| With the increasingly fierce competition in the global market,the continuous shortening of product life cycle,the increasing individuality of customer demand and the rising of comprehensive labor cost and raw material cost,the future development of small and medium-sized enterprises in China are facing more and more tests and challenges.The emergence and development of supply chain financial business provides a new way to relieve the financial pressure of SEMs.Supply chain financial can integrate all aspects of "productionsupply-marketing" and achieve win-win results for all enterprises involved in the supply chain through resource integration,so as to help social economy realize the supply side reform of financial services.In recent years,some advanced logistics enterprises and banks have timely launched diversified supply chain financing services to help enterprises achieve effective management of capital flows: supply chain financing services for supply chain and distribution chain provided by foreign countries such as JP Morgan Chase Vastera,UPS capital,Standard Chartered Bank,etc.Domestic supply chain financing services include the "1+N" supply chain financing products of Shenzhen Development Bank,the "supply chain financing solution for SMEs" of Shanghai Pudong Development Bank,the "Jinsesame" supply chain financial services of Industrial Bank,and the "Electronic Supply Chain Finance" of China Merchants Bank,all of which provide supply chain financing services and SMEs.Under the practical background of the rapid development of supply chain finance,the scholars pay more attention to the supply chain finance business year by year,and regard it as a new way to alleviate the financing difficulties of SMEs,so as to carry out some multi perspective subjects for supply chain finance.At present,the research on supply chain finance mainly concentrates on the following three aspects: Firstly,Scholars are concerned on the supply chain finance itself,study the scientific issues of their business operation mode and financing risk prevention,etc.There are also a large number of scholars from the perspective of internet supply chain financial business to carry out relevant research.Secondly,from the perspective of the enterprise itself,a large number of scholars have studied the impact of supply chain finance on enterprise financing constraints and business performance.Thirdly,based on the perspective of enterprise capability,explores the impact of competitiveness and innovationon on supply chain financing performance.Summarizing the existing research results on supply chain finance,it is found that the current research focuses less on the influence factors of supply chain financing performance.Especially in the context of current supply chain complexity,there is still no empirical research on how SMEs in the supply chain can improve their own supply chain financing performance by accumulating and transforming relationship capital.Focusing on the shortcomings of the existing research,this paper focuses on the following aspects: Firstly,starting from the 4C principle of strategic alliance partner selection,verify the effect of supply chain partner characteristics on supply chain financing performance by discussing the relationship between SMEs and core enterprises in supply chain.Secondly,based on the resource-based view,the logical chain of "relationship identification-capital accumulation-financing performance inprovement" is established.Through empirical analysis,the influence mechanism of supply chain partnership characteristics and relationship capital on supply chain financing is verified,and the relationship between elements is clearly studied;Thirdly,considering the marginal benefit of network capability,by adding the interaction term between network capability and relationship capital into the model,this paper analyzes the efficiency of transforming relationship capital into financing performance of SEMs from the perspective of network capability difference,and clarifies the significance of cultivating and developing network capability of small and medium-sized enterprises for improving supply chain financing performance.Finaly,focusing on the complex development characteristics of supply chain,this paper further analyzes whether SMEs in different complex supply chain will have different conversion efficiency of relationship capital to supply chain financing performance.So as to verify the regulatory effect of supply chain complexity in the supply chain financing performance improvement mechanism.The research focuses on the development trend of the relationship between SMEs and core enterprises in the supply chain,in order to enrich the theory and guide SMEs to use supply chain financing business to solve the practical problems faced by capital demand.Specifically,the innovation of the study focuses on the following aspects:(1)Expanding the theoretical framework of supply chain financing performance antecedent research by construct the framework of “relationship identification-resource accumulation-financing performance improvement“,enriching the empirical research in the field of supply chain finance;(2)Innovating construct a frame work of relationship capital transformation boundary,clarifying the boundary conditions of relationship capital transformation into supply chain financing performance;(3)By constructing a multi group structural equation model,this paper forms a comparative analysis of the relationship paths between different SMEs,which complements the research results of supply chain complexity on the efficiency of relationship capital transformation;(4)Exploring the high-order regulatory effect of supply chain complexity.On the one hand,the research complements the applicable scenarios of SMEs’ network capacity development,on the other hand,it further enriches the quantitative research of "third-order regulation effect".In general,this study not only constructs the financing performance promotion model based on the supply chain complexity perspective from the theoretical level,but also applies the empirical research method to carry out a comprehensive analysis of the core issues of "how the SMEs obtain higher financing performance through the cultivation of the characteristics of supply chain partners,accumulation of relationship capital and the improvement of their own ability".So as to interpret the internal influence mechanism of supply chain partner characteristics on supply chain financing performance.Through the research and empirical analysis,we get the following conclusions: Firstly,resource complementarity and target coordination can directly and indirectly promote the supply chain financing perfomance,while cultural compatibility can indirectly improve the supply chain financing performance through the accumulation of relational capital.The intermediary effect of relational capital is significant.Secondly,Network capability can positively regulate the role of relationship capital in promoting supply chain financing.At the same time,the network capability positively regulates the role of trust,communication and commitment in improving supply chain financing performance.Thirdly,Supply chain complexity negatively regulates the role of communication in improving supply chain financing performance,and positively regulates the regulatory effect of network capability.It shows that the higher the complexity of the supply chain,the direct effect of transforming the established relationship capital of SMEs into the supply chain financing performance will be weakened.If SMEs want to improve the supply chain financing performance,they should pay more attention to cultivate their own network capabilities. |
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