Research On The Impact Of Supply Chain Finance On The Operating Performance Of Core Enterprises In Home Appliance Manufacturing

In recent years,with the constantly changing domestic and international economic situation,as well as the development of the supply chain finance market,supply chain finance has gradually become an important means of corporate financing.In this context,more and more enterprises have begun to regard supply chain finance as an important financing channel to solve the problem of financing difficulties and improve operational efficiency.As the core enterprise in the home appliance manufacturing industry,it plays an important role in the operation of the entire supply chain and the control of capital flow.However,due to the current instability of the financial market and changes in the external environment,the difficulty of financing for home appliance manufacturing enterprises has gradually increased,and the cost of financing has continued to rise,which directly affects the development and operational efficiency of enterprises.As a key participant in supply chain finance,whether core enterprises can improve their performance and obtain economic benefits through supply chain finance is also a noteworthy issue in the study of supply chain finance.Therefore,this thesis takes the core enterprises in the home appliance manufacturing industry as the research object,and explores the impact of supply chain finance on the business performance of core enterprises in the home appliance manufacturing industry.Firstly,this thesis summarizes and integrates relevant literature on the meaning of supply chain finance,specific operation mode,and its impact on corporate business performance,sorts out relevant theoretical mechanisms,deduces the relationship between supply chain finance and the business performance of core enterprises in the home appliance manufacturing industry,and proposes hypotheses based on this.In terms of empirical testing,this thesis uses the listed companies on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2021 as the research sample,and uses the fixed effects model of panel data for empirical testing.In terms of robustness testing,this thesis uses two methods of variable substitution and bootstrapping robustness testing,and conducts further examination through robustness testing.In terms of heterogeneity testing,this thesis conducts further examination on the differences between different regions and the comparison before and after the removal of the impact of COVID-19.This thesis draws the following conclusions:(1)There is a significant positive correlation between the development level of supply chain finance and corporate performance.Core enterprises conducting supply chain finance business and improving the development level of supply chain finance can improve the business performance of core enterprises.(2)In the home appliance manufacturing core enterprises in economically developed provinces in the southeast coastal area,the positive impact of the development level of supply chain finance on their business performance is more significant,while the impact on core enterprises in other regions is less clear.(3)The business performance of core enterprises in the home appliance manufacturing industry and the development level of supply chain finance have been affected by the COVID-19 pandemic,and the impact of supply chain finance on corporate performance weakened after the removal of the impact of COVID-19.This thesis enriches the research on the economic value of core enterprises conducting supply chain finance business from the perspective of core enterprises;in terms of theoretical analysis,it combines supply chain finance with financial theories such as information asymmetry,priority financing,and ownership theory for analysis,which also reflects certain innovation in research methods.The research conclusions of this thesis can provide some suggestions for core enterprises conducting supply chain finance business,and also have some reference significance for financial policy makers.