Research On The Influence Factor Of Supply Chain Financing Cost For The Small And Medium-sized Enterprises

Nowadays,the financing difficulty of small and medium-sized enterprises(SMEs)has been concerned as a hot issue.Meanwhile,supply chain financing(SCF)services can effectively alleviate the financing difficulties of SMEs as a relatively new financing mode.But what comes with it is the cost of supply chain financing.Since the cost directly affects the profitability and the competitiveness of SMEs,SMEs should focus on the financing cost while using SCF to ease the pressure on funds.At the same time,SMEs in supply chain should pay attention to adjust the company's operating mode and choose the appropriate financing.strategies to reduce financing costs,which is an important problem should be addressed.In this context,this paper chooses to study the factors affecting the financing cost of SMEs in the supply chain based on the domestic and international theory of SMEs in SCF and its cost.This paper starts with the current situation of SMEs in China,analyzes the status of financing difficulty and high cost of SMEs.Based on the characteristics and advantages of current supply chain financing,this paper proposes research on the cost of supply chain financing.Based on the characteristics and advantages of current SCF,this paper proposes research on the cost of it.Since the current analysis of the financing cost of SME supply chain is extensive and multi-faceted,this paper chooses to study the factors that directly affect the financing cost,including the company's financial status and operation situation,SCF strategy and financing amount refer to those strategy.After clearly put forward the cost drivers through identify and classify these factors,this paper used SPSS to carry out regression analysis on the data provided by small and medium sized listed companies and conduct empirical research on the influencing factors,which draws the following conclusions: The operation situation of SMEs has an impact on the cost of SCF.The main influencing factors include the working capital and return on total assets ratio which reflecting the scale and the profit gaining of the enterprise and the interest coverage ratio reflecting the ability to repay liabilities,while the debt asset ratio,increase rate of main business revenue and cash coverage ratio which reflect the profit capacity and growth income of the enterprise have little impact on SCF costs.At the same time,financing interest rate and benchmark interest rate for loan has a positive impact on financing costs.Finally,the SCF strategy adopted by enterprises also has an impact on the financing costs.Among them,prepayments and receivables of financing have a negative impact on SCF costs,indicating that SMEs can reduce the financing cost through the SCF,especially the prepayment financing strategy and receivable financing strategy,which will reduce the loan interest rate of enterprises.Combines the financial situation of SMEs and the flow of supply chain funds,this paper analyzes how various factors affect the financing costs directly on direction and extent,thus giving SMEs a clear direction to adjust the company's operating model and provide a basis to choose better SFC strategy,hope to reduce financing costs effectively.