供应链金融对农业企业融资约束的影响机制研究

Research on the Impact Mechanism of Supply Chain Finance on the Financing Constraints of Agricultural Enterprises

  • 摘要: 供应链金融为农业企业融资难的问题提供了新思路。对此,文章选取2014—2024年期间在我国A股上市涉农企业作为研究样本,采用固定效应模型,对供应链金融和融资约束之间的关联展开实证分析,同时考察信用风险与信息不对称在两者关系中的中介作用,并进一步分析供应链集中度及行业背景差异的影响。研究发现,供应链金融对于涉农企业的融资难题具有显著改善作用,能够有效减轻其融资方面的压力。此外,通过降低信用风险水平以及减少信息不对称状况,供应链金融还能进一步强化其对涉农企业融资困境的缓解效能。深入剖析发现,在供应链结构稳定且处于制造业范畴的农业类企业中,供应链金融于舒缓融资限制层面展现出的成效更为显著。文章拓展了农业企业融资约束的研究维度,为不同类型企业开展供应链管理提供了新的理论依据。

     

    Abstract: Supply chain finance provides new ideas for the problem of financing difficulties for agriculture-related enterprises. In this regard, the article selects agricultural enterprises listed in China’ s A-shares from 2014 to 2024 as research samples, and adopts the fixed effect model to conduct an empirical analysis on the correlation between supply chain finance and financing constraints. It also examines the mediating role of credit risk and information asymmetry in their relationship and further analyzes the impact of differences in supply chain concentration and industry background. The research finds that supply chain finance has a significant improvement effect on the financing difficulties of agriculture-related enterprises and can effectively alleviate their financing pressure. Moreover, by reducing the level of credit risk and the degree of information asymmetry, supply chain finance can further enhance its effectiveness in alleviating the financing predicament of agricultural enterprises. A deeper analysis reveals that in agricultural enterprises with stable supply chain structures and within the manufacturing industry, supply chain finance shows more significant effects in easing financing constraints. This article expands the research dimension of financing constraints for agricultural enterprises and provides new theoretical basis for different types of enterprises to carry out supply chain management.

     

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