The Impact Of B2B Platform Supply Chain Finance On The Financing Efficiency Of Small And Medium Sized Enterprises

With the promotion of supply-side reform,the traditional industries need to transform and improve the efficiency of the industrial chain,while the financing problem of SMEs is still to be resolved.On the basis of facing the development of Internet financial innovation,the rise of big data and logistics industry,B2 B platform of supply chain finance can take full advantage of their own information flow,capital flow and logistics,improve the transparency of information,and cooperate with the third party logistics enterprises and small and medium enterprises.Meanwhile,it’s time to play the role of supply chain finance to make up the credit of small and medium enterprises the problem of insufficient.By the way,it can help small and medium enterprises to reduce financing constraints and improve financing efficiency.This article first clarify the important concepts of the traditional definition of supply chain finance and B2 B supply chain finance respectively,analyzing the characteristics and connotation on brief.The paper summarizes the features of the B2 B platform of the supply chain finance for industry high degree of standardization,trading volume,connecting the upstream and downstream enterprises is weak with strong control ability.It also discusses the operation mode of two kinds of supply chain finance,which is based on the purchase,production and sales.Secondly,the paper analyzes the factors that influence the supply chain finance in the B2 B supply chain finance,in the sight of small and medium enterprises,B2 B platform,financial institutions and logistics enterprises in the B2 B supply chain finance.In the empirical part,based on the existing literature,we construct a cash-flow sensitivity model to explore the factors affecting the financing efficiency of SMEs.Based on the analysis of the financing efficiency of small and medium-sized enterprises,the paper selects the appropriate variables,and selects the development index of B2 B supply chain finance from the micro level.Multiple regression with panel data from 2012 to 2016,China’s manufacturing industry of small and medium-sized listed companies,the sample test on the enterprise financing constraints and the efficiency of small and medium-sized enterprises,found that the cash flow sensitivity of cash is positive,there are existing obvious financing constraints.After that,we quantify the financial indicators of B2 B supply chain,and discuss the role of B2 B supply chain finance in the financing of SMEs.Then,the results of the above regression analysis are tested by the robustness test.The study found that if the potential of SMEs to use the existing accounts receivable,notes receivable and short-term loans to carry out B2 B supply chain finance,SMEs can ease the financing constraints.The main purpose of B2 B supply chain finance is to make ues full of the B2 B e-commerce platform of information advantage,which can joint small and medium-sized enterprises,financial institutions and logistics enterprises,breaking information barriers between each other,reduce information asymmetry,reduce the moral risk and credit risk as much as possible,by integrating the supply chain information,capital and logistics effectively.The small and medium-sized enterprise credit support,improve the efficiency of financing.Finally,from the small and medium-sized enterprises themselves,B2 B platform,financial institutions,logistics companies and the government level to explore the development direction of China’s B2 B platform supply chain finance.Small and medium-sized enterprises can make reasonable use of B2 B financial supply chain financing,pay attention to enhance their own strength,to regulate the development of the capital investment to attract outside investors;B2B platform can play its own information superiority,to control the risk,help the subjects in supply chain profit;financial institutions and logistics enterprises through participation in the B2 B supply chain finance to the development of product innovation,expand business;the government should establish the small and medium-sized enterprise financial system of different levels to help small and medium enterprises to improve the efficiency of financing,and boost the development of economic more robust.