist; (2) supply chain finance can reduce cash-cash flow sensitivity, and achieve the
mitigation of financing constraints by reducing the degree of information asymmetry between
borrowers and lenders and reducing the financing transaction costs between borrowers and
lenders; (3) the quality of information disclosure The higher the quality of information disclosure,
the more obvious the relief effect of supply chain finance; (4) the stability of cooperation among
enterprises in the supply chain positively regulates the relief effect of supply chain finance, the
stronger the stability of cooperation among enterprises in the supply chain, the more obvious the
relief effect of supply chain finance. Finally, we propose countermeasures from three aspects:
II