The Comparison Of Financial Financing Mode And Its Efficiency Measure Research

In the real economy in our country,small and medium-sized enterprises are an important force in the social and economic development of our country,the small and medium-sized enterprises has been the problem of low efficiency of financing difficulties,financing,severely hampered the sustainable development of the economy.China's market economy has been changing rapidly.In order to solve the problems of smes,financial institutions and other industries have tried to break through business innovation.Supply chain finance the resulting,based on the small and medium-sized enterprises of the supply chain itself,to participants in the supply chain are tied together,integrated supply chain on the cash flow,information flow and logistics,realize the "c" unity,establishing reasonable for each node on the supply chain financing,and use the core enterprise,the third party logistics enterprise and guarantee,for small and medium-sized enterprises apply to the financial institutions to provide credit guarantee,credit funds to improve the credit level of small and medium-sized enterprises,the overall benefit of all participants in the supply chain.First of all,this paper briefly expounds the connotation of supply chain finance and the characteristics of supply chain finance itself.so that we can have a basic understanding of supply chain finance.And briefly introduces three kinds of financing model of supply chain finance,supply chain finance elements to form the "3 + N" mode,the main participants including financial institutions,the core enterprise and upstream and downstream small and medium-sized enterprises and third-party logistics enterprises.Again through the three kinds of supply chain finance financing model a detailed analysis of the specific operation process,comparing the similarities and differences of three kinds of financing model,makes us deepen our understanding of the financing model of supply chain finance.And the basic theory of supply chain finance,including the theory of principal-agent,the theory of credit rationing and the theory of "pareto efficiency",for the small and medium-sized enterprises to adopt supply chain finance financing model to solve the financing problem,provides a theoretical basis for the innovation of the financing of small and medium-sized enterprises to provide a theoretical basis.Secondly,in the aspect of empirical research,this paper explains the development of supply chain financing from the micro perspective,rather than using macro-level indicators.In the comparison and selection of models,the widely used "cash-cash flow sensitivity" model is adopted through comparative analysis.By collecting has been listed in the manufacturing sector of small and medium-sized enterprise financial data,using the "cash-cash flow sensitivity" model on the empirical analysis,studies the development of supply chain finance for small and medium-sized enterprises financing constraints whether has significant influence,comparative research on what kind of supply chain finance financing model is most obvious in terms of financing efficiency.Through an analysis of the static panel model,found that adopts the model of supply chain finance financing can effectively solve the difficulties in financing small and medium-sized enterprises,also found that of pledge of accounts receivable financing model is more effective and can significantly increase the enterprise's cash flow,financing efficiency of small and medium-sized enterprises promotion effect is most obvious,improve the enterprise's financial position in the supply chain,to broaden the scope of business of financial institutions,each node enterprise competitiveness,also provide a new way for the development of logistics enterprises is to implement the most suitable for small and medium-sized enterprise financing of a financing mode.Finally,for the current financial supply chain financing model development there may be some problems,in the last chapter of this paper,some policies and Suggestions are put forward to promote the development of supply chain financial financing model.