Research On The Impact Of Supply Chain Finance On The Business Risk Of Core Enterprises

In recent years,as an innovative financing method,supply chain finance provides a new solution to solve the financing dilemma of SMEs,alleviates the difficulties caused by information asymmetry to SMEs.In the background of the volatile economic situation at home and abroad,and the stability of industrial and supply chains is becoming more important,the supporting role of supply chain finance in the real economy has become more and more obvious.The role of core enterprises in supply chain finance is of vital importance:supervise all aspects of the production of upstream and downstream financing enterprises,which can improve the credit capacity of SMEs;provide guarantees for the upstream and downstream enterprises to ensure the smooth cash flow in the entire supply chain.By participating in supply chain finance to solve the problem of capital shortage of upstream and downstream enterprises,core enterprises can also obtain stable upstream and downstream relationships,stabilize their own supply chain.As a key participant in supply chain finance,whether core enterprises can improve corporate performance and obtain economic benefits themselves through supply chain finance is also a question worthy of attention when researching supply chain finance.Enterprise business risk is an important angle to study enterprise performance,and there are very few people in the existing literature to study the impact of supply chain finance on business risks.Due to the key position of core enterprises,we should attach great importance to their business risks.Therefore,this thesis uses the core enterprises as the research object,exploring the impact of supply chain finance on business risks.On this basis,this thesis explores the mechanism of supply chain finance on core business risks.Firstly,this article summarizes domestic and foreign literature on supply chain finance and business risk,sorts out the relevant theoretical mechanisms,deduces the relationship between supply chain finance and business risks,and puts forward the research hypothesis of the article accordingly.In terms of empirical testing,this thesis uses the Small and Medium Enterprise Board listed companies from 2010 to 2020 as the research sample,and uses the fixed effect model of panel data to conduct empirical testing.Next,the article uses the mediation effect model to study the two mechanisms of information channel and financing channel.In the heterogeneity test,this thesis makes further research of nature of property rights,supply chain concentration and region.Lastly,in the robustness test,propensity score matching(PSM)method,substitution variable method,subsample selection and sample period adjustment are used in this thesis.This thesis obtains the following conclusions:(1)Supply chain finance can reduce the business risk of core companies.(2)In the mechanism analysis of information channels,information sharing is a mediator between supply chain finance and business risk.Supply chain finance can improve the information sharing degree of core enterprises,stabilize the supply chain,strengthen the external supervision and constraints of core enterprises,and then reduce business risks.(3)In the mechanism analysis of financing channels,financing constraint is also a mediator between supply chain finance and business risk.Supply chain finance can reduce the financing constraint degree of core enterprises,supplement internal funds with commercial credit,strengthen bank-enterprise relationship to facilitate external financing,and then reduce the business risk of core enterprises.(4)Compared with state-owned enterprises,supply chain finance in non-state-owned enterprises can significantly reduce the business risk of enterprises.(5)Compared with enterprises with low supply chain concentration,supply chain finance can significantly reduce the business risks in the core enterprises with high supply chain concentration.(6)In the heterogeneity test of region,supply chain finance can significantly reduce the business risks of core enterprises in the eastern region.In the central region and the western region,supply chain finance cannot play a role in reducing business risks.Finally,referring to the empirical research results and the development of supply chain finance in China,this thesis puts forward some targeted policy suggestions.From the perspective of core enterprises,this thesis enriches the research on the economic value of supply chain finance business of core enterprises.In terms of theoretical analysis,management theories are combined with financial theories.It also reflects certain innovation in research methods.The research conclusion of this thesis has a driving effect on encouraging more core enterprises to participate in supply chain finance,and this study may be of certain reference significance for financial policy makers.