Study On The Receivable Quality, Financing Constraint And Financing Efficiency

The accounts receivable of listed SMEs in China maintain an increasing trend every year.The proportion of accounts receivable to operating income and total assets increases year by year.The proportion of accounts receivable that cannot be recovered increases year by year.Excessive accounts receivable account for a large amount of liquidity of enterprises.The risk of capital chain breakage has increased,and the current financing situation is not good.At the same time,due to a series of reasons such as adverse selection and moral hazard,most SMEs in China are facing financial bottlenecks and financing difficulties.In order to solve the problem of financing constraints,many foreign countries took the lead in launching movable property as a loan collateral and encouraged the use of accounts receivable for financing,and can improve the financing efficiency of enterprises by reducing financing constraints.About the research of supply chain financing and financing efficiency,domestic and foreign scholars have analyzed from various levels and achieved many innovative theoretical results.However,few scholars have studied the impact of financing receivables from the perspective of accounts receivable financing,and introduced the concept of financing constraints to explore whether it has a mediating effect on the relationship between the quality of accounts receivable and financing efficiency.Therefore,this paper studies whether receivables financing can reduce the financing constraints of enterprises and has a positive impact on the efficiency of corporate financing.This paper takes the research sample from China's Shanghai and Shenzhen A-share non-financial listed companies in 2009-2015 to explore the relationship between the quality of accounts receivable and financing constraints and financing efficiency.The main conclusions are as follows:(1)High-quality accounts receivable can improve the financing efficiency through the financing of accounts receivable.(2)High-quality accounts receivable can reduce the financing constraints through accounts receivable financing,and also improve the financing efficiency by alleviating the financing constraints.(3)In the case of different property rights and different regions,the impact of the quality of accounts receivable on financing constraints and financing efficiency is different;compared with state-owned enterprises,the impact of non-state-owned enterprise's High-quality accounts receivable on financing constraints and financing efficiency is more significant;compared with the western region,the impact of changes in the quality of accounts receivable of non-western enterprises on financing constraints and financing efficiency is more significant.On the one hand,this paper can theoretically enrich the relevant literature on the quality of accounts receivable and financing efficiency.On the other hand,it has certain reference value for guiding enterprises in how to manage accounts receivable and improve financing efficiency.