Study On The Mitigation Effect Of Supply Chain Finance On Financing Constraints Of Small And Medium-sized Enterprises

In China,the number of small and medium-sized enterprises(SMES)is large,which has made an important contribution to the smooth operation of China's economy.However,due to the characteristics of small scale,disordered internal management,imperfect systems,limited information disclosure channels,poor credit status,lack of collateral,and high uncertainty of operation,in order to reduce transaction costs and default risk as much as possible,the owners of funds such as Banks are not willing to provide financial support to SMES.Therefore,SMES are difficult to get external financing support.They are generally troubled by financing constraints and have a huge financing gap.There is a huge gap between the financing support received by SMES and their contribution to China's economy.The financing difficulties of SMES have hindered the growth of them,especially for capital-intensive industries,which are characterized by abundant technology and equipment,large investment,slow capital turnover and slow investment return,so the capital demand pressure of capital-intensive industries is particularly prominent.The emergence of supply chain finance provides a new solution to the financing dilemma of Chinese SMES.This paper analyzes the causes of financing difficulties of SMES,and explains the mechanism that supply chain finance can solve financing difficulties of SMES by using three economic theories,such as information asymmetry theory.Then,based on the cash-cash flow model,this paper takes two capital-intensive industries in China,namely,auto parts industry,chemical raw materials industry as samples,and makes an empirical test on whether capital-intensive SMES are confronted with financing constraints and whether the current development of supply chain finance can alleviate their financing constraints.Research shows that even SMES that have been listed on the new third board market still face financing constraints,and the development of supply chain finance business can help SMES reduce the financing pressure,In addition,for the chemical raw materials industry,short-term loans have a greater easing effect on financing constraints than commercial bills of exchange,and discount has the smallest easing effect.This shows that the guarantee financing based on the core enterprise credit accounts for a relatively high proportion of the current SMES financing,and the business type and structure of supply chain finance need to be continuously optimized.Although China's supply chain finance market has a broad development prospect,the development time of supply chain finance in China is still short.For capital-intensive industries,the supply chain finance market is still a huge untapped market.Government departments and enterprises should make joint efforts to promote the development of supply chain finance so as to ease the financing constraints of capital-intensive SMES.