Study On Financing Constraint Of Small And Medium-sized Enterprises From The Perspective Of Supply Chain Finance

As an important parts of China's economic development,increasing number of small and medium-sized enterprises(SMEs)in China have been occupied an important position and play an positive role in creating jobs,stabilizing economic growth,adjusting the structure,and benefiting the people.The financing issue of SMEs has always been a hot topic to discuss in recent years.At present,SMEs with small size,backward operation and management,low transparency of information and limited mortgage assets have cause the problems of financing difficulties,high financing costs and financing constraints.Therefore,it is important to help SMEs by using the supply chain financial services alleviate financing problems,ease the financing constraint and broaden the financing channels,which can better promote the healthy development of national economy.From the perspective of supply chain finance,this thesis theoretically analyzes the definition?characteristics and the operating mechanism of three typical financing models for supply chain finance.Then this thesis briefly summarizes the financing issues of SMEs and deeply explore of the influence of supply chain finance on financing constraints from information asymmetry and transaction costs.On the basis of analyzing the relevant theories of SMEs financing constraints,taking the manufacturing industry as an example to build the cash-cash flow sensitivity model is useful for us to discuss.Selecting the financial data of listed companies in China's Shenzhen Stock Exchange from 2014 to 2019 can analyze the empirical test,which can explore supply chain finance for SMEs.Finally,this thesis provide suggestions from the aspect of the government,financial institutions and SMEs in accordance with the conclusions.I hope that this thesis can provide help for the financing of SMEs through supply chain finance.Through theoretical and empirical research,it is found that the SMEs represented by manufacturing in China encounter the cash-cash flow sensitivity and face with financing constraints.Supply chain finance can broaden financing channels and increase the possibility of financing.At the same time,it can effectively alleviateinformation asymmetry,improve credit quality,and reduce credit risk.Supply chain finance can also reduce the financing costs and ultimately alleviate the financing difficulties and financing constraints of SMEs.