Research On The Influence Of Supply Chain Finance On The Financing Of Small And Medium-sized Enterprises In Our Country

Small and medium-sized enterprises play an important role in the development of our real economy,accounting for 99% of the number of real economy enterprises,which indicates that the development of small and medium-sized enterprises plays an important role in social employment,national economic development and industrial structure optimization and transformation and upgrading.However,the operation scale of many small and medium-sized enterprises is not large,the basic structure is relatively simple,in addition to the lack of enterprise credit and the serious information imbalance between the banks and enterprises,so that the financial institutions to provide loans to small and medium-sized enterprises is not strong,resulting in our small and medium-sized enterprises still have serious financing constraints,insufficient capital plus the lack of credit support,This restricts the development of small and medium-sized enterprises in our country;On the other hand,affected by the COVID-19 epidemic and the trade war between China and the United States,small and medium-sized enterprises face more difficulties in financing and even the crisis of bankruptcy.In this context,many small and medium-sized enterprises began to use new methods in financing,such as Supply Chain Finance.The development of supply chain finance provides a new method for smes to ease financing constraints.Supply chain finance integrates logistics,capital flow and information flow in the supply chain,connects enterprises in each node of the supply chain,reduces the information imbalance between banks and enterprises to a large extent,and also helps smes to ease financing restrictions.In order to explore how the financing of smes is affected by supply chain finance,this paper reviewed and sorted out the existing research at the present stage,selected the relevant panel data of smes from 2015 to 2021 as the research object,and conducted empirical research on the research object by using the cash-cash flow sensitivity model.The research focuses on the internal relationship between corporate financing constraints and supply chain finance.Empirical research: Firstly,empirical analysis is conducted on all the research objects.Combined with the results,it can be seen that many domestic small and medium-sized enterprises still have relatively serious financing constraints,small and medium-sized enterprises have strong cash-cash flow sensitivity,and supply chain finance plays a significant role in easing financing constraints of small and medium-sized enterprises.After that,the samples are divided into manufacturing and non-manufacturing industries for empirical analysis.The research data show that supply chain finance has a significantly stronger impact on manufacturing enterprises than non-manufacturing enterprises in terms of reducing the financing constraints of smes.In terms of robustness test,manufacturing enterprises are further subdivided into ten categories for empirical analysis.The results show that smes in various categories,including non-metal,metal,clothing,textile and food,have relatively serious financing constraints.The degree of financing constraint is not obvious in the small and medium-sized enterprise industries of railway,automobile,ship,general equipment,special equipment and instrument equipment manufacturing,which are strongly supported by national policies.It can be seen that the development degree of supply chain finance(SCF)helps to reduce the financing constraint problem of the above types of small and medium-sized enterprises to a large extent.The effect of railway,automobile,ship,general equipment,special equipment and instrument and meter equipment manufacturing industry is poor.Therefore,it can be inferred that the smaller the cash flow of smes,the more obvious the effect of supply chain finance in reducing the financing constraints of enterprises.Finally,relevant suggestions are given.