Study On The Impact Of Supply Chain Finance On The Financing Efficiency Of Technology-based SMEs

Technology-based SMEs are committed to the research and development of high-tech products and provide related services,and play a major role in the process of promoting the development of scientific and technological innovation,which is a very dynamic innovation subject.However,the shortage of funds has always been the main problem faced by technology-based SMEs.Supply chain finance,to a large extent,helps technology-based SMEs to obtain financing opportunities,reduces the cost and difficulty of financing,integrates various resources needed by technology-based SMEs,makes enterprises in the chain more closely connected,and improves the use efficiency of enterprise funds.Through literature review,this paper finds that relevant empirical analysis is less focused on technology-based SMEs,and there is a lack of mechanism analysis on the impact of supply chain finance on financing efficiency,so it starts from this perspective.Next it analyzes the current situation of finance development of Chinese supply chain and financing situation of technology-based SMEs.It finds that the scale of finance market of supply chain is gradually expanded in our country,the coverage of the supply chain finance business of the enterprise is relatively large,but the existence of pulling profit effect is limited,the related degree is not high.The financing effect of technology-based SMEs in GEM is good,but due to internal and external factors,some SMEs still have the difficulty in financing development.Thirdly,based on the above analysis,this paper puts forward the research hypothesis,and takes the technology-based SMEs listed on the GEM as the research object,takes the data of manufacturing enterprises on the GEM from 2017 to 2021 as the observed values,and analyzes the property right heterogeneity based on the main effect test based on the existing literature results.The intermediary variable working capital turnover was added to analyze the mechanism.In addition to the quality of information disclosure of regulating variables,this paper discusses the effect of the development of supply chain finance on the financing efficiency of enterprises.Research findings:(1)Supply chain finance can effectively improve the financing efficiency of technology-based SMEs;(2)Compared with state-owned enterprises,the development level of supply chain finance in non-state-owned enterprises has a more obvious promoting effect on financing efficiency;(3)Supply chain finance improves the financing efficiency of technology-based SMEs by promoting the efficiency of working capital use;(4)The quality of information disclosure can strengthen the influence of supply chain finance on financing efficiency.Finally,combined with the present situation,this paper puts forward suggestions from three perspectives:(1)Technology-based SMEs,financial institutions and the government jointly promote the development of supply chain finance;(2)Improve the quality of information disclosure;(3)Strengthen working capital management level.It is expected that the financing efficiency of technology-based SMEs can be further improved.