Research On The SMEs Financing Decision Based On Supply Chain Finance

It is unanimously recognized by the theorists in the world that Small and Medium-sized Enterprises (SMEs) will act as the leading role in the economic growth of the 21st century. SMEs play an irreplaceable and vital role in advancing rapid progress of national economy, alleviating employment pressure as well as promoting market prosperity and social stability. However, due to a series of reasons such as small scale, low labor productivity on the whole, low information transparency and so on, SMEs are at a disadvantage in fierce market competition, which is prominently reflected in financing difficulties. The difficulty in financing is the bottleneck restricting the development of SMEs, making impossible their sustainable and sound development.Stable development of supply chain requires SMEs to strengthen financing capacity and reduce financing cost through innovation of financial service in the context of supply chain. This dissertation starts with financial trouble facing SMEs at present, studies the connotation of supply chain finance based on summary of relevant literature, and conducts economic analysis of it from the perspective of information asymmetry, credit rationing and credibility chain, commission, etc. Through the study on symbiosis energy of supply chain symbiosis system and supply chain combining supply chain and symbiosis theory, it is found that the key function of credibility chain is the essence of supply chain financing mechanism of SMEs and large-sized enterprises, and innovation of financial information disclosure system is the prerequisite of supply chain financing of SMEs. After analyzing the prerequisite of supply chain financing, the dissertation presents structural framework of supply chain financing and make specific analysis in terms of leverage, object and subject. First, optimize financing decision with reducing capital cost as the leverage; second, makes a comparative study on three basic financing models(receivable financing, confirm financing, accommodation financing)of supply chain financing based on analysis of cash gap of SMEs; finally, study the yield of the agents adopting confirm financing model. The results are shown below:It sums up the theoretical basis of supply chain financing, put forward supply chain symbiosis system, realize the upgrading of value chain to credibility chain; in view of financing and information disclosure of SMEs in the context of information asymmetry, it suggest expanding financing channels of SMEs and reducing credit rationing of financial agencies to SMEs by establishing supervisory financial information management system of large-sized enterprises. This improves the original supply chain financing theoretical system and offers theoretical guide to supply chain financial service and product development in future.Based on redefinition and reconsideration of enterprise capital cost theory, it designs a set of structural framework of supply chain financing, including agents, pledge objects and leverage considering capital cost, aiming to accelerate fund turnover and cut down capital cost of logistic enterprises.It establishes a decision-making model in light of supply chain capital cost to explain capital flow in supply chain financing activities, overcomes information asymmetry between capital market(i.e. bank) and capital seekers to a certain degree through transforming agents in the supply chain into intermediators, concluding that:under the supervision and coordination of large-sized enterprises in the supply chain, SMEs adopts supply chain financing decision making, reduce project risk through supply chain information transmission, realize the important functions of financing leverage in reducing operation cost and risk of supply chain.With the typical model of supply chain financing—confirm as the subject studied, in view of risk factors, it conducts a quantitative study on financing interest rate decision-making of the banks and wholesale price and order decision making of the suppliers and distributors, discusses the impact of financing service on supply chain performance, finding financial supply chain with bank participants will generate more benefits than traditional supply chain with capital restriction. Thus, it makes a quantitative study on decision making of participating agents under the confirm model, stabilizes customer group of banks and financial agencies, studies decision making behaviors of small and medium-sized enterprises financing, and integrates intermediate enterprises into the supply chain system which incorporates SMEs, becoming a vital third service provider.Although this dissertation deals with applied theoretical research on supply chain finance, the research contents are practical and innovative to a certain degree, which is expected to give some revelations to improving the financing difficulty facing SMEs in China.