Research On The Impact Of Supply Chain Finance On SMEs' R&D Investment

Supply chain finance integrates the production relationship chain of enterprises,and pays more attention to the transaction information of the overall supply chain.Through the core position of the supply chain,the company provides credit guarantees for SMEs in a weak position.Based on real trade information,the supply chain Monitoring of information flow,logistics and capital flow to provide comprehensive financial services for upstream and downstream enterprises in the production chain of the enterprise.SMEs have made tremendous contributions to the development of China's economy.However,the independent innovation capability of SMEs in China has a large gap compared with foreign companies.At the same time,SMEs in China are generally faced with the constraints of financing difficulties.Because SMEs have a lower voice in the production chain,they often need to advance part of the purchase price to the raw material suppliers to obtain raw materials for production.At the same time,they sell products to credit companies on credit,and the book funds are greatly restricted.The economic benefits are low and it is difficult to obtain financial resources.In order to maintain normal production and operation,the credit support of the organization will occupy the resources of R&D projects,which greatly hinders the pace of technological innovation and product upgrades of the company,which cannot improve the efficiency of the enterprise and form a vicious circle,which is not conducive to promoting China's supply-side reform.Supply chain finance is based on the credit limit of core companies,reducing the credit requirements of SMEs,expanding the credit scope of financial institutions,and easing the financing constraints of SMEs to a certain extent,and the R&D investment intensity of SMEs is constrained by their own financing Based on the above considerations,this article raises the question:Can supply chain finance promote the R&D investment intensity of enterprises? Is there a difference in the impact of different supply chain finance models on the R&Dinvestment intensity of enterprises? Under the background of different actual controllers of enterprises,are there any differences in the impact of supply chain finance on the R&Dinvestment intensity of enterprises?This paper uses empirical research and normative research methods to study the above problems.First of all,this article combs the relevant literature at home and abroad,and finds that domestic and foreign generally believe that financingconstraints limit the intensity of R&Dinvestment of enterprises.Domestic research believes that supply chain finance can ease the financing constraints of enterprises,but there is no information about supply chain finance and enterprise R&Dinvestment.The direct research of the intensity verifies the necessity of the research problems in this paper;secondly,this paper analyzes the definition,mode and characteristics of supply chain finance,and then analyzes the supply chain finance based on the information asymmetry interest rate,prioritized financing theory and financial function theory The mechanism of impact on the R&Dinvestment intensity of enterprises,and put forward corresponding assumptions;third,this article uses China's listed small and medium-sized board companies as samples in 2010-2018,after screening the relevant data,through empirical methods to study the supply chain finance to SMEs The impact of R&Dinput intensity,and the sample is divided into the state-owned enterprise group and the non-state-owned enterprise group for research according to the nature of enterprise property rights.Finally,this paper makes conclusions based on empirical results and puts forward certain policy recommendations to promote the development of China 's supply chain finance to improve R&Dinvestment intensity of China's small and medium-sized enterprises accelerates States the pace of supply side reforms.The results of the study found that supply chain finance has a certain role in promoting the R&Dinvestment intensity of China's SMEs,while the supply chain financial receivables model has a slightly better effect on the R&Dinput intensity of China's SMEs than the accounts payable model.At the same time,the supply Chain finance has a less obvious role in promoting the R&Dinvestment intensity of China's small and medium-sized state-owned enterprises,but it has a more significant role in promoting the R&Dinvestment intensity of China's small and medium-sized non-state-owned enterprises.The research conclusion of this paper shows that supply chain finance can promote enterprises' R&Dactivities and increase R&Dinvestment intensity.It should vigorously develop supply chain finance,give full play to the support role of supply chain finance for enterprise R&Dactivities,and accelerate the supply-side reform of China pace.