Research On The Influence Of Supply Chain Finance On Financing Constraints Of SMEs

In recent years,factors such as financing difficulties and high capital costs have become the main obstacles restricting the healthy development of SMEs.At the same time,different SMEs generally have different levels of internal control,and the financing constraints they receive when financing externally generally show differentiated characteristics.As a new type of financing,supply chain finance based on real market transactions provides a new way to solve the problem of financing constraints for SMEs.Therefore,this paper combines supply chain finance,SME financing constraints,and enterprise internal control to study the relationship between supply chain finance and SME financing constraints from the perspective of internal control.This paper uses a combination of theory and empirical methods.On the one hand,on the basis of analyzing the development of supply chain finance and the current situation of SMEs’ financing constraints,it deeply analyzes the mechanism of supply chain finance to alleviate the SMEs’ financing constraints from the perspective of transaction costs and information asymmetry,and studies the relationship between the two from the perspective of internal control of the enterprise;On the other hand,this paper selects the panel data of the listed companies of Shenzhen SMS board from 2010 to 2018,and uses the cash-cash flow sensitivity model to empirically test the conclusions drawn from the theoretical analysis.At the same time,the whole sample data is divided into two groups according to the level of internal control of the enterprise.Contrast and analyze the differences of supply chain finance’s alleviation of financing constraints for SMEs under different levels of internal control.After research,the following conclusions can be drawn: First,China’s SMEs have a certain degree of financing constraints,and compared with companies with high levels of internal control,SMEs with low levels of internal control are subject to stronger financing constraints;Second,both the development of supply chain finance and high-quality internal control level can alleviate the financing constraints of SMEs to a certain extent;Third,the effect of supply chain finance on easing the financial constraints of SMEs is related to the company’s own internal control level.Compared with enterprises with high levels of internal control,supply chain finance has a more obvious effect on easing the financing constraints of SMEs with low levels of internal control.Finally,this paper puts forward the corresponding policy suggestions from three levels: government,financial institutions and enterprises.