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

For a long time,small and medium-sized enterprises have made significant contributions to the national economy,but the financial resources they have obtained are inconsistent with their contributions.Affected by the information asymmetry between banks and enterprises,difficulties and high cost of financing for SMEs have existed for a long time,which to some extent hindered the rapid development of SMEs.In recent years,the government has attached great importance to solving the financing problems of SMEs,advocating government departments at all levels to start from the actual needs of SMEs so that we can create a benign economic environment and innovate financial models,finally,difficulties and high cost of financing for SMEs will be solved.Since the emergence of the supply chain financial model,it has played a significant role in alleviating the constraints on financing of SMEs.Supply chain finance was created in response to the financing needs of SMEs,financial institutions rely on the credit level of core enterprises to provide overall credit to the supply chain,the development of supply chain finance enables banks to collect and obtain more enterprise information,reduce the information asymmetry in the credit market,improves information transparency between banks and enterprises so as to more effectively solve the financing constraints of SMEs.At the same time,by introducing the credit advantages of core enterprises and the professional service advantages of the third-party logistics enterprises,the risk control of SMEs is realized and the credit cost is effectively reduced,which has gradually become an important means for financial institutions to realize strategic transformation and develop the credit market of SMEs.First of all,based on the existing researches at home and abroad,combined with the concept,characteristics and business model of supply chain finance,this paper makes an in-depth study on the basis for supply chain finance to alleviate financing constraints of SMEs from the perspectives of information asymmetry theory,and transaction cost theory and principal-agent theory,the research hypothesis of this paper is also proposed.Secondly,based on the research samples of all China's A-share listed companies from 2008 to 2018,this paper empirically tests the financing constraints of SMEs and the role of supply chain finance in easing the financing constraints of SMEs by using cash cash flow sensitivity model,enterprise information transparency and the level of financial development were introduced as moderating variables for further investigation respectively based on internal individual characteristics and external financial environment.The differences in the financing constraints of different types of enterprises and diversity of supply chain finance to alleviate their financing constraints were studied,robustness tests were also performed.Finally,based on the empirical conclusions of this paper and the current status of China's supply chain finance development,this paper puts forward some specific suggestions,explains the research limitations of this paper,and proposes the future research direction.Through empirical analysis,this paper draws the following conclusions:First,the financing constraints of SMEs in China are common;Second,to some extent,the development of supply chain finance can alleviate the financing constraints of SMEs;Third,information transparency negatively regulates the easing effect of supply chain finance on enterprises financing constraints,that is the higher the information transparency,the weaker the easing effect of supply chain finance on enterprises financing constraints;Fourth,the level of financial development negatively regulates the easing effect of supply chain finance on enterprises financing constraints,that is the higher the level of financial development in the region,the weaker the easing effect of supply chain finance on enterprises financing constraints.