| "Large enterprises strengthen the country,small enterprises enrich the people".SMEs play an irreplaceable role in increasing employment and raising people’s income,and are the mainstay of the country’s economic development.However,the natural shortcomings of SMEs and the imperfect external financial ecological environment,among other factors,make SMEs still face serious financing constraints.From the perspective of financial innovation,the supply chain finance model provides a new solution to the most critical aspects of inclusive finance,namely "universal" and "beneficial".Under this model,banks and other financial institutions not only assess the creditworthiness of SMEs,but also take into account the overall credit and trade situation of the supply chain finance,taking the credit of the core enterprises as a subsidiary condition of the credit assessment of SMEs,abandoning the single credit granting model,revitalising SMEs’ accounts receivable and other liquid assets,and providing SMEs with a more flexible and effective financing method based on the real trade background.This model has gradually become an important way for financial institutions to broaden the credit market for SMEs and enhance their core competitiveness.Based on this issue,this paper firstly conducts a literature review and analysis of the current situation,explains the development stage of supply chain finance and the current situation of SME financing,and points out the necessity for SMEs to actively explore new external financing channels.Secondly,based on the theory of information asymmetry and transaction cost,this paper explains the causes of SMEs’ financing constraints and the mechanism of the effect of supply chain finance on alleviating SMEs’ financing constraints,and puts forward the hypothesis of this paper.Again,a cash-cash flow sensitivity model is applied to test the degree of external financing constraints of SMEs listed on the SME board from 2010 to 2020,while further analysing the differences in the impact of supply chain finance on SMEs as a whole and on the financing constraints of SMEs with different factor intensities.Then,starting from the internal characteristics of enterprises and the external financial environment respectively,we introduce the quality of internal control and the financial ecological environment as moderating variables to explore the differences in the effect of supply chain finance on alleviating the financing constraints of different types of SMEs,and conduct robustness tests on the empirical results.Finally,the empirical results of this paper are combined with policy recommendations from three levels: enterprises,financial institutions and the government.The results of the empirical study show that,firstly,SMEs in China generally have different degrees of financing constraints,with technologyintensive SMEs facing the most serious financing constraints,followed by labour-intensive SMEs and finally capital-intensive SMEs.Secondly,supply chain finance can effectively alleviate SMEs’ financing constraints through three ways: reducing information asymmetry,improving SMEs’ creditworthiness and reducing transaction costs.Moreover,supply chain finance has a stronger effect on alleviating the financing constraints of technology and labour-intensive SMEs than capital-intensive SMEs.Thirdly,supply chain finance has a stronger effect on alleviating the financing constraints of SMEs with high internal control quality than those with low internal control quality.Fourthly,supply chain finance has a stronger effect on alleviating the financing constraints of SMEs in low level financial ecosystem regions compared to high level financial ecosystem regions.Meanwhile,from the four specific dimensions,the economic infrastructure environment and the level of government governance negatively regulate the relationship between the two,while financial development and credit system culture construction positively regulate the relationship between the two. |
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