The Impact Of Supply Chain Financing On Credit Market Liquidity And Efficiency In Small And Medium Enterprises

Small and Medium Enterprises(SMEs)are the cornerstone of the real economy,an important force in the national economy and social development,also they are promoting economic development,increasing social employment opportunities,deepening reform and opening up,improving people's livelihood and so on.In the current supply side reform,economic restructuring and upgrading,economic slowdown in the context of the healthy development of SMEs is particularly important.However But the reason of information asymmetry?supply and demand imbalance?lack of collateral and others caused the financing difficulties of SMEs.Further analysis of the root causes of financing difficulties of SMEs,it is not difficult to find its performance is that the thick financing of the credit market,can not make the urgent financing needs of SMEs to be fast and adequate satisfaction;the other is the inefficient financing,Many SMEs in the financing process in the high cost of financing,resulting in low efficiency of financing,a serious impact on the efficiency of enterprise funds to restrict the production and operation of enterprises.It can be seen that the need to crack the difficulties of financing SMEs can be from the credit market liquidity and financing efficiency of the two angles cut to find a solution to the problem.In the process of solving the financing difficulties of SMEs,supply chain financing will supply enterprises as a whole,with the core business credit level,combined with the characteristics of supply chain financing will be more fully presented to the financing information credit market,through Enhance the level of public information to solve the problem of information asymmetry,to improve the credit market liquidity and corporate financing efficiency.Based on this background,this paper summarizes the relevant domestic and foreign on the SME supply chain financing on the basis of the theoretical results,made the following research.The first is the definition of the relevant concepts and the theoretical research results of combing and commenting on the definition of the credit market liquidity and financing efficiency of the scope and definition,and on this basis,the theoretical literature collation;followed by the SME supply chain financing model and The analysis of the status quo,through the introduction of three common models of SMEs and domestic financing market and the status quo analysis for the study and theoretical deduction and empirical evidence to provide a realistic basis;followed by REE model theory derived from SMEs supply chain financing Market liquidity and financing efficiency,and combined with the theory of financing constraints to select the Shanghai and Shenzhen cities listed on the empirical data analysis,and through the supply chain financing case(Ali-Horqin)to further demonstrate the conclusions of-the theoretical-derivation;finally-from the government,SMEs,financial institutions and other relevant suggestions.