Supply Chain Finance,Financing Constraints And Excess Cash Holdings

Most of the listed companies have an obvious feature,that is,there is a large amount of cash flow,which has aroused widespread concern of scholars at home and abroad.Since the 1990 s,scholars have made a multi-dimensional study on the cash policy of enterprises,and the research results in this field are quite rich.The concept of “Supply chain finance”officially appeared in the guidelines on financial support for building a manufacturing power issued by the state in 2017.The appearance of supply chain finance solves the problem of financing difficulty and high cost of small and medium-sized enterprises to some extent,and promotes the development of real economy.With the maturity of the Internet,cloud computing and other big data technologies,supply chain finance is playing an important role in the development of digital economy.This paper takes small and medium-sized listed enterprises as the research object from 2010 to 2019,starting from the financial attribute and the supply chain attribute of supply chain finance respectively,constructs the empirical model,this paper studies the influence of supply chain finance on the excess cash holdings of enterprises.Using the method of combining normative analysis with empirical analysis,the research conclusions are as follows:(1)the premise of supply chain finance is to have a healthy and perfect supply chain relationship,and to form long-term and stable relational transaction,at the beginning of its formation,this kind of relationship transaction can be used as an external governance mechanism to supervise the high-level behavior and reduce the agency cost,but with the development of supply chain finance,this kind of supervision function gradually weakens,and more production factors incline to the management,(2)the development of supply chain finance enhances the concentration degree of supply chain,in order to reduce the potential business risk and the financial risk,urges the enterprise to adopt more conservative financial policy;(3)Supply chain finance makes full use of its financial attribute to activate current assets,thus easing the Information asymmetry between banks and enterprises and thus reducing the financing cost,effectively easing the financing constraints and reducing the possibility of excess cash in enterprises,the partial mediation effect of financing constraints is verified;(4)supply chain finance is more concerned about the whole operation of supply chain industry than finance-oriented supply chain finance,which has low credit risk and high efficiency of capital operation.Good supply chain operation will weaken the tendency of enterprises to hoard cash flow and reduce the possibility of enterprises holding excess cash;(5)through the empirical analysis of the data,we found that supply chain finance can significantly reduce the level of excess cash holdings of enterprises,which also shows that supply chain finance is mostly supply chain-oriented;(6)from the perspective of economic consequences of supply chain finance,the reduction of excess cash holding level can reduce the inefficient investment of enterprises and the construction of business empire by managers,weaken the agency problem and improve the value of excess cash holding.This paper first studies the impact of supply chain finance on corporate excess cash holdings,perfecting the impact factors of corporate cash flow before the foundation of previous studies;secondly,enriching the research on the economic consequences of supply chain finance;The research results of this paper have practical significance.Enterprises in all walks of life may have financing restrictions in the co of business,enterprises should comply with the national policy,actively participate in supply chain finance,make finance better serve entities,and promote high-quality economic development.