Research On The Impact Of Supply Chain Finance On The Financing Constraints Of Agricultural SMEs

Agriculture,as the primary industry,is the foundation of China's national economy and provides a driving force for the sustainable development of the entire society.Since the reform and opening up,although agricultural development has made great achievements,it still faces difficulties in financing.The current situation of insufficient funding has limited agricultural development and rural development.For agricultural small-and-middle enterprises,on the one hand,due to the lack of their own funds,low efficiency,and their own accumulation,the internal financing capacity of agricultural SMEs is seriously insufficient.There are limitations in capital,scale,credit and repayment capabilities,accompanied with the information asymmetry,agricultural SMEs cannot obtain sufficient external financing,and insufficient internal and external financing has formed serious financing constraints,which has largely hindered the development of agricultural small-and-middle enterprises.Supply chain finance takes core companies as the basis point,and effectively integrates logistics,information flow and cash flow and other resources in the supply chain system,which provides favorable conditions for the financing of all parties in the supply chain and can alleviate the financing constraints for SMEs of agricultural industry to a certain extent.This article uses this as a starting point to study how supply chain finance can ease the financing constraints of agricultural SMEs.This article first determines the research method of combining theory and empirical research by combing the literature on supply chain finance and SME financing constraints.Then,it studies how supply chain finance can alleviate the financing difficulties of agricultural SMEs,and finds that supply chain finance restricts agricultural SMEs' financing constraints mainly by the core enterprise,third-party logistics,and the agricultural supply chain fate community relationship.Then,this paper selects small and medium-sized agricultural listed companies as a sample,and uses their panel data from 2013 to 2018 to conduct an empirical study on the supply chain finance to ease the financing constraints of agricultural SMEs by establishing a cash-cash flow sensitivity model.We have conclusions from three aspects: first,agricultural SMEs do have financing constraints;then,the degree of financial constraints on agricultural SMEs is positively related to external financing costs;lastly,supply chain finance can effectively lower external financing costs and ease agricultural Financing constraints for SMEs.Finally,on the basis of the research conclusions,we provide corresponding suggestions for the development of supply chain finance,so that supply chain finance can be better developed in the agricultural industry and better serve our agricultural economy.