| The vigor of China’s economic development comes from small and medium-sized enterprises.In the conference on promoting the development of small and medium-sized enterprises held by the State Council in 2018,the important position of small and medium-sized enterprises in China’s economic development was pointed out,including more than half of the tax revenue,GDP and technological innovation.Among them,small and medium-sized enterprises account for more than 90% of the number of enterprises in our country,and have developed into the main force of economic development in our country.They are promoting the improvement of employment situation and people’s livelihood quality in our country.However,while promoting rapid economic development,high-quality development puts forward higher requirements for small and medium-sized enterprises.SMEs in China are still facing a series of problems in their development,such as difficulty in financing and high cost of financing.The financial services they enjoy do not match their strategic position and economic contribution.The main reasons are that SMEs lack effective mortgage assets recognized by financial institutions,and their own core competitiveness is insufficient,and their operational risks are relatively high.In order to alleviate the financing difficulties of small and medium-sized enterprises,supply chain finance emerged as the times require.As a new type of financing,supply chain finance focuses on auditing the credit situation of core enterprises.On this basis,it carries out financing management for the upstream and downstream enterprises of core enterprises,guarantees the smooth progress of enterprise financing process from the aspects of financial products and specialized financial services,reduces the financing cost of supply chain,and is not only welcomed by small and medium-sized enterprises,but also by the state administration.Government policy support,issued the "Guidance on Actively Promoting Supply Chain Innovation and Application".At the same time,under the influence of financial disintermediation,interest rate marketization and capital market development,the traditional profit model of financial institutions relying on spreads has been significantly impacted.The market competition of large enterprises is fierce,while the market of small and medium-sized enterprises is huge and needs to be developed.Supply chain finance has gradually become an important way for financial institutions to develop the market of small and medium-sized enterprises.This paper takes supply chain finance as the research object,adopts literature research method,graph analysis method and empirical analysis method,and from the microscopic perspective,combined with China’s economic development into the new normal background,researches the rapid development of supply chain finance in recent years.The slow release effect of constraints,focusing on the problems existing in the financing of SMEs in China and the reasons behind the problems,for China to use supply chain finance to provide development advice for the financing assistance of SMEs in China,so that supply chain finance can better serve small and medium enterprises Enterprises,in turn,promote the stable,healthy and high-quality development of the Chinese economy.This paper takes supply chain finance as the research object,adopts literature research,chart analysis and empirical analysis,and from the micro perspective,combines with the background of China’s economic development entering a new normal,studies the slow-release effect of Supply Chain Finance on SMEs’ financing constraints in recent years,and focuses on the analysis of the common problems and the underlying causes of the problems in the financing of SMEs in China.For this reason,this paper puts forward some development suggestions for China to use supply chain finance to finance SMEs,so that supply chain finance can better serve SMEs,and then promote the stable,healthy and high-quality development of China’s economy.The full text consists of five parts.The first part mainly introduces the background of SMEs financing in China,and combs the research content based on domestic and foreign literature.The second part analyses the current situation and causes of financing constraints of small and medium-sized enterprises in China to provide practical basis for subsequent analysis.The third part mainly elaborates the theoretical basis of SMEs’ financing constraints released by supply chain finance,including information asymmetry theory and transaction cost theory.In this part,on the basis of explaining the current situation of supply chain finance in China,the author makes a relevant analysis on the alleviation of financing constraints of SMEs,which provides theoretical support for the following empirical analysis.The fourth part is empirical analysis.Based on the ten-year relevant financial data of SMEs listed on SMEs in China,this paper uses Cash-Cash flow sensitivity model to make an empirical analysis of the financing constraints of Supply Chain Finance on SMEs.Finally,the conclusions and suggestions are given.It is found that SMEs in China are generally faced with financing constraints,and the development of supply chain finance can effectively solve this problem.The development of new credit supply chain finance can reduce the financing constraints of SMEs more effectively than the development of traditional supply chain finance.Regions are divided according to the criteria of financial diversity.After grouping and regression,it is found that in regions with low financial diversity The effect of Supply Chain Finance on reducing financing constraints is more significant.In this regard,corresponding suggestions are put forward from three aspects: national level,industry level and enterprise level.Through strengthening multi-party cooperation,we can actively promote the improvement and development of new credit supply chain finance. |
