Research On The Impact Of Financing Constraints On The Performance Of Small And Medium-sized Enterprises

At present,China’s economic development has entered the New Normal,showing the characteristics of "superposition of three phases".SMEs have provided impetus for promoting China’s social stability,economic development and achieving common prosperity.While fully recognizing the outstanding contributions made by small and medium-sized enterprises to China’s economic transformation,we must re-examine the challenges brought by the current complex economic environment to small and medium-sized enterprises.Due to the inherent disadvantage of small and weak enterprises,as well as the need to improve the legal,financing,and credit guarantee systems that support small and medium-sized enterprises,economic policy uncertainty factors continue to increase,thereby highlighting the financing constraints of small and medium-sized enterprises.Therefore,combining the uncertain external environment of economic policies faced by small and medium-sized enterprises and promoting the development of supply chain finance is the only way to promote high-quality economic development and social stability in China.Among them,how to analyze supply chain finance and external environmental changes is the key to solving the financing constraints of small and medium-sized enterprises and improving enterprise performance.According to the "Regulations on the Classification Standards for Small and Medium Enterprises",this article takes 19805 small and medium-sized enterprises in the CSMAR database from 2013 to 2021 as the research object,and draws on the research results of domestic and foreign scholars in the fields of economic policy uncertainty,supply chain finance,financing constraints,and enterprise performance to propose corresponding research hypotheses.Based on the research hypothesis,this paper constructs a double fixed effect model,and studies the impact of financing constraints on enterprise performance from the perspective of supply chain finance and economic policy uncertainty,through benchmark regression,robustness test,endogenous test,heterogeneity analysis and mechanism analysis,and by adding the uncertainty of economic policy and supply chain finance as moderating variables.The research results indicate that financing constraints can have a negative impact on corporate performance.Economic policy uncertainty has to some extent exacerbated the negative impact of financing constraints on corporate performance.Supply chain finance alleviates the negative impact of financing constraints on corporate performance.At the same time,there are differences in the regulatory effects of economic policy uncertainty on different levels of supply chain finance development.When the development level of supply chain finance is high,economic policy uncertainty has a moderating effect.When the development level of supply chain finance is low,the uncertainty of economic policy is a mesomeric effect,and financing constraints will affect enterprise performance through economic uncertainty.Based on the above research conclusions,this article proposes relevant suggestions for small and medium-sized enterprises,financial institutions,and government departments.Faced with the uncertainty of economic policies,supply chain finance has solved the shortage of funds for small and medium-sized enterprises in the short term.In the long run,whether small and medium-sized enterprises can continue to operate depends on the improvement of their own management and innovation capabilities,as well as the support of financial institutions and the government.