数字化、供应链金融与中小涉农企业融资约束

Digitization, Supply Chain Finance, and Financing Constraints for Small and Medium-Sized Agricultural Enterprises

摘要: 数字金融的兴起为供应链金融的发展注入了新的活力，为纾解中小涉农企业融资约束提供了有力支持。本文以中小涉农企业2019年至2023年的财务数据为样本，基于现金–现金流敏感模型，探讨了供应链金融对中小涉农企业融资约束的纾解作用以及数字金融在其中的分项调节作用；并基于地区农业数字化和供应链集中度差异进行分组探究。研究发现：数字赋能的供应链金融能够显著提升供应链金融对中小涉农企业融资约束的纾解能力；低供应链集中度组存在显著的融资约束，高供应链集中度组则相反；农业数字化高水平组与低水平组均存在显著的融资约束，二者程度差异并不明显，但前者的数字赋能与供应链金融作用更显著。

Abstract: The rise of digital finance has injected new vitality into the development of supply chain finance and provided strong support for alleviating financing constraints for small and medium-sized agricultural enterprises. This article takes the financial data of small and medium-sized agricultural enterprises from 2019 to 2023 as a sample, and based on the cash flow sensitivity model, explores the alleviating effect of supply chain finance on financing constraints of small and medium-sized agricultural enterprises, as well as the sub regulatory effect of digital finance in it; and based on the differences in regional agricultural digitization and supply chain concentration, group exploration will be conducted. Research has found that digitally empowered supply chain finance can significantly enhance the ability of supply chain finance to alleviate financing constraints for small and medium-sized agricultural enterprises. The low supply chain concentration group has significant financing constraints, while the high supply chain concentration group has the opposite. There are significant financing constraints in both the high-level and low-level groups of agricultural digitization, and the degree of difference between the two is not significant. However, the former has a more significant role in digital empowerment and supply chain finance.