Research On External Financing Efficiency Of Small And Medium-sized Enterprise In Supply Chain Networks

The strategic position of small and medium-sized enterprises(SMES) in national economy stands in contrast to the financing constraints it suffers. The current theoretical researches mainly focus on exploreing effects of the macro financial environment and microcosmic characteristics to the financing of SMEs. SMEs have achieved rapid growth by embedding the supply chain network in an adverse internal and external financing environment. Based on this background, this paper conducts the research on financing efficiency of SMEs from the perspective of the supply chain network.There are many factors that lead to SMEs‘ financing difficulties, one of the most important reasons is the lack of credit. In this paper, by constructing game model of members of the supply chain network, we deduce that the supply chain network is the effective carrier of reputation. Interaction between members of the supply chain network can enhance financing ability of SMEs. Based on stakeholder theory and supply chain network theory, this paper has theoretical explanation on relationship between supply chain network and SMEs‘ financing efficiency from the perspective of tstakeholders ?relationshiop, explore the specific path of improving SMEs‘ the financing efficiency in the supply chain network, construct theoretical models and put forward the research hypothesis.At the same time, according to field survey and questionnaire data of SMEs in Jiangsu Zhejiang Shanghai area which is known as the most active area where SMEs grows, we have empirical test to theoretical model and research hypotheses by structural equation model.Through theoretical analysis and empirical research, this paper draws the following conclusion:(1) Supply chain network is the effective carrier of SMEs‘ reputation;(2)Getting reputation resources can improve the financing efficiency of SMEs’;(3) SMEs can improve the financing efficiency by the supply chain network;(4) Profit, social responsibility and development potential is the specific path of SMEs improving financing efficiency in supply chain network;(5) The dynamics of environment have regulating effect on SMEs‘financing efficiency.