The Research On The Mitigating Effect Of Supply Chain Finance On The Financing Constraints Of SMSE

As an important carrier of China's economy,Small and medium-sized enterprises(SMSE)have made prominent contribution to spurring economic growth,improving government tax revenue and absorbing jobs.However,compared with the predominant role in the economy,SMSE encounter severe financing constraints,and the problem of difficult and expensive financing has become an adverse factor restricting the sustainable and healthy growth of SMSE.Supply chain finance is a kind of financing service fitting the characteristics of SMSE well.It is the current focus worthy of great concern on how to utilize and develop supply chain finance to solve the financing problem of SMES.This paper mainly studies whether supply chain finance can relieve the financing constraints of SMSE and its acting mechanism.In the qualitative analysis part of this paper,the concept definition of supply chain finance and the three major financing modes are introduced in detail.Then the mechanism of supply chain finance to improve the financing constraints on SMES is analyzed from the three levels of information asymmetry,transaction cost and credit risk.In the empirical analysis part,this paper selects the panel data of listed companies on the Sme board and the Gem board from 2013 to 2017,uses the Cash-Cash Flow sensitivity model to conduct an empirical test on the two major problems of whether there are financing constraints in China's SMSE and whether supply chain finance can alleviate the degree of financing constraints on SMSE.The empirical findings indicate that distinct financing restriction among SMSE in China indeed exists and supply chain finance can effectively relieve the degree of financing constraints encountered by SMSE.Based on this,this paper believes that China ought to vigorously drive the progress of supply chain finance in order to promote the better growth of small and micro enterprises,and at the same time expedite the construction of the third party service platform of supply chain finance and actively promote the innovation of supply chain finance financing mode.