Supply Chain Financing, Information Asymmetry And Financing Constraints

With the development of technical economy, high-tech products invade every aspect of people’s lives in high-speed. And the creators of these high-tech achievements-Tech SMEs, has gradually been recognized by all segments of society. With its unique fresh force, Tech SMEs occupy an important position in the market. It drives technological progress and innovation development of the whole society, and it’s the future focus areas of national. Therefore, all regions of the world countries, including some western developed countries, they all will treat the Tech SME as a key development target when formulates High-tech industrial policy, and it has been the key elements in each country’s industrial policy. However, the general problem of SMEs, that is the absence of credit and difficult to meet the financing needs effectively, Tech SMEs also hard to spared. Thus, Tech SMEs face with the plight of financing.With the rapid rise of e-commerce, logistics and the escalation of industry chain, commercial bank uninterrupted innovative financial products for credit markets. The emergence of SCF can happen to improve the status quo of SMEs financing.SCF through introducing the third-party warehousing company and large core enterprise, makes up for the lack of the SMEs credit problems in the bank, enhances the transparency of information among the banks, so it provides a unique way of credit financing to SMEs in the supply chain upstream and downstream, and reducing the financing constraints to SMEs.In this paper, we take the listed Tech SMEs as research target, and based on existing research, we try to asymmetric information as an intermediate variable by combining theory and empirical to explore the mechanism of SCF regulating financing constraints of Tech SMEs. Therefore, this study not only to open up a new financing product for Tech SMEs, but also contributes to identify the effect of SCF in our countryside. And at the same time, it also provides a frame of reference on better for the future to boost the development of SMEs through financial innovations.The article selects SCF development indicator on individual enterprise level, rather than the national macro-indicator. With cash-cash flow sensitivity model which now widely used into finance management, we use empirical methods of the multiple regressions to verify the basic assumption. The concrete contents will be divided into the following four steps to start:(1) Select the model, and test the financing constraints of sample enterprises; (2) Group the study samples, then use the full sample data and packet data to examine the relation between the level of asymmetric information and financing constraints; (3) Quantify SCF, and analyze the impact of SCF playing roles in the asymmetric information; (4) Do robustness test and test results of the above regression analysis showed. Finally, we obtained the following conclusions:1. The results show that Tech SMEs indeed exist obvious positive cash-cash flow sensitivity, that’s Tech SMEs universally face strong financing constraints. By analyzing, we know the main factor leading to this phenomenon is the problem of asymmetric information between the small and medium-sized high-tech companies and financial institutions. And with the increased level of asymmetric information, the greater financing constraints the firms will be suffered.2. The study also finds that the development of SCF can effectively dilute the asymmetric information between the bank and enterprises, then thereby enabling Tech SMEs to get credit support, so as to alleviate the plight of the purpose of financing constraints. Thus, SCF is a very efficient manner to ease the financing problems of Tech SMEs. The findings also indicated that the different levels of asymmetric information, SCF for the financing constraints of Tech SMEs will exhibit different mitigation effect. Namely, the higher the degree of asymmetric information, the more significant alleviating effects SCF plays to financing constraints. And therefore, further analysis can be drawn the core idea of SCF is that, commercial banks is under the participation of the third-party logistics companies and the core enterprises, manage and control the circulating information, funding and logistics on supply chain, in order to reach the goal of weakening the asymmetric information between the SMEs and the financial institution. And then effectively promote the Tech SMEs to gain the financial support of the bank.