The Impact Of Supply Chain Finance On Financing Constraints Of SMEs

As a source of vitality to promote China's economic development,SMEs have played an important role in creating jobs and improving economic efficiency.However,SMEs have small scale,opaque information,and low credit rating.It is difficult to obtain loans from banks and other financial institutions.They have always faced the dilemma of"difficult financing and expensive financing".In recent years,the rapid development of supply chain finance has provided a possible new way for SMEs to obtain external financing.The question of whether the supply chain financial model can effectively alleviate the financing constraints of SMEs has also attracted more research attention and obtained some meaningful research conclusions.However,the existing research only focuses on the mitigation effect of supply chain finance on the short-term financing constraints of SMEs,and does not analyze the long-term effects of supply chain finance on the mitigation of financing constraints of SMEs.Therefore,it cannot fully and objectively reflect the impact of supply chain finance on the financing constraints of SMEs.At the same time,most of the existing literature does not pay attention to the regional adjustment effect of the degree of supply chain finance development,so the research conclusions also have certain limitations.In response to these research deficiencies,this paper first theoretically analyzes the mitigation effect and impact mechanism of supply chain finance on short-term financing constraints and long-term financing constraints of SMEs,and puts forward relevant theoretical assumptions;then,it further conducts a regional adjustment effect on the degree of supply chain financial development Analysis;Finally,construct a quantitative analysis model,select the sample data of China's listed SMEs,and conduct empirical tests on the hypothesis.The main research conclusions are as follows:(1)Supply chain finance can better ease the short-term financing constraints of SMEs.The supply chain finance model provides credit guarantees through core enterprises and uses real transactions as a carrier to achieve short-term credit from banks to SMEs.The flow of bank credit funds is clearly targeted and directed,thus effectively avoiding the problems of insufficient collateral and low credit level of SMEs,and creating conditions for SMEs to obtain short-term funds.(2)Supply chain finance can also effectively ease the long-term financing constraints of SMEs.Under the supply chain finance model,banks can obtain the necessary information from core companies and third-party logistics companies.At the same time,the supervision mechanism of the core companies and third-party logistics companies,and the credit mechanism of the supply chain all help to avoid moral hazard,thereby reducing The information asymmetry between the pre-loan and post-loan between banks and SMEs.It is helpful to promote banks to increase long-term credit to SMEs.(3)The degree of regional development of supply chain finance has a moderating effect.The higher the degree of supply chain finance development,the more significant the effect of supply chain finance on alleviating short-term and long-term financing constraints of SMEs.This shows that the implementation of supply chain financial regional development policies and development plans has a positive effect on promoting the healthy development of supply chain financial models and solving the financing dilemma of SMEs.