Mitigation Effect Of Supply-Chain Finance On Financing Constraints Of SMEs

Because of the weak core competitiveness,insufficient mortgages and imperfect management mechanism,the financing problem has become an important factor to restrain the development and innovation of SMEs.At present,banking institution are facing the periodic crisis of the financial industry,and their business volume is suffering a great impact.Therefore,the study of the role of Supply Chain Finance on financing constraints of SMEs can provide new ideas for solving the financing problems of SMEs and provide useful reference for improving their own management system;and it is the help of the financial institutions to expand the credit market,accelerate the mode innovation and improve the risk management and control mechanism;and this study can deepen the government's understanding of the economic market development,and then guide the government to improve the market supervision system,formulate relevant policies and regulations,provide more secure and convenient financing and development platform for enterprises,and promote the healthy development of China's market economy,especially small and medium-sized enterprises in our country.Based on the current development background of SMEs,this study explores the SMEs' current situation and the causes of its' financing constraints;By combining related theories and the specific operation mechanism of supply chain finance,this paper analyzes the mechanism of supply chain finance to alleviate financing constraints.Starting from the research idea of the cash-cash flow sensitivity of SMEs,this paper takes the data of the High Technology Expertise(HNTE)listed on the SME Board of the Shenzhen Stock Exchange from 2011 to 2016 as the sample of the research,and then construct the cash-cash flow measurement model.Finally,this paper empirically analyze the financing problems of SMEs and the effect of Supply Chain Finance on this problem.The results show that the cash-cash flow sensitivity of the SMEs is obvious,and the cross multiplicative factor of the supply chain finance and cash flow in the model is negative very significant;that is,financing constraints exist in high-tech SMEs,and supply chain finance has a mitigate effect on SME financing constraints.Combined with the research results,the article finally gives the following relevant recommendations from three perspectives,including government,financial institutions and SMEs,for reference.First of all,government agencies should give full play to its market supervision and service functions,so as to provide more secure and convenient financing and development platform for enterprises.Secondly,financial institutions need to accelerate the pace of innovation in financial services,actively explore the personalized credit products applicable to various types of enterprises on the supply chain to open up the market of small and medium-sized enterprises,and build a perfect risk control system and reduce credit risk.Finally,SMEs should actively optimize their financing structure to achieve multi-channel financing,and the third party logistics enterprises should cooperate actively with financial institutions and SMEs to improve the information sharing platform,in order to avoid the credit risk caused by information asymmetry and promote the sustainable and stable development of the supply chain finance.As discounting is the most widely used financing tool in supply chain finance in our country,this paper selects the ratio of the national discount rate and the current GDP to measure the development level of the supply chain finance,and makes the result reliable.And this paper takes the selected high-tech SMEs as the research object,and adopts the research method combining qualitative analysis and qualitative analysis,which is the innovation point of this study.However,at the present,the listed companies lack of financial information disclosure in supply chain,and the index system of the supply chain financial development is not perfect,which makes the relevant empirical evidence can not be implemented accurately,and the results still exist a certain degree of deviation.