Study Of Models And The Efficiency Of Supply Chain Financing In Position Of Small And Medium Enterprises

The problem of financing difficulties, which is a long-standing phenomenon in real economy, especially the small and medium enterprises, has been seriously hindered the economy development of our country. To meet the challenges, banks and other organizations are striving to innovate in this business. Supply chain financing bases on solving financing problem of small and medium enterprises in a supply chain. The program integrates a series of logistics, capital flow, information flow and other resources from participants and provides customized financing and financial management program for them separately. So they can maximize the overall effectiveness of the participants. Accounts receivable financing, inventory financing and prepayment financing for small and medium enterprises are currently the three most widely used and most effective ways of supply chain financing.This paper briefly describes the overview of the supply chain financing. Participants of the financing mode included banks, logistics enterprises, small and medium enterprises and other aspects. The financing mode can not only increase corporate financing efforts of enterprises, but also improve the financial situation of them, expand the bank's business scope, enhance their competitiveness, and provide a new way for the development of logistics enterprises. The theoretical basis of the financing model includes pecking order theory, asymmetric information theory, industrial cluster theory and financing mechanism theory. All of these theories provide theoretical basis for the development of financing models in position of small and medium enterprises and let us know why there is a requirement for the use of supply chain financing. The paper introduces three mainly used supply chain financing models overseas and their domestic counterparts. The three main models used overseas are bank dominant model, logistics company dominant model and enterprise group dominant model. While in our country are accounts receivable financing model, inventory financing model and prepayment financing model.This paper provides three case studies based on the widely used three supply chain financing models and makes a detailed analysis of accounts receivable financing. We can find the conclusion by collecting financial statements and annual reports of the listed companies that the most frequently used form is accounts receivable financing. Then I made empirical analysis mainly for the three financing models to examine the impact caused by the models to financing constrains of certain. The result came out and showed that the three financing models can effectively raise enterprises'cash flow, and ease the financing pressure of the certain enterprises.From the view of developments of financing models, there are still some problems, the paper then gives some suggestions for improvement.