中小企业融资如何“自力更生”？供应链金融中的信号传递研究

The financing problems have always been a constraint in the development of SMEs. In recent years, supply chain finance, an innovation generated by the integration of supply chain and finance, has gradually become an effective way to solve the financing problems of SMEs. Based on signaling theory, focusing on the transmission of signals in the supply chain finance, this project systematically investigates the factors affecting supply chain financing from the aspects of “signaler-signal-signal receiver-feedback” and signaling environment. By studying the path, efficiency, and environment governance of signal transmission throughout supply chain finance, we try to answer the following questions: (1) which of the SMEs' own capabilities can be important signals to promote their supply chain financing? (2) How signals on SMEs’ capabilities are transmitted and is the transmission efficient? What factors might affect the transmission and its efficiency? (3) How can SMEs effectively management and respond to the signaling environment so that they can better obtain funds through supply chain financing? Looking at both borrowers and lenders, this project explores the supply chain finance using multiple methods. This research aims to broaden and deepen the theoretic research on supply chain finance. In addition, it will be able to provide theoretical guidance for SMEs to realize “self-reliance” through supply chain finance.

融资问题一直以来是制约中小企业发展的桎梏。近年来，供应链金融作为一种供应链与金融领域融合产生的创新，逐渐成为解决中小企业融资难题的有效方式。本课题主要基于信号理论，围绕供应链金融中的信号传递，从“信号发送者-信号-信号接收者-反馈”以及信号环境等方面系统考虑了影响供应链融资的完整链条。在对信号传递路径、传递效率以及信号环境治理等三个核心问题开展研究的基础上，试图回答如下问题：（1）中小企业的哪些自身能力可以成为促进其供应链融资的重要信号？（2）中小企业自身能力信号的传递路径与效率是怎样的？会受制于何种要素和机制的约束？（3）中小企业如何有效因应与治理信号环境才能够更好地帮助其获得供应链融资？本课题从借贷双边互动视角出发，拟运用混合方法论的思路对供应链金融展开探讨，这对于拓展与深化供应链金融研究具有重要理论价值，同时可以为中小企业融资通过供应链金融实现“自力更生”提供理论指导。

在供应链金融中，如何在理论上识别影响中小企业融资绩效的关键能力信号，以及对其传递路径与环境进行探索，对于帮助中小企业融资真正实现“自力更生”具有重要的理论和现实价值。本课题主要基于信号理论，结合供应链金融实践与资源基础观及其拓展理论、交易成本理论、网络治理等理论基础构建基本理论模型，围绕供应链金融中的信号传递路径、传递效率以及信号环境治理等三个核心问题开展研究。本课题通过问卷进行数据收集，利用结构方程模型、多元回归与fsQCA分析等方法进行数据分析与验证，研究发现：首先，就信号传递路径而言，中小企业创新能力对供应链融资绩效具有显著的正向影响，同时中小企业市场响应能力对供应链融资绩效也具有显著的正向影响；中小企业能力积极影响供应链融资方案采用；供应链融资方案采用在中小企业能力与供应链融资绩效之间具有中介作用。其次，就信号传递效率而言，供应链整合与信息技术应用对中小企业供应链融资方案采用与供应链融资绩效之间的关系具有积极的调节作用，并且在供应链金融中供应链整合在降低事后信息不对称方面能够发挥更大的作用。再次，就信号环境治理而言，供应链网络治理积极影响中小企业供应链融资绩效，契约治理比关系治理更能提升供应链融资绩效；机会主义在供应链网络治理与供应链融资绩效之间发挥着桥梁作用，并且契约治理更能通过降低供应链融资风险提升供应链融资绩效；在供应链金融中，融资结盟对机会主义和供应链融资绩效之间的关系具有积极的调节作用。以上研究结论，丰富和拓展了供应链金融的理论框架，为中小企业供应链融资测量的制定与实施提供了启示。

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