Reseach On Supply Chain Finance And Financing Constranints Of SEMs

In my country’s economic market and social planning,the development of small and medium-sized enterprises is a key link.However,small and medium-sized enterprises are always faced with the problem of financing difficulties.In the current economic situation,the problem of difficult and expensive financing is becoming more and more prominent.The financing difficulties of SMEs are caused by a series of reasons.Small and medium-sized enterprises have few pledged assets,non-standard enterprise management leads to opaque financial information and other reasons,financial institutions refuse to lend to small and medium-sized enterprises in order to avoid risks.As the state attaches great importance to the financing of small and medium-sized enterprises,various legal and policy environments are becoming more and more perfect.The implementation of the movable property guarantee law supports the financing of small and medium-sized enterprises at the legal level.Information technology such as level block chain is applied to supply chain finance,and my country’s supply chain finance is developing rapidly.Supply chain finance can ease the financing constraints of small and medium-sized enterprises based on real transactions and logistics information,increase the pledgeability of current assets,broaden the financing channels of small and medium-sized enterprises,improve financing efficiency,and reduce the financial cost of financing for small and medium-sized enterprises.Therefore,this thesis analyzes the mechanism of supply chain finance to alleviate the financing constraints of SMEs.Firstly,the financing mode of small and medium-sized enterprises in my country’s economic market is briefly described:due to the high financing thresholds in the stock market and bond market,most of the small and medium-sized enterprises obtain financing through financial institutions dominated by commercial banks;briefly describe the concept,background and significance of supply chain finance,and three financing modes of supply chain finance.Secondly,from the perspective of information asymmetry,the scope of collateral,and the industrial agglomeration effect of SMEs,it analyzes the reasons why SMEs are constrained by financing,and analyzes the principle of supply chain finance to alleviate financing constraints at the level of theoretical mechanisms.In terms of empirical analysis,based on the cash-cash flow model,an empirical test is carried out on the panel data of the SME board service industry and manufacturing listed companies in 2016-2020,and the time fixed effect model is used to analyze the financing constraints faced by the manufacturing and service industries.The mitigation effect of supply chain finance,the empirical results show that:(1)SMEs mostly face financing constraints;(2)supply chain finance can alleviate the financing constraints faced by SMEs in manufacturing and service industries;(3)compared with manufacturing,The service industry faces more severe financing constraints.(4)Compared with the manufacturing industry,the supply chain finance has a stronger effect on alleviating the financing constraints of SMEs in the service industry.In order to enhance the robustness of the conclusion,two micro-level economic indicators,Tobin’s Q and prepayments,were added to replace the two indicators of supply chain finance development and corporate investment opportunities,and robustness tests were conducted to further verify the above conclusions.Finally,this thesis puts forward corresponding policy suggestions from the perspectives of the participants of supply chain finance,information technology and industrial characteristics:first,to improve the enthusiasm of small and medium-sized enterprises;second,to strengthen the participation of supportive enterprises in supply chain finance and assist supply chain finance Third,use information technologies such as blockchain to promote the development of supply chain finance;fourth,accelerate the development of supply chain finance business for small and medium-sized enterprises in the service industry,and prevent finance from deviating from reality to reality.