The Impact Of Supply Chain Financing Of Sme Credit Rationing

With the flexibility and diversity, SMEs play an increasingly important role in the economic operation, but "financial difficulties" has become a bottleneck limiting and constraining the development of SMEs. Although the Government is continually introducing supporting policies, and banks are also continually improving services, it is always difficult to break the issue of financing of SMEs. In addition, because of the financial crisis, banks deflate credit, and it is more difficult for SME to finance, which triggers a series of economic and social problems. In this context, it is urgent to find an effective solution to the problem of"financial difficulties"of SMEs.As a new financial service of commercial banks, Supply Chain Finance (Supply Chain Finance, SCF) came into being. During various types of financial innovations aiming at the financing demands of SMEs, SCF provides a new way of thinking. This financing model daps out of the traditional limitation of single enterprise, and occupies the market which is regarded as high risk market by the peer with a low-risk way, and develops a school of its own in solving the financing problem of SMEs, especially trading SMEs.In the credit market which banks are regarded as client and SMEs are regarded as agent, the two sides control different information resources, and the problem of information asymmetry is very serious. Banks need to know much information about the fiduciary, and there is asymmetric information between banks and enterprises eternally. There is much severe asymmetric information between banks and SMEs, leading to adverse selection, moral hazard and high monitoring costs, which is the ultimate cause resulting in credit rationing. Information is the media which SCF impacts SMEs, and the process of getting rid of credit rationing is namely the process of eliminating asymmetric information, and the key of success of SCF is that it reduces asymmetry information between banks and SMEs effectively. SCF transforms traditional credit culture around the issue of information symmetry between banks and enterprises, and to some extent has changed the manner of information screening and the concept of risk management. In the context of SCF, the factors of affecting SMEs to obtain loans and the direction which these factors operate have changed. During evaluations of SCF, the importance of the debt structure indicators is highlighted, and the weight of the main body evaluation is reduced appropriately.Information economics indicates that the root of market limitation is the information, so the key which government solves the problem of"financial difficulties"of SMEs is that government should encourage to produce information and ease information asymmetry, and create a good institutional environment for the elimination of asymmetric information between banks and enterprises.The thesis includes eight chapters, and main contents of each chapter are as follows:Chapter 1 is introduction, and describes the research background and significance of the paper; defines the key concepts involved by the thesis; specifies research methods and sources; briefs research logic of the text and main contents of each chapter; describes main innovations of the paper. Chapter 2 is literature review, including three sections: the related theories of information economics, the theories of credit rationing and credit technologies. Chapter 3 analyses and researches the current situation of SMEs financing, and on this basis makes basic judgments on the current situation of SMEs financing. Chapter 4 discusses micro-foundations of credit rationing of SMEs from the perspective of information asymmetry. Chapter 5 takes apart SCF from many perspectives. Firstly this charter expatiates the background of SCF; secondly introduces products of SCF; then describes several key variables in actual operation of SCF; Finally, analyses and compares the situation of domestic and international SCF instance. Chapter 6 discusses the principles that SCF fathers credit rationing of SMEs. Chapter 7 is the empirical studies, and verifies the effectiveness that SCF fathers credit rationing of SMEs, using computation models, the domestic case of SCF and international advanced practice separately. Chapter 8 summarizes main conclusions of the paper and advances policy recommendations, and illuminates the inadequacies of the paper briefly and problems which need to be studied further.