Research On The Influence Of Internet Supply Chain Finance On The Financing Constraints Of SMEs

SMEs are an important force in China's economic construction.However,since the financial crisis,the importance attached to the government by SMEs has not been consistent with their role in national economy and people's livelihood.Because of the low credibility of SMEs,the lack of collateral,and the asymmetric information and loan allocation policies of financial institutions,SMEs'funding needs have not been effectively met,and it has been difficult to obtain the required loans.The financing constraints are serious and affect their business development.Supply chain finance comes from the industry and takes core enterprises as the breakthrough point.Based on the division of labor and supply chain management,it provides integrated financial services for SMEs in the supply chain.With the rapid development of Internet finance,the traditional supply chain finance has new carriers and risk control methods.After the upgrade,the new Internet supply chain finance form provides new financing methods for SMEs.By resolving the difficulties in the information collection,risk control,and loan costs of lending institutions when they lend to SMEs,the information asymmetry between SMEs and lending institutions is reduced,transaction costs are reduced,and SME financing constraints are eventually alleviated.Based on the existing literature results,this paper first introduces the connotation of supply chain finance and Internet supply chain finance,and then uses information asymmetry theory and transaction cost theory to analyze the reasons for the financing constraints of SMEs.At the same time,it interprets the principle that Internet supply chain finance acts on the financing constraints of SMEs.Based on the above analysis,it puts forward two basic assumptions of this paper.Then it analyzes the status quo of China's SMEs'financing constraints and the status quo and conditions of China's development of Internet supply chain finance.Then,based on the cash-cash flow sensitivity model proposed by Almeida(2004),this paper develops the model of this paper and uses the data of listed small and medium-sized board enterprises in China from 2013 to 2016.An empirical analysis of the existence of financing constraints for SMEs and that Internet supply chain finance can mitigate this constraint.Finally,it was found that SMEs have cash-flow sensitivity and are subject to significant financing constraints.However,through the development of Internet supply chain finance,they can somewhat ease their financing constraints.Finally,corresponding suggestions are made,and it is hoped that the government and enterprises will increase their attention and investment in Internet supply chain finance,promote their better development,and help enterprises solve the financing constraints.This study not only guides SMEs on new financing channels,but also helps to identify the status quo and future trends of domestic Internet supply chain finance,and provides valuable suggestions for the subsequent use of financial innovation to promote the development of SMEs.