Reserch On The Influence Of Supply Chain Finance On The Financing Constraints Of Agricultural Small And Medium-sized Enterprises

Agriculture is the basic production department and plays a vital role in guaranteeing China’s social and economic development.Agricultural small and medium-sized enterprises are one of the growth drivers of the agricultural economy and have a prominent place in promoting agricultural development,creating many employment opportunities for rural labors and realizing the rural revitalization.However,they are always suffering difficulties in financing.Due to the existence of information asymmetry,the profit-driven nature of the capital and risk aversion,financial institutions will set a high threshold when selecting investment projects,such as requiring borrowers with good credit standing,collaterals convenient to evaluate and realize.Complete financial reports and the sustainable operation ability of enterprises or borrowers are also required.These higher borrowing conditions make it difficult for agricultural small and mediumsized enterprises to access the formal credit market,which intensifies the difficulty for them to obtain funds.Supply Chain Finance is a branch of supply chain management and a financial innovation business derived from the intersection of finance and supply chain.The biggest difference between the Supply Chain Finance and the traditional credit financing model is that Supply Chain Finance can enable enterprises at all nodes of the industrial chain to form a community of interests,through making use of the strength and credit ability of core enterprises of the supply chain,coordinating and cooperating with supply chain members,optimizing supply chain processes thus promoting the rational allocation of resources and accelerating the financing,What’s more,by improving the overall information transparency of the supply chain,the problem of information asymmetry has been solved and the possibility of agricultural small and medium-sized enterprises to obtain credit has been improved,so as to alleviate the financing constraints of agricultural small and medium-sized enterprises.Firstly,this study combs and summarizes the relevant literatures of the Supply Chain Finance and literatures on the relationship between Supply Chain Finance and financing constraints of small and medium-sized enterprises,as well as expounds the financing dilemma of agricultural small and medium-sized enterprises from the scale and industry;Secondly,our research makes a theoretical analysis on the problem of Supply Chain Finance alleviating the financing constraints of agricultural small and medium-sized enterprises,we then investigates the income distribution of all parties involved in the supply chain under supply chain finance and discusses the regulatory role of supply chain visibility and strategic commitment in alleviating the financing constraints of agricultural small and medium-sized enterprises;Then,an empirical analysis on the impact of Supply Chain Finance on the financing constraints of agricultural small and medium-sized enterprises has been made in which the agricultural small and medium-sized enterprises in the A-share small and medium-sized plate of Shenzhen exchange as the research sample,the panel data from 2016 to 2020,the cash-cash flow sensitivity model and the extended model established according to the research needs have been used.Combined with previous analysis,the following research conclusions are drawn: through the analysis of mathematical model,it is found that Supply Chain Finance can improve the income of each participant in the supply chain.According to the empirical data,four conclusions are found: first,agricultural small and medium-sized enterprises have the dilemma of financing constraints;Second,Supply Chain Finance can significantly alleviate the financing constraints of agricultural small and medium-sized enterprises;Third,supply chain visibility has a positive impact on the development of Supply Chain Finance,which can positively regulate the mitigation effect of supply chain finance on the financing constraints of agricultural small and medium-sized enterprises;Fourth,strategic commitment can positively regulate the mitigation effect of Supply Chain Finance on the financing constraints of agricultural small and medium-sized enterprises.Finally,combined with the research conclusions obtained from the previous analysis,this paper puts forward some suggestions on the application and development of Supply Chain Finance in the field of agriculture,so as to better serve the agricultural supply chain,provide more financial resources for agricultural development,stimulate the vitality of agricultural economy and contribute to the revitalization of rural areas in China.