Study On The Influence Of Supply Chain Finance On Financing Constraints Of Small And Medium-Sized Enterprises

In the development of real economy,smes always play a vital role.However,due to information asymmetry,financial environment,corporate governance and other problems,the financing constraints of smes have not been solved at all.All kinds of financial resources accelerate the flow,break through spatial restrictions and gradually concentrate in a certain region,forming a certain scale of financial agglomeration area,providing more convenient services for enterprises in the region.Whether financial agglomeration can have a certain impact on smes’ financing constraints and what the mechanism is,is worth further research and discussion.Thesis based on the information asymmetry,transaction cost theory and the analysis of external economy theory believes that the small and medium-sized enterprises financing constraints of small and medium-sized enterprise demand for financial resources is greater than the financial market supply of funds,lead to small and medium-sized enterprise external financing cost is much higher than internal financing costs,for small and medium-sized enterprise the management and development of different degree of obstacles.Financial agglomeration has the advantage of spatial agglomeration of financial institutions,which is conducive to strengthening competition and cooperation among financial institutions,forming information network,and thus effectively alleviating information asymmetry,disperses and transfers risks of financial institutions,enhancing capital availability of smes,and ultimately effectively reducing financing constraints of smes.Further analysis shows that financial agglomeration may have regional heterogeneity,property rights and industry heterogeneity in alleviating smes financing constraints,and government subsidies may have a substitution effect on financial agglomeration.In view of this,the thesis selected more representative NEEQ listed companies as research samples,described the financing constraint degree of smes through SA index,depicted the level of provincial financial agglomeration by financial output density,and analyzed the status quo.Based on the relevant data from 2014 to 2020,this thesis measures the level of financial agglomeration in 30 provinces and cities across The country and the degree of financing constraints of listed companies on the NEEQ.The research finds that there are obvious regional differences in financial agglomeration,showing a pattern of high in the east and low in the west.The SA index of China’s small and medium-sized enterprises is generally negative,which means that small and medium-sized enterprises generally face financing constraints.Small and medium-sized enterprises in eastern China and private enterprises face higher financing constraints,and smes in different industries face different degrees of financing constraints.Thesis by constructing bidirectional fixed effects model and adjust the corresponding model,the smes of the NEEQ in 2014-2020 data and provincial financial agglomeration index for empirical analysis,set up link chain,macro to micro analysis to find financial agglomeration ease the small and medium-sized enterprises financing constraints of real evidence,to ease the financing constraints of small and medium-sized enterprises provide real channels.Through statistical analysis and empirical research results,the following conclusions are drawn:(1)the SA index of smes in China is generally negative,that is to say,smes generally have financing constraints;(2)Financial agglomeration can alleviate the financing constraints of smes;(3)The impact of financial agglomeration on smes’ financing constraints is heterogeneous in regions,property rights and industries.Financial agglomeration can significantly alleviate the financing constraints of smes in eastern Regions,non-state-owned industries and industrial industries.(4)Government subsidies have a moderating effect on the relationship between financial agglomeration and smes’ financing constraints,and government subsidies have a positive effect on financial agglomeration to alleviate smes’ financing constraints.Finally,based on theoretical analysis and empirical conclusions,the thesis puts forward relevant policy suggestions:(1)promote financial agglomeration and infrastructure construction;(2)Implement differentiated financial agglomeration development strategy according to local conditions;(3)To alleviate the credit discrimination of smes,financial institutions and smes themselves should take action;(4)Formulate reasonable government subsidy policies to provide subsidies to high-quality small and medium-sized enterprises in real need of funds,and send the right signal to the financial market.