中文摘要：

本文以2007-2015年的A股非金融上市企业为对象,采取回归分析、分组检验等方法,探讨供应链金融对企业融资约束的影响效果及其作用机理和调节因素。研究发现,供应链金融能显著降低现金-现金流敏感度,缓解企业融资约束程度,并且是通过减轻信息不对称问题来发挥作用的;对于成长性、竞争性和小规模企业而言,这种缓解作用更为明显。所以,金融机构可将成长性、竞争性行业和小规模企业视为供应链金融的潜在客户;缺少不动产的融资企业,尤其是成长性、竞争性行业和小规模企业,可寻求供应链金融服务以获得资金。

英文摘要：

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.