Study On The Influence Of Supply Chain Finance On Financing Constraints Of Small And Medium-Sized Enterprises

Small and medium-sized enterprises play a fundamental role in ensuring sustainable economic development and realizing social harmony.Nowadays,the lack of funds is a common problem faced by small and medium-sized enterprises in China,mainly because of their poor information disclosure quality and lack of consumer trust.It is difficult to obtain foreign funds,which can’t meet their own capital requirements,so they can’t operate normally.Under this background,supply chain finance appears,which connects large enterprises with small and medium-sized enterprises,and uses the credit of large enterprises for financing.Therefore,it is of certain research value to analyze the degree of financing restriction of small and medium-sized enterprises in China and discuss the impact of supply chain finance on them.This thesis sorts out the current situation of supply chain finance and the development of small and medium-sized enterprises,and combines the relevant literature at home and abroad to preliminarily understand the relationship between supply chain finance and financing constraints of small and medium-sized enterprises.Specifically,the role of supply chain finance is discussed theoretically,followed by empirical analysis.The research sample selected the annual data of listed enterprises on the small and medium-sized enterprises board,with the time range from 2011 to 2020,and the model is the current mainstream model in this field,namely the cash-cash flow sensitivity model,and has passed the robustness test.This thesis further expands the research on the impact of supply chain finance,that is,the relationship between supply chain finance and credit risk of small and medium-sized enterprises.Finally,according to the nature of property rights and the degree of regional financial development,the sample is divided into state-owned and non-state-owned,high financial development and low financial development data,so as to examine the heterogeneity.On the basis of empirical research,the main conclusions of this thesis are as follows:first,small and medium-sized enterprises in China are facing financing constraints.Through grouping regression,it is concluded that whether it is state-owned or non-state-owned small and medium-sized enterprises,or high and low financial development groups,the cash flow coefficient is positive and there are financing constraints;second,supply chain finance can alleviate the financing constraints of small and medium-sized enterprises.In the model setting of this thesis,the role of supply chain finance is represented by the coefficient of interaction term.From the regression result,the coefficient is significantly negative,and it can be concluded that supply chain finance can play a positive role in financing problems;third,the current supply chain finance has increased the credit risk of small and medium-sized enterprises to a certain extent.According to the further analysis of the whole sample,it is concluded that the Bassali value has a negative relationship with the development of supply chain finance;fourth,the nature of property rights and the level of financial development can adjust the mitigation effect of supply chain finance.From the grouping regression of these two moderating variables,it can be concluded that among small and medium-sized enterprises,supply chain finance is more effective for state-owned enterprises and enterprises in areas with high financial development.