| Small and medium enterprises are an important part of the modern national economy.They not only play a major role in our country’s economy and people’s livelihood,but are also top-ranked corporate groups in terms of scale and vitality.But a considerable number of SMEs in China are facing long-term financing constraints.In order to solve the financing problems existing in the rapid development of SMEs in China,local government departments actively guide commercial banks and other financial institutions to innovate investment and financing methods as required,and make good use of Internet technology and emerging theories and practices.and live.Supply chain financial services break the previous restrictions on investment and financing of commercial banks.By introducing third-party logistics to monitor the flow of goods and cash in the control process of enterprises,and joining core companies to guarantee the entire cooperation,it plays a pivotal role and enhances information transparency.The credit capacity of commercial banks and other financial institutions has also been improved,significantly reducing the capital restrictions of various enterprises,and promoting the healthy development of enterprises and financial institutions.This paper focuses on analyzing the influence of supply chain finance development on my country’s financing constraints,as well as the differences in the mitigation effects of financing constraints on enterprises in different life cycle stages.This paper first points out the development of China’s supply chain finance and SMEs financing status quo.The status of supply chain finance development and financing constraints.On the basis of basic theoretical analysis,this paper selects enterprise data for empirical analysis.This paper selects the data of my country’s small and medium-sized enterprises from 2015 to 2020,uses the cash-cash flow sensitivity model to analyze and research,and draws the conclusion that the development of supply chain finance does have a slowing effect on the financing constraints of Chinese enterprises.In addition,according to the stages of the enterprise life cycle,enterprises are divided into enterprises in the growth period,enterprises in the growth period and enterprises in the recession period.It is concluded that there are differences in the alleviating effects of supply chain financing services on financing constraints,and the reasons for the differences are analyzed.Therefore,based on the conclusions of this paper,we will focus on developing supply chain financial services to overcome financing difficulties and promote the further development of small and medium-sized enterprises.Therefore,this paper suggests that government departments,enterprises,financial institutions and other social entities should jointly promote the development of supply chain financial services,and further propose solutions based on enterprise life cycle to alleviate the financing difficulties and expensive problems in different stages of enterprise life cycle. |
