Research On Supply Chain Finance And Financing Constraints Of SMEs

SMEs are an important force in Chinese national economic and social development,but the financing difficulties and expensive financing issues that they face have a long history.The small and medium-sized enterprises have less profits and a shortage of internal financing.Factors such as high barriers to entry in the Chinese stock market and slow development of the bond market have forced small and medium-sized enterprises to rely on bank credit as a single source of external financing.However,due to the flaws and characteristics of SMEs' financial system,opaque information,insufficient collateral,and long cash cycle,it is difficult to meet the traditional credit risk control conditions of commercial banks.With the implementation of the movable property guarantee law,the construction of national-level SME support service platforms,and the application of information technology such as blockchain,China's supply chain financial ecological environment is constantly improving,and supply chain financial business has been carried out in an orderly manner.Supply chain finance can solve the problems of financing difficulties and expensive financing for SMEs in a real trade background,which is beneficial to provide diversified financing channels for SMEs,reduce financing costs,and improve the financing efficiency of SMEs.Therefore,it is necessary to make an in-depth analysis on how supply chain finance affects the financing constraints of SMEs.On the basis of the existing research,this paper firstly outlines the financing channels and financing status of SMEs:loans from banks and other financial institutions are the main financing channels for SMEs;the connotation of supply chain finance and four typical financing models,summarizing the ecological environment for the development of supply chain finance.Secondly,based on the information asymmetry theory,movable property pledge and industrial agglomeration effect,it analyzes the reasons why SMEs are facing financing constraints,and the theoretical mechanism of supply chain finance to ease the financing constraints of SMEs.Thirdly,based on the cash-cash flow model,the panel data of SME board listed companies from 2012 to 2018 was empirically tested,and the time fixed effect model was used to analyze the financing constraints faced by the secondary and tertiary industries and the mitigation effect of supply chain finance The results show that:(1)SMEs face strong financing constraints;(2)Supply chain finance can alleviate the financing constraints of SMEs;(3)Compared with the secondary industry,the tertiary industry faces more severe financing constraints.(4)Compared with the secondary industry,supply chain finance has a stronger mitigating effect on the financing constraints of SMEs in the tertiary industry.In order to enhance the robustness of the conclusion,the two major indicators of supply chain financial development and enterprise investment opportunities were replaced,and a' robustness test was conducted to further verify the above conclusion.Finally,this article puts forward corresponding policy suggestions from the perspectives of participants,technology applications and industry:Firstly,give full play to the subjective initiative of SMEs and develop supply chain finance;secondly,the service awareness of other parties in the supply chain finance should be enhanced to promote the development of supply chain finance;thirdly,use blockchain and other information technologies to crack the supply difficulties in the development of chain finance;Fourthly,accelerate the development of supply chain finance business for tertiary industry SMEs and prevent supply chain finance from becoming unrealistic.