Research On The Effert Of Supply Chain Finance Alleviating SMEs' Financing Constraint

The large number of small and medium-sized enterprises in China plays an irreplaceable role in providing employment opportunities,creating tax revenues,enhancing market efficiency,and accelerating economic growth.However,due to the serious information asymmetry between banks and enterprises,SMEs are faced with the problem of credit constraints,and it is difficult to obtain credit support from banks,which has become a bottleneck restricting their rapid development.In 2005,Shenzhen Development Bank put forward the concept of supply chain finance for the first time,attempting to use the supply chain financing model to provide credit services for SMEs and break through the limitations of traditional bank credit business.Supply chain finance is based on the real transaction background between various companies in the entire supply chain,and integrates information flow,capital flow,and business flow in the supply chain,and uses the credit level of core companies to increase the degree of information transparency between banks and enterprises.To solve the problem of financing difficulties for SMEs.What kind of financing constraints exist for SMEs in China,and are there differences in the degree of financing constraints among different types of enterprises? Does supply chain finance have a positive effect on corporate financing difficulties,and is there a difference in the mitigation effect of credit constraints on different types of businesses? Research on these issues can provide in-depth understanding of the status quo and existing problems of supply chain finance,and provide direction for the future research of supply chain finance,and also provide basis and ideas for the future innovation of other related financial products.In this paper,through the combing of relevant literatures at home and abroad,and based on the existing research results,this paper deeply studies the mitigation effect of supply chain finance on the credit constraints of SMEs.First of all,this article gives a brief overview of the background,definition,mode and characteristics of supply chain finance.From the perspective of transaction cost and information asymmetry and other economic theory,this paper systematically elaborates the theoretical foundation of supply chain finance to ease corporate finance constraints,and The research hypothesis of this paper is proposed.Secondly,based on the relevant data of listed SMEs in the SMEs section of the Shenzhen Stock Exchange,a cash-flow model and a fixed-effects method were used to empirically analyze the credit constraints of SMEs and the mitigation effects of supply chain finance on SME financingconstraints.Finally,the research samples are grouped according to the nature of the ownership of the company and the degree of marketization of the region,and the differences in the credit constraints faced by different types of enterprises and the differences in the effect of supply chain finance on the credit mitigation of different types of enterprises are examined.The GMM method tests the robustness of the empirical results of this paper.Through the above analysis,this paper draws the following conclusions: First,China's SMEs have different degrees of credit constraints,and state-owned enterprises and companies with high degree of marketization in the region have less problems in financing constraints,non-state-owned enterprises and their regional markets Enterprises with low degree of conversion have more serious credit constraints;second,supply chain finance can alleviate the financing constraints of SMEs to some extent.Specifically,the mitigation effect of non-state-owned enterprises and enterprises with high degree of marketization in their regions is obvious,and the mitigation effect on state-owned enterprises and enterprises with low degree of marketization is poor.Based on the research conclusions,relevant policy recommendations are given from the three levels of government departments,financial institutions and small and medium-sized enterprises,hoping to play a role in the development of supply chain finance and solving the financing difficulties of SMEs.