The Impact Of Supply Chain Finance And Sme Financial Constraints

Small and medium-sized enterprises are important components of the new normal trend of the economy.The increasing scale of small and medium-sized enterprises and the promotion of innovation strength have promoted the leap development of all levels of society.The cost of capital has become a hot issue in the society.The research on financing constraints faced by small and medium-sized enterprises is mature and the mitigation measures are various,but the constraints of supply chain finance and financing show the current situation of low quantitative analysis and poor practical application.At present,supply chain finance has become another breakthrough point for financial institutions to achieve profit.Therefore,both financial institutions and SMEs have a very urgent need for the development of the supply chain financial business.The integration of production and finance is an important indicator of financial development and social progress.It promotes the synergy effect of the real industry and the financial industry more efficiently.Based on the analysis of the three theories of information asymmetry,transaction cost and synergy in the research of supply chain finance,financing constraints and production and melting,this increases to a certain extent.The effect of the strong supply chain finance on the financing constraints of small and medium-sized enterprises,therefore,this paper is to explore the effect of Supply Chain Finance on financing constraints.Based on the existing theoretical research results and current development,this paper puts forward the influence of Supply Chain Finance on financing constraints based on the existing theoretical research results and current development,and studies the influence of the combination of production and Finance on its mitigation,time effect and the impact of the enterprise life cycle on the first two effects.By sorting out 7434 non balanced panel data,such as supply chain finance,operating performance,and integration of production and financial integration of the listed companies of small and medium sized enterprises,the relationship between supply chain finance,financing constraints and integration is analyzed with the Stata software and the investment cash flow sensitivity model.The main empirical analysis includes:(1)Descriptive statistics are carried out over the whole sample and the nature of share ownership,the industry,the proportion of the joint stock ownership and the life cycle of the enterprise;(2)to ensure that the empirical conclusions are not caused by the data defects on the basis of the stability test and the correlation test,and(3)the research hypothesis for the relationship between the three parties.To the design model,the three relationships are analyzed through variable variable form,sample classification,and different influence factors;(4)the robustness analysis is carried out from three aspects of investment cash sensitivity model,supply chain financial lag effect,and financial integration organization.The following main conclusions are as follows:(1)there are financing constraints in the listed companies of small and medium-sized enterprises;(2)the financing constraints of the listed companies of SMEs can be alleviated through the supply chain financial business;(3)the supply chain finance has enhanced the mitigating effect of the supply chain finance on the financing constraints of the listed companies of small and medium-sized enterprises.Further analysis shows that the effect of the proportion of production and financial integration on the mitigation of supply chain and financing constraints is different in different intervals,and the share and relative shareholding ratio is more obvious.(4)the relationship of the supply chain finance,financing constraints,and integration of production and finance is more obvious in the time effect,and the results are found before and after the time limit was found in 2007.In the enterprise life cycle,supply chain finance alleviates the financing constraints of SMEs,declining period>maturity stage>growth period.On the basis of this,we put forward that the supply chain financial entities should develop the supply chain financial business on the basis of doing their own business in the supply chain,and develop the supply chain financial business carefully.In view of the external supply chain,we should build the information sharing platform,optimize the strategic planning and design,build the supply chain financial ecosystem and open up the international market,so as to achieve the small and medium-sized enterprises.To provide effective guidance for the overall balanced development of supply chain,such as capital and strategy.