| With the rapid development of China’s e-commerce, Internet finance is becoming the rapid rise of a new financing power, and it has become a tool for solving the financing difficulty of small and medium-sized enterprises, the traditional supply chain finance business into Internet finance operation philosophy is the mainly trend of Internet finance development. However,online supply chain finance research on financing efficiency is not in depth, this paper did the empirical research on the merger of supply chain finance platform with influence on the financing efficiency analysis, drawing lessons from other Internet Financial Research on the efficiency of borrowing behavior and financing availability.In the course of the study, this text mainly adopted the method of combining deductive reasoning and empirical analysis. According to the theoretical basis of online supply chain financial transactions, we summarize the influence factors of online supply chain finance platform financing efficiency, including the investment income conditions, transaction information, the trading environment and payment of enterprise social capital. To the empirical study part, we uses propensity score matching method which is core theory method to analyze the causal relationship.Then we use Train Browser, a web acquisition software, to get the real transaction data of online supply chain finance platform for processing. Lastly, we use R language programming to realize the causal relationship between the platform merger and financing efficiency, and finally verify the effect of the online supply chain finance platform merger on the financing efficiency.Through theoretical analysis and empirical test on the influence of the online supply chain finance platform merger on the financing efficiency, this paper draws the following conclusions:(1)According to the descriptive statistics for sample, Damai got a higher average financing efficiency than Dianwangdai’s financing efficiency. At the same time, Damai had more advantages in investment income conditions, transaction information and payment of corporate social capital barley financial, for the merged Dianwangdai which are the favorable conditions.(2)According to the descriptive statistics for sample, the average financing efficiency of Damai has increased after the platform merger which also provides a more substantial investment income conditions, transaction information security strengthen, payment of corporate diversification. However, there are many factors that affect the efficiency of financing, so the effect of platform merger on financing efficiency needs further analysis of causal relationship.(3)Using propensity score matching method for empirical research, draw a platform merger for financing efficiency mean intervention effect for-0.1915, i.e. compared to pre merger, the financing efficiency of Damai merged Dianwangdai decreased respectively 100 yuan per second,which means in a financing project on Damai if it release after merger it’s financing efficiency is lower than before merger, specifically, every second financing is less 19.15 yuan.This paper confirmed the causal relationship between the merger and financing efficiency of the online supply chain finance platform, and pointed out that the short term platform merger will significantly decrease the financing efficiency of the combined party. The main contribution of this paper is providing a scientific method theory to do research on causality of the field. In the process of empirical research by using propensity score matching method, which avoids the sample selection bias, outlet on the supply chain finance platform with the net effect of impact on the financing efficiency. At the same time, the results show that the online supply chain finance field, platform merger in the short term will allow the merger side of the financing efficiency decline. The outcome of the empirical study provide some reference for the development of online supply chain finance platform. |
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