Research On The Impact Of Supply Chain Finance On SME Financing Constraints

Small and medium-sized enterprises(SMEs)as the basic components of China’s market body,play an important role in safeguarding the steady and healthy development of the national economy.However,The problem of financing constraints has become a bottleneck restricting the development and expansion of small and medium-sized enterprises in China.How to use supply chain finance to effectively solve the SME financing constraints and promote the healthy development of SMEs,is the focus of attention in the new norm.This article aims to "comprehensively analyze the financial connotation of supply chain,systematically study the mechanism of supply chain finance to affect the financing constraint of small and medium-sized enterprises,and test the actual effect of supply chain finance in our country",and uses the "theoretical basis-mechanism analysis-empirical test-policy recommendations" research ideas.First of all,this article summarized the relevant literature at home and abroad for the follow-up research to provide reference.Secondly,this article from the theoretical level cleared the connotation of supply chain finance and related theoretical basis,and analyzed the mechanism of supply chain finance affecting the financing constraint of small and medium-sized enterprises.Then,using China’s Shenzhen small and medium-sized board listed companies as research samples,from the perspective of cash-cash flow sensitivity,this article used the balance panel data to carry on the empirical test.The study found that China’s small and medium-sized enterprises generally exist financing constraints.As a new financing business model,supply chain finance can improve the bank lending enthusiasm by improving the information asymmetry between banks and enterprises,raising the credit level of small and medium-sized enterprises and reducing the transaction cost of banks and enterprises,thus alleviating the financing constraints faced by small and medium-sized enterprises.In addition,the mitigation effect of supply chain finance on non-state-owned SME financing constraints is more pronounced than state-owned small and medium-sized enterprises.In view of the fact that the vast majority of small and medium-sized enterprises in China are non-state-owned enterprises,China should actively promote the development of supply chain finance and create a favorable environment for its development to solve the financing constraints of small and medium-sized enterprises in our country and thus promote the healthy development of the real economy.Based on this,this article presents policy recommendations from the government,financial institutions and business aspects.