Research On Mitigating Effect Of Supply Chain Finace On Finacing Constrains Of Smes Under Different Types Of Auditing Opinion

Small and medium-sized enterprises(SMEs)are important carriers of mass entrepreneurship and innovation.They are a vital part of our national economy and have a broad social-economic foundation.SMEs play an irreplaceable role in increasing employment,promoting economic growth,driving technological innovation and maintaining social stability.However,incomplete financial market causes the information asymmetry between banks and SMEs.Ultimately,banks are unable to fully grasp its credit status,profitability and other information.SMEs have small scale,high risk of operation,short life cycle and so on.In order to reduce credit risk,banks often reluctantly lend to SMEs,which makes it difficult for SMEs to obtain the loans they need.Supply chain finance is a new financing way.It effectively alleviates the information asymmetry between SMEs and banks,reduces the financing threshold and cost of SMEs,and solves the financing constraints faced by SMEs in the credit market.About the researching on supply chain finance and corporate financing constraints,scholars mainly focus on the direct research the alleviating effect of supply chain finance on financing constraints of SMEs.However,few scholars add regulatory variables and study its impact on supply chain financial ease the financing constraints.Therefore,based on the existing research results,the article views the audit opinion as a measure of information asymmetry which is added to the study of supply chain finance and financing constraints.We adopte the development index as a measure of a single enterprise supply chain financial.Using this index to explore under different types of audit opinion the supply chain financial relief for financing constraints of SMEs.It provides some empirical evidences for the study of financing constraints of SMEs in supply chain finance.This paper uses the data of China's GEM listed companies and takes advantage of the multiple regression analysis method to carry out the empirical analysis.The main conclusions are as follows:The financing constraint problem exists in China's GEM listed companies.Different audit opinion groups are faced different financing constraints.Poor type of audit opinion groups companies face higer degree of finacing constrains than good type of audit opinion groups.Supply chain finance plays an active role in alleviating the financing constraints of enterprises.And supply chain finance is different to the financing constraints of different types audit opinion.Compared with the good audit opinion type group,supply chain finance is more effective in easing financing constraints of the poor audit opinion group.According to the research conclusions,we put forward the policy suggestions for the government,financial institutions and SMEs,in order to promote the further development of supply chain finance and help SMEs get rid of financing difficulties.