Abstract: We theoretically analyze the mechanism how supply-chain finance eases the financial constraints, and make a point that financial development and property-rights attributes have moderating effects on supply-chain finance easing financial constraints. The results show that the financial constraints on technology-based SMEs are common, with a strong R&D investment-cash flow sensitivity.Supply-chain finance can ease financing constraints and significantly reduces R&D investment-cash flow sensitivity. With respect to the low level of financial development region, Supply-chain finance can ease financing constraints significantly in areas of high level financial development.With respect to state-owned enterprises, the impact of the non-state enterprise’s supply-chain finance are more significant.

摘要： 本文理论分析了供应链金融缓解融资约束的作用机理，提出金融发展与产权性质对供应链金融缓解企业融资约束具有调节效应的观点。研究结果显示，（1）科技型中小企业普遍存在融资约束现象，具有强烈的研发投资-现金流敏感性；（2）供应链金融可以缓解科技型中小企业的融资约束程度，显著降低企业的研发投资-现金流敏感性；（3）相对于低金融发展地区，高金融发展地区的供应链金融对融资约束的缓解效应更显著，相对于国有企业，非国有企业的供应链金融对融资约束的影响更显著。