Research On The Effect Of Commercial Credit Relieving The Financing Constraints Of SMEs

Today,SMEs have become an important driving force for economic growth in various countries.At the same time,financing difficulties have been a bottleneck for SMEs.In the face of financing difficulties,weak SMEs change their strategies and seek commercial credit financing between partners.Can commercial credit alleviate the financing constraints on SMEs,and through what channels and effects do they work? Are these effects significantly different in companies of different natures? These issues have not been thoroughly explored in previous studies.This article analyzes the financing methods of SMEs,including the enterprise's own accumulation,bank loans,bond equity financing,private lending,new Internet financing,and commercial credit financing.It analyzes the status of commercial credit financing in detail,and commercial credit and financing.Bank credit is in an alternating trend,its scale is constantly expanding,and its financing structure is relatively single.The two effects of commercial credit to ease the financing constraints of SMEs are explained theoretically.The substitution effect is explained by the information asymmetry theory and transaction cost theory,and they are complementary.The effect is explained by the buyer's market theory and credit rationing theory.Based on the data of listed companies in China's small and medium-sized board manufacturing industry from 2007-2018,the fixed-effect measurement method is used to build a cash-cash flow sensitivity model.The regression model is used for empirical analysis.The two paths are: the substitution effect of commercial credit on bank credit and the complementary effect of commercial credit by enhancing the competitiveness of enterprises and bank credit.The sample data are grouped into state-owned and non-state-owned groups.The measurement results show that SMEs are generally troubled by financing constraints,and commercial credit financing can alleviate financing constraints through substitution effects and complementary effects.In terms of the performance of the two types of enterprises,the substitution effect of non-state-owned enterprises is stronger,and the complementary effects of state-owned enterprises are better,and the robustness test is performed using a first-order differential GMM;recommendations for the results should be made at the government level on credit reporting platforms.Optimize and establish a financial system that matches SMEs.At the enterprise level,it is necessary to use business credit flexibly and scientifically,pay attention to the improvement of information quality,and improve the overall credit level in a clustered manner.By digging the value behind commercial credit financing,we can arrange appropriate methods to ease the financing constraints of SMEs.