The Research On The Impact Of Supply Chain Finance On The Financing Constraints Of Automobile Manufacturing SMEs

As the main force of China’s economic development,small and medium-sized enterprises(SMEs)play an important role in promoting employment and driving GDP growth.Because of their spontaneous innovation vitality in the market and the flexibility of "small boats to turn around",they can effectively promote technological innovation,Promote industrial upgrading and stimulate economic growth.However,the financing problem of small and medium-sized enterprises has gradually become a shackle that restricts its development,which is also the blocking point and difficult point that the current financial active water irrigates the real economy.Supply chain finance,based on the real transaction background of enterprises,makes systematic and objective evaluation and analysis and provides financing solutions to help participants in the supply chain to improve capital efficiency and finally achieve a win-win effect,which provides a new opportunity to solve the financing problems of small and medium-sized enterprises.Due to its strong flexibility,supply chain finance has injected vitality into the financing of small and medium-sized enterprises,realized the reasonable allocation of resources,and played a positive role in easing the financing constraints of small and medium-sized enterprises,thus directly promoting economic growth and helping to achieve high-quality development of the real economy.Supply chain finance,as a new thing developing rapidly in recent years,has broad prospects for development.For the automotive manufacturing industry with a high degree of industry concentration,supply chain finance is a blue ocean market with great potential for development.Especially with the rapid development of the automobile market in recent years,the application of the automobile supply chain has gradually matured.In the automobile supply chain,it is relatively easy for large OEMs dominated by state-owned enterprises to get financing,while a large number of small and mediumsized automobile manufacturing enterprises mainly owned by private enterprises in the supply chain generally face the problem of "difficult and expensive financing",and the financing problem has become a bottleneck that seriously restricts the development of enterprises.Supply chain finance is a kind of financing service suitable for the characteristics of small and medium-sized enterprises.How to use and develop supply chain finance to solve the financing difficulties of small and medium-sized enterprises in automobile manufacturing has become the focus of great attention.Based on the sufficient reading relevant literature,using the theory and practice,the combination of qualitative and quantitative methods,the first comb the related literature at home and abroad were reviewed and summarized,based on the relevant concept of supply chain finance and automobile supply chain finance,respectively from the financial supply chain involved in the information asymmetry theory,transaction cost theory and principal-agent theory,This paper analyzes the theoretical basis of supply chain finance to alleviate the financing constraints of SMEs.Secondly,the development of auto supply chain finance and auto manufacturing SME financing is analyzed,and the current problems are summarized.Then,using the cash-cash flow model,this paper makes an empirical analysis on whether supply chain finance can alleviate the financing constraint problem of small and medium-sized enterprises in automobile manufacturing.Given the auto manufacturing,most small and mediumsized enterprises is faced with the problem of financing constraints,to small and medium-sized enterprise plate and the gem of automobile manufacturing small and medium-sized enterprises as the research object,selected enterprises are mostly in the automotive industry to provide automobile spare parts manufacturing and retail businesses,has certain representativeness,can better to make the kind of small and medium-sized enterprises on behalf of the automotive supply chain finance.Through the empirical study,it is found that the automobile manufacturing SMEs generally face the trouble of financing constraints,but with the development of supply chain finance,the financing constraints faced by this kind of SMEs have been alleviated;Finally,based on the empirical conclusions and the development status of China’s automotive supply chain finance,relevant suggestions are put forward from the perspective of the government,enterprises and financial institutions,in order to help supply chain finance to better serve the automotive manufacturing SMEs.