| For a long time,SMEs,due to their small size,unsound management system and unstable profitability,have been led by financial institutions to raise the "threshold" for their financing.SMEs have been faced with difficulties in financing,expensive financing and high financing threshold,their development has been greatly restricted,and the market survival rate has been declining.The emergence of supply chain finance model provides ideas for solving the financing problems of SMEs.In the traditional supply chain finance model,core enterprises provide credit guarantee for SMEs and commercial banks provide financing services,which alleviates the financing pressure of SMEs to a certain extent,but there are still problems such as information fragmentation,cumbersome process and high risk.With the development of Internet,block chain technology,5G and other digital technologies,the level of financial technology in China is constantly improving,and the supply chain finance model has also evolved from the traditional model dominated by commercial banks and core enterprises to the digital model with intelligent platform as the core.Digital supply chain finance has broken the information island between banks and enterprises by means of digital technology and unique organizational structure.Intelligent risk management and control,simplify the transaction process,effectively reduce information asymmetry and transaction costs.Exploring the easing effect of supply chain finance on financing constraints of SMEs under the background of digitalization is not only conducive to preventing credit risks and solving the financing dilemma of SMEs,but also has important theoretical and practical significance.Based on the review of relevant domestic and foreign literature on supply chain finance,corporate financing constraints and the impact of supply chain finance on financing constraints,this paper explains the concept of supply chain finance from three perspectives:interpretation,participants and functions,discusses the new model of digital supply chain finance,and summarizes the information asymmetry,transaction cost and supply chain management theories.This paper analyzes the current situation and existing problems of supply chain finance and the financing situation and existing problems of SMEs respectively from the realistic perspective,analyzes the weakening mechanism of digital supply chain finance on information asymmetry and the reducing mechanism of transaction costs from the theoretical point of view,and puts forward the countermeasures of information sharing and risk monitoring.Based on the data of listed companies on the SMEs board from 2011 to2020,this paper adds two indicators of information asymmetry and the development level of digital supply chain finance into the cash-cash flow model,and empirically analyzes the mechanism of action among information asymmetry,digital supply chain finance and financing constraints of SMEs.Based on the five research hypotheses and the above mechanism analysis,this paper constructs five research models and draws the following conclusions.Research results:(1)Chinese SMEs present significant cash-cash flow sensitivity,still face a certain financing constraints,in the low information asymmetry environment cash-cash flow sensitivity is weak.(2)Information asymmetry can significantly improve the cash-cash flow sensitivity of SMEs,that is,information asymmetry exacerbates the financing constraints of SMEs to a certain extent.(3)The degree of market information asymmetry decreases with the improvement of the development level of digital supply chain finance.(4)Digital supply chain finance can reduce the cash-cash flow sensitivity of SMEs,that is,digital supply chain finance can alleviate the financing constraints of SMEs,which is more obvious in an environment with high information asymmetry.(5)Digital supply chain finance can relieve the capital pressure of SMEs through information effect and cost effect. |
PDF Full Text Request