Supply Chain Finance And SME Financing Constraints

At present,China’s SMEs are developing rapidly,and they play an increasingly important role in solving employment problems,promoting technological innovation and promoting economic development.However,financing issues have always become an important constraint restricting the growth of SMEs.Due to the complicated process of loan approval for commercial banks and the low level of credit for SMEs,the external financing of SMEs in China has been greatly hindered.Supply chain finance relies on the credit level of core enterprises and based on the relationship of the entire supply chain,which has largely alleviated the financing constraints of SMEs.At the same time,some SMEs in China have a combination of industry and finance.The combination of industry and finance can deepen the connection between SMEs and financial institutions,which is conducive to the financing of SMEs and ease financing constraints.Based on the analysis of information asymmetry theory and transaction cost theory,and the analysis of the adjustment effect of the combination of industry and finance,and the nature of property rights,the theoretical analysis part concluded that supply chain finance can help enterprises solve financing problems by solving information asymmetry.In the empirical analysis part,this paper chooses the cash-cash flow sensitivity model to measure the financing constraints of SMEs in China.The explained variable of the model is the change value of the enterprise’s cash holding amount.The main explanatory variables are the enterprise cash flow,the enterprise scale and the future investment opportunities of the enterprise,etc.Simultaneously,It has joined the cross-item of corporate cash flow(CF)and industry-integration(IFC),and the cross-entry of corporate cash flow(CF)and supply chain finance(SCF)to study the relationship between industry and finance,corporate financing constraints and the mitigation effect of supply chain finance on financing constraints.In addition,in order to study the regulation of the combination of industry and finance and the nature of property rights,the SME board data was divided into four groups:state-owned enterprises,non-state-owned enterprises,production and integration enterprises,and non-productive and industrial enterprises.The data of empirical analysis selects China’s 2010-2016 SME board listed companies,and after the model test,the fixed effect model is selected for regression.Finally,we got that the mitigation effect of supply chain finance on non-state-owned enterprises is more significant,and the combination of industry and finance cannot positively regulate the relationship between supply chain finance and financing constraints.The research framework of this paper is as follows:The first chapter is the introduction,which mainly introduces the research background,research significance,research methods and ideas,as well as the innovations and shortcomings of this paper.The second chapter is the literature review part of this paper.This chapter introduces the research status of domestic and foreign scholars from the aspects of supply chain finance,supply chain finance and financing constraints,and the combination of industry and finance.It also sorts out the literature and puts forward some problems in the literature,which lays a foundation for the subsequent research.The third chapter is the theoretical analysis part of this paper.It analyzes the three modes of supply chain finance,the current financing situation of SMEs,the theory of information asymmetry and the theoretical analysis of transaction costs,and proposes the hypothesis of the article.The fourth chapter is the empirical analysis part of this paper.The panel hypothesis analysis is carried out on the above hypothesis,and the robustness test is carried out on the model.The fifth chapter is the conclusions and policy recommendations of this article.According to the above empirical analysis and theoretical analysis,the conclusions of this paper are drawn,and combined with China’s special national conditions,it puts forward certain policy recommendations for easing the financing constraints of SMEs in the future.