Research On SMEs' Financing Constraints In The Background Of Supply Chain Finance

Information economics attributed the credit rationing problem arising in the process of corporate financing to the information asymmetry of both borrowers and lenders.In the specific argument of the problem,the theory holds that the uncertainty brought by adverse selection and moral hazard makes the enterprise externally financed.The corresponding risk compensation is paid in the middle,and the internal risk source of the enterprise does not have such risk cost.This view leads to the prevailing view that firms with a high level of information asymmetry will pay higher risk rewards,so that the cash demand of companies with financing constraints will depend on the accumulation of internal cash flow.Regarding the analysis and research of this issue,the academic community generally believes that the degree of corporate financing constraints can be considered through this situation.We can regard the previous research on financing constraints as a traditional financing model based on real estate mortgage,and understand supply chain finance as a new financing model.The reality shows that the transformation of financial institution risk prevention mode is to solve the information asymmetry between the borrowers and the lenders.If the information asymmetry can be solved to a certain extent,then the path of reducing the borrowing cost will be in line with the operation mode of supply chain finance.This paper attempts to sort out the existing literature on supply chain finance and corporate financing constraints,and to study the mitigation effect of supply chain finance on SME financing constraints in the context of the “funding difficulties in financing”.The research content of this paper is mainly divided into the following major parts:Firstly,starting from the background and significance of supply chain finance,this paper reviews the research on SME financing and supply chain finance,and through the combing of the literature,determines the research of this paper.content.Secondly,on the basis of the analysis of the concept,status quo and financing mode of supply chain finance,the related theories of corporate finance and supply chain finance are expounded.Based on the theoretical analysis of credit rationing,information asymmetry and transaction cost,this paper proposes this paper.The two major inferences: First,SMEs generally have financing constraints that need to be resolved in the long run;the other is that supply chain finance has a certain mitigation effect on SME financing constraints.Thirdly,this paper uses the game theory research method to analyze the Nash equilibrium and the corresponding payment value of the traditional financing mode and the supply chain financial financing mode in two ways: complete information and incomplete information.Through the perspectives of risk,benefit and cost.Comparing the two financing models,from the perspective of the game,the advantages of supply chain financial financing compared to traditional financing are explained.Finally,this paper takes the listed SMEs in China as a sample and uses the cash-cash flow model proposed by Almeida,Campell and Weisbach(2004)to test whether SMEs generally have financing constraints.It also introduces supply chain financial measurement indicators to demonstrate the role of supply chain finance in the financing process.According to the empirical results,some countermeasures and suggestions have been put forward from the operational level of the government,enterprises and financial institutions.Through the analysis of theory and data,this paper draws the following main conclusions:(1)Supply chain finance has a certain mitigation effect on SME financing constraints;(2)From the perspective of the degree of information asymmetry,enterprises with low information transparency will be subject to obvious financing constraints,and the development of supply chain finance will have a significant mitigation effect.(3)From the perspective of the classification of property rights,compared with state-owned enterprises,private enterprises are more constrained by financing,and supply chain finance has a better effect on mitigating financing constraints.The research conclusions of this paper are based on the analysis of theory and practice,and more or less have a certain degree of credibility.If we place supply chain finance in the era of big data,there should be further space for research on supply chain finance with information technology such as big data and blockchain.This requires us to follow up.