Supply-Chain Finance and Enterprise Financing  Constraints:Effect, Mechanisms
and Mediation Factors

Abstract

Abstract: Based on 2007-2015 data of A share non-finance listed companies，this paper studies how the supply-chain finance affects enterprise financing constraint problems and its mechanism and mediation factors using regressions analysis and grouping test. Results show that the supply-chain finance will reduce the cash-cash flow sensitivity, and alleviate financing constraints by reducing the information asymmetry; alleviating effect is stronger for companies with small size, and competitive and high-growth industries. Therefore, finance institutions should consider companies with small size and competitive and high-growth industries as the potential customers of supply-chain finance services; companies lacking of fixed assets, especially those with small size and competitive and high-growth industries, should seek for supply-chain finance services to obtain capital.

Key words: supply-chain finance, financing constraints, information asymmetry, mediation effect

References

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Supply-Chain Finance and Enterprise Financing Constraints:Effect, Mechanisms and Mediation Factors

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