Study On Agricultural Supply Chain Finance To Alleviate Financing Constraints Of Agriculture-Related SMEs

As the foundation and key to realize rural revitalization,industrial revitalization plays a significant role in the high-quality development of agriculture.Agriculture-related SMEs are one of the important forces to promote industrial revitalization.After long-term development,they play an important role in promoting agricultural industrialization.But at the same time,affected by the weak quality of agriculture,agriculture-related SMEs have the characteristics of strong dependence on the natural environment,small scale of operation and so on,facing serious financing constraints,which become the shackles of their leapfrog development.Agricultural supply chain finance,as one of the emerging financing means,can alleviate the difficulties and expensive financing faced by agriculture-related SMEs.The development of agricultural supply chain finance enables agriculture-related SMEs to obtain financing from banks and other financial institutions by virtue of the transaction relationship with agricultural core enterprises.Certain breakthroughs have been made in terms of financing methods and financing efficiency,and the financing constraints of agriculture-related SMEs have been alleviated.However,the alleviation of financing constraints of agriculture-related SMEs by agricultural supply chain finance is affected by enterprises themselves,supply chain relations,external development environment and other factors.How to promote agricultural supply chain finance to play a better role in alleviating financing constraints remains to be explored.Therefore,this paper takes agriculture-related SMEs as the research object,discusses the mechanism of financing constraint alleviation of agricultural supply chain finance,and further explores the difference of financing constraint on agriculture-related SMEs from different perspectives.It is of great significance to improve the financing efficiency and quality of agricultural supply chain finance in our country.Firstly,this paper reviewed and summarized relevant domestic and foreign literature,defined the concepts of agricultural supply chain finance and agriculture-related SMEs,and elaborated the theories of order financing and information asymmetry,so as to provide theoretical basis for the research.Secondly,this paper analyzes the financing constraints of agriculture-related SMEs and the development status of agricultural supply chain finance,and explores the necessity of agriculture-related SMEs to carry out agricultural supply chain finance business.Subsequently,this paper analyzes the mechanism of agricultural supply chain finance easing the financing constraints of agriculture-related SMEs,and then puts forward the research hypothesis of this paper.Finally,this paper takes agriculture-related SMEs on the New Third Board from 2015 to 2020 as sample sources,and uses cash-cash flow sensitivity model to analyze whether agriculture-related SMEs have financing constraints and whether agricultural supply chain finance can alleviate financing constraints.On this basis,from the perspective of the internal characteristics of enterprises,the characteristics of supply chain relations and external development environment,this paper studies the differences in the easing degree of financing constraints on agriculture-related SMEs under the adjustment effects of different information disclosure quality degrees,different supply chain concentration degrees and different digital financial development levels.Through the research,the following conclusions are drawn:(1)agriculture-related SMEs generally exist financing constraints.(2)The development of agricultural supply chain finance can reduce the degree of financing constraints faced by agriculture-related SMEs.(3)From the perspective of enterprises,when the information disclosure quality of agriculture-related SMEs is higher,the degree of information asymmetry can be reduced,and the financing constraints of agricultural supply chain finance can be alleviated more obviously.(4)From the perspective of supply chain relations,the more concentrated the agricultural supply chain of agriculture-related SMEs is,the closer the connection is with upstream and downstream suppliers and customers,and the stronger the easing effect on financing constraints.(5)From the external environment,the improvement of the development level of digital finance can,with the help of digital technology,improve the information collection ability and approval ability of financial institutions such as banks,improve the financing flexibility of agriculture-related SMEs,and alleviate the financing constraints of agriculture-related SMEs.In addition,on the basis of empirical results,this paper starts from the three levels of government,financial institutions and agriculture-related SMEs.It holds that the government should actively guide and support and improve infrastructure,financial institutions should innovate product development and take the initiative,and agriculture-related SMEs should strengthen construction and supply chain management.In order to promote the development of agricultural supply chain finance and solve the problem of fund shortage of agriculture-related SMEs put forward corresponding countermeasures and suggestions.