Supply Chain Financing Research On The Influence Of Financing Constraints

At present,our country has entered the new normal period of economic development and faces the major adjustment of economic structure.This is both an opportunity and a challenge for SMEs.Most SMEs face financing difficulties due to a lack of loan collateral and guarantees and opaque information.The emergence of supply chain finance breaks the traditional single financing situation and brings new vitality to SME financing.With the flourishing development of Internet,Internet finance comes into being,the supply chain financing and Internet finance collided with a new spark.The new financial ecology of Internet finance + traditional supply chain finance has also become a new trend.This paper selects medium and small enterprises listed on the board as the research object,and discusses the influence of the development of supply chain financing on the financing constraints of enterprises under the Internet finance situation through the combination of theory and demonstration.The selected index mainly comes from micro enterprises,among which the financial development index of supply chain is quantified by the relevant data of individual enterprises.According to the white paper of the Internet index of Chinese enterprises published in 2015,the index of enterprise Internet is analyzed by manual search.Based on the cash-cash-flow sensitivity model,this paper verifies the hypothesis through empirical analysis.The specific empirical test process is as follows: First,choose the appropriate model,cash-cash-flow sensitivity model,to test the financing constraints.The second quantifies the development of single enterprise supply chain financing and studies the influence of micro enterprise supply chain financing on financing constraints.Thirdly,the influence of information asymmetry on financing constraints of enterprises was studied by introducing information asymmetry degree of intermediate variables.The fourth is to group the data to compare the high degree of Internet and low degree of Internet.The conclusion is as follows:(1)SMEs have obvious financing constraints,that is,cash-cash flow sensitivity is strong.(2)The application of supply chain financing can alleviate the financing constraints of SMEs.(3)Reducing information asymmetry can enhance the degree of financing constraint.In the supply chain financial situation,the supply chain financing can be more easily mitigated with the Internet.