Research On Supply Chain Finance Alleviating Financing Constraints Of SMEs Under The Background Of Fintech

As the main force of the market economy in our country,small and medium-sized enterprises have made remarkable contribution in economic development,promoting employment and scientific and technological innovation,but they have not obtained financial resources to match their market position.Financing difficulties and expensive financing troubles small and medium-sized enterprises for a long time.Based on this,supply chain finance as a new financing model has been widely concerned by the industry.Commercial banks rely on the credit of core enterprises to give credit to the supply chain as a whole,which reduces the information asymmetry and financing costs,and provides a new way for SMEs to obtain funds.In recent years,China’s exploration and practice of the supply chain finance model has received certain results,and the problems of difficult and expensive financing for small and medium-sized enterprises have been alleviated to a certain extent.However,at the same time,the development of traditional supply chain finance has also encountered bottlenecks,such as high transaction costs,the problem of information island still exists,and the credit of core enterprises is difficult to pass up and down.With the trend of digital wave sweeping the world,it also provides new opportunities for the development of supply chain finance.By enabling supply chain finance through fintech,it helps commercial banks penetrate into the industrial chain and supply chain,provides transparent,visual and digital financing scenarios,effectively solves the pain points and blocking points under the traditional supply chain finance model,and further creates conditions for the financing of small and medium-sized enterprises.This paper firstly combs and summarizes the existing literature on supply chain finance,and then expounds the theoretical basis of SME financing constraints and supply chain finance from the perspectives of credit rationing theory,transaction cost theory,signal theory and synergy theory.Secondly,it makes a comprehensive analysis on the development and current situation of SME financing and supply chain finance.Then,from the four aspects of reducing information asymmetry,reducing transaction costs,breaking information silos and enhancing credit penetration,the paper makes a specific analysis of the alleviation of financing constraints of SMEs under the background of traditional mode and fintech,and puts forward corresponding research hypotheses.Then the game analysis method is used to further demonstrate theoretically that supply chain finance can alleviate the financing dilemma of small and medium-sized enterprises,and the empowerment of fintech can further optimize the path of supply chain finance’s slow-release effect.In the empirical test part,the cash-cash flow sensitivity model is used to analyze the panel data of GEM listed companies from 2013 to 2020 to test whether supply chain finance can alleviate the financing constraints of SMEs.On this basis,the moderating variable of financial technology is introduced,and the heterogeneity analysis and robustness test are carried out for further analysis.Finally,some suggestions are put forward based on the mechanism analysis and empirical results.The main conclusions of this paper are as follows:(1)Compared with the traditional credit model,supply chain finance is more able to ease the financing constraints of SMEs;(2)The higher the level of fintech development,the better the effect of supply chain finance in alleviating the financing constraints of SMEs;(3)The information disclosure quality of SMEs can positively regulate the easing effect of supply chain finance on financing constraints;(4)The credit level of SMEs can positively regulate the easing effect of supply chain finance on financing constraints;(5)In the eastern region,supply chain finance plays a more obvious role in easing the financing constraints of SMEs.At last,the paper puts forward policy suggestions that SMEs should actively carry out supply chain finance business.At the same time,in the context of the rapid development of financial technology,commercial banks can effectively help SMEs alleviate financing constraints by using digital technology to penetrate into the industrial chain and supply chain,thus promoting sustainable development.