A Microanalysis Of Supply Chain Finance Alleviating The Financing Difficulties Of Small And Medium-sized Enterprises—the Perspective Of Information Asymmetry

In the report of 19 th CPC National Congress,it was proposed to “strengthen support for SME innovation”.SMEs are the largest and most innovative enterprise groups in China and have an irreplaceable role in promoting economic growth,promoting innovation,increasing taxation,absorbing employment,and improving people’s livelihood.According to the statistics of the National Bureau of Statistics,as of the end of 2016,China’s small and medium-sized industrial enterprises above the designated size accounted for 97.5% of the total number of industrial enterprises,accounting for 62.7% of total revenue,and absorbing 66.8% of employment.The mismatch with the contribution of SMEs is that SME financing difficult is still a major obstacle to the development of SMEs in China for a long time.As SMEs play an important role in the national economy,solving the financing difficulties of SMEs is crucial.Supply chain finance,based on the combination of information technology,industrial chain and finance,provides a new direction for the financing of SMEs.This article compares the differences between traditional bank credit and supply chain finance,and finds that supply chain finance provides financing services for SMEs with the following advantages: First,the problem of insufficient collateral for SMEs has been solved through mortgages for movable assets and futures;Second,prior Incomplete information is governed by better information transfer and screening;Thirdly,through process monitoring and third-party supervision,it controls moral hazard and reduces the risks faced by banks;Fourth,it solve the mismatch between the income and risk of SME financing services through the service model of “group purchase” for groups.Based on the theory of credit rationing and referring to Bester’s classical model,this paper establishes an improved credit market economic model under the conditions of supply chain finance.Through model analysis,we further explored the impact of the characteristics of supply chain finance on the equilibrium of credit markets.These characteristics include expanding the scope of collateral,increasing default costs,and using additional information to improve risk identification capabilities.It shows that supply chain finance can ease the credit rationing,and then partially solve the problem of financing difficulties for SMEs.Then,with the case of Ping An Bank’s supply chain finance,analyze how supply chain finance provides financial services for SMEs.Finally,based on theory and practice,some suggestions are made for better use of supply chain finance to solve the financing difficulties of SMEs.In the reality of SME financing difficult and supply chain finance innovation,this paper analyzes the characteristics of supply chain finance.This paper theoretically expands the research on credit rationing after supply chain finance innovation,and provides a theoretical basis and practical reference for SME financing for SME financing.