Resources & Industries ›› 2019, Vol. 21 ›› Issue (5): 94-100.DOI: 10.13776/j.cnki.resourcesindustries.20190920.001
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SHA Nali1, 2, 3, FU Yao2
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沙拿利1,2,3,付 尧2
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Abstract: Supply chain financing grows fast and becomes a key path for small-to-medium enterprises' financing. This paper uses cash-cash flow sensitivity model to study if they are facing financing constraints or have been mitigated based on 74 light manufacturing companies listed in China's stock market with the results showing an outstanding financing constraint, which has yet been mitigated as supply chain financing develops. This conclusion verifies that supply chain management in China's gems & jewelry sector is lagging, deficient in basis for financing business. The big players are not willing to take the responsibility to support the small-to-medium ones. Suggestions are presented to use supply chain financing for China's gems & jewelry sector.
Key words: supply chain financing, financing constraint, gems &, jewelry sector
摘要: 近年来,供应链金融模式在我国迅速发展,已成为解决中小企业融资难题的重要途径。本文从现金—现金流敏感性角度出发,以A股74家轻工制造业上市公司数据为研究样本,通过现金—现金流敏感性模型,验证样本公司是否面临着融资约束以及供应链金融是否缓解了样本企业的融资约束。实证结果表明,目前我国的轻工制造业上市公司存在显著的融资约束,且并未随着供应链金融的发展而得到有效缓解。该结论为包括珠宝产业在内的轻工制造业供应链金融发展现状提供了实证证据:即目前国内珠宝企业在供应链管理方面普遍滞后,缺乏开展供应链金融业务的基础,且强势品牌企业缺乏承担核心企业扶持上下游中小企业的意愿。在此结论基础上,为珠宝企业如何更好地利用供应链金融解决融资困境提出了相关建议。
关键词: 供应链金融, 融资约束, 珠宝产业
CLC Number:
F426.8
F406.7
F832.4
SHA Nali, FU Yao. MITIGATION ON CONSTRAINTS OF SUPPLY CHAIN FINANCING ON JEWELRY COMPANIES BASED ON LISTED LIGHT MANUFACTURING COMPANIES[J]. Resources & Industries, 2019, 21(5): 94-100.
沙拿利,付尧. 供应链金融对珠宝企业融资约束的缓解作用研究——以轻工制造业上市公司为基础[J]. 资源与产业, 2019, 21(5): 94-100.
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URL: https://www.resourcesindustries.net.cn/EN/10.13776/j.cnki.resourcesindustries.20190920.001
https://www.resourcesindustries.net.cn/EN/Y2019/V21/I5/94
IMPACTS OF ENVIRONMENTAL REGULATIONS ON INVESTING INCLINATION OF HEAVILY POLLUTING COMPANIES: BASED ON CHINA’S A-LISTED COMPANIES’ DATA