Supply Chain Finance And Bank Loans Of Core Firms

At this stage,China’s economy is in a critical period from high-speed growth to high-quality growth.In this process,the high-quality development of micro-enterprises is bound to play an important role.However,due to the problems of the non-standard financial system,low credit rating,and lack of collateral,the problem of "difficult and expensive financing" has always plagued Chinese enterprises,especially small and medium-sized enterprises.This leads to the lack of sufficient funds for investment and development,which seriously hinders the transformation of enterprises to high-quality development mode and the pace of high-quality economic development.To solve this problem,financial technology represented by big data,blockchain,artificial intelligence,and the Internet of things has also been applied to the financial field,and supply chain finance is an innovative tool widely used.Carrying out supply chain finance business by core enterprises can not only provide financing services for small and medium-sized enterprises upstream and downstream of the supply chain but also promote the consistency of capital flow,information flow,and logistics in the supply chain,to improve the overall operational efficiency of the supply chain and enhance the comprehensive competitiveness of the supply chain system.In addition,the development of supply chain finance business can also effectively integrate and embed the participating enterprises in the supply chain into an industrial ecological pattern of benign cooperation and sustainable development.At present,the literature on the economic consequences of supply chain finance focuses on the mitigation effect of Supply Chain Finance on the financing difficulties of upstream and downstream small and medium-sized enterprises.On the contrary,few people study the impact of Supply Chain Finance on the financing ability of core enterprises.Considering that bank credit is the main financing model of Chinese enterprises,this paper attempts to discuss the impact of Supply Chain Finance on bank loans of core enterprises.Specifically,based on the rapid development period of China’s supply chain finance,this paper uses the original samples of A-share non-financial listed companies from 2010 to 2018,uses Baidu search engine to find relevant news,and manually access the company’s annual financial statements to obtain the enterprises that have carried out supply chain finance as the experimental group samples,The corresponding control group samples were obtained by propensity score matching method,which constituted the total sample of this study.On this basis,this paper elaborates and empirically tests the following questions:will supply chain finance affect the bank loans of core enterprises?What kind of transmission path does supply chain finance play a role in bank loans to core enterprises?Does supply chain finance have a heterogeneous impact on bank loans under different scenarios?Can the development of supply chain finance business enhance the enterprise value?The empirical results show that the supply chain finance business of core enterprises can help them obtain significantly more bank loans,accompanied by a significant reduction in loan costs.This shows that core enterprises provide supply chain financing services to upstream and downstream enterprises,which also makes them favored by banks,and then get more preferential loans from banks.In addition,the mechanism test found that the financial effect and information effect played an important role in the loan promotion effect of supply chain finance,that is,supply chain finance promoted the bank loans of core enterprises by improving the financial situation of enterprises and alleviating the information asymmetry between banks and enterprises.Further,after examining the differential impact of Supply Chain Finance on bank loans in different situations,this paper finds that the loan promotion effect of supply chain finance is stronger in small-scale enterprises and enterprises with weak internal control;There is no obvious difference among enterprises with different property rights;And in the period of monetary policy tightening,this kind of loan enhancement effect may not work.Finally,starting from the ultimate goal of business development,this paper tests and finds that supply chain finance plays a significant role in promoting the promotion of enterprise value.This paper is expected to make the following contributions:first,it enriches the research content of supply chain finance and makes up for the gap of existing research.The existing literature on supply chain finance mainly focuses on business attributes and risks.The research on its economic consequences also emphasizes the upstream and downstream small and medium-sized enterprises.The research on the relationship between supply chain finance and the financial behavior of core enterprises is still relatively scarce.Based on the perspective of core enterprises,this paper explores the relationship between supply chain finance and bank loans,which provides a new insight for a comprehensive understanding of supply chain finance and improving the financing difficulties of participating enterprises.Secondly,the previous literature analyzes the role of supply chain level characteristics on bank credit from the relationship of supply chain and the situation of upstream and downstream enterprises in the supply chain.This paper introduces supply chain finance,a financing model derived from supply chain exchange,into the research framework of influencing factors of bank loans,which improves the research in the field of bank loans.Third,the research conclusion of this paper has certain practical significance for enterprises,banks,and the government.It is of guiding significance for enterprises to deal with the risks in the current uncertain environment,alleviate financing constraints,broaden the source of profits for banks under the condition of controllable risks,and promote the construction of high-quality economic development and "double-cycle" development pattern for the government.This paper is expected to make the following contributions:first,it enriches the research content of supply chain finance and makes up for the gap of existing research.The existing literature on supply chain finance mainly focuses on business attributes and risks.The research on its economic consequences also emphasizes the upstream and downstream small and medium-sized enterprises.The research on the relationship between supply chain finance and the financial behavior of core enterprises is still relatively scarce.Based on the perspective of core enterprises,this paper explores the relationship between supply chain finance and bank loans,which provides a new insight for a comprehensive understanding of supply chain finance and improving the financing difficulties of participating enterprises.Secondly,the previous literature analyzes the role of supply chain level characteristics on bank credit from the relationship of supply chain and the situation of upstream and downstream enterprises in the supply chain.This paper introduces supply chain finance,a financing model derived from supply chain exchange,into the research framework of influencing factors of bank loans,which improves the research in the field of bank loans.Third,the research conclusion of this paper has certain practical significance for enterprises,banks,and the government.It is of guiding significance for enterprises to deal with the risks in the current uncertain environment,alleviate financing constraints,broaden the source of profits for banks under the condition of controllable risks,and promote the construction of high-quality economic development and "double-cycle" development pattern for the government.