Research On Supply Chain Finance To Solve The Financing Dilemma Of Technology-based SMEs

Technology-based SMEs are crucial to China’s innovation and development,they are the main force in patent applications,more than 70% of the country’s technological innovations come from them.However,the problems of hard and expensive financing have always been prominent,and they have become a limiting factor for their development and growth.For this reason,both countries and individuals should pay attention to this phenomenon and make efforts to explore solutions to this problem.The creation of supply chain finance,a new type of financing measure,is of great significance in helping technology-based SMEs to solve financing problems,which deserves attention and consideration.Therefore,this paper specifically selecting "financing constraints" This variable,which can be quantified by a model(cash-cash flow model),measures the financing difficulties of technology-based SMEs,corresponding to endogenous financing constraints and exogenous financing constraints,Taking reducing the degree of information asymmetry as the path,starting from the technology-based SMEs themselves,selecting the level of internal control and external financial development as moderating variables,and using empirical research methods to explore the mitigation effect of supply chain finance on technology-based SMEs.This paper firstly combs the literatures at home and abroad in the supply chain finance and technology-based SME financing,and finds that supply chain finance is generated under the background of the strong financing needs of SMEs and the development reform and innovation of banks.The research is always based on two points,one is thinking about financing issues from the perspective of SMEs;the other is researching risk control issues from the perspective of banks or the whole supply chain.As a new financing instrument,supply chain finance has increasingly drawn the attention of academicians in every area,and has also been included in the research on financing of small and medium-sized technological enterprises.The combination of the two is the current academic hotspot,but the number of existing studies is relatively less,with the background of the times and the financial technology’s development,it still needs to be further excavated and deepened.Secondly,defining key concepts such as supply chain finance and financing constraints,and making realistic observations on the development status of supply chain finance and the financing status of technology-based SMEs,so as to pave the way for research assumptions and empirical research.Combining the theory of priority financing,credit rationing,information asymmetry and signal transmission,the four research hypotheses of this paper are derived.and then use the data of listed technology-based companies on SMEs board from 2015 to 2019,first of all,to test whether the progress of supply chain finance can solve the financing dilemma of technology-based SMEs,which is embodied in the mitigation of financing constraints;Secondly,to further test how well internal control and financial development level moderate the mitigation effect?Through empirical analysis,this paper draws corresponding conclusions: first,my country’s technology-based SMEs generally face financing constraints;second,the development of supply chain finance can alleviate the financing constraints faced by technology-based SMEs to a certain extent;third,internal control and the level of external financial development can positively adjust the role of supply chain finance in easing the financing constraints of technology-based SMEs.Finally,reasonable suggestions are put forward for scientific and technological SMEs themselves,government departments and financial institutions such as banks.