Research On Financing Model Of Small And Medium-sized Enterprises Based On Supply Chain Finance

As the real participants and embodiment of China’s socialist market economy,SMEs(small and medium-sized enterprises)play an irreplaceable role in the national economy.However,at present,due to the low credit qualification of SMEs、insufficient mortgagable assets、information asymmetry with financial institutions and other reasons,SMEs are generally faced with the lack of funds and financing difficulties.At the same time,in order to avoid risks,banks subjectively exclude the cooperation with SMEs,which leads to no financing for SMEs.Supply chain finance comes from the actual needs,which is an urgent need of SMEs in the case of limited financing.In recent years,supply chain finance has attracted extensive attention from all sectors of society,and the national level has formulated a number of policies to support it,and supply chain funance has gradually become an important driving force to promote the rapid development of SMEs.From a macro perspective,through the financing model of supply chain finance,the savings funds of financial institutions can be put into the field of national production more quickly and more effectively;it improves the speed of money circulation and maximizes the use value of monetary funds,and it is a new financial innovative financing model worthy of in-depth research,exploration and development.Starting from the aspect of supply chain finance,through the analysis of theories and case experience,this paper extends the discussion on the current situation of SMEs’financing,and how supply chain finance alleviates the financing constraints,and the construction of the financing model.First of all,the financing status of SMEs in China is sorted out,the problems existing in the process of supply chain financing are analyzed,and the reasons for the financing difficulties of SMEs are expounded.Secondly,combined with the related cases of Yihai Kerry Group and Suning Finance etc.,the finacing mode of SMEs based on supply chain finace is analyzed;on this basis,three financing modes are constructed,it mainly includes:accounts receivable financing mode in the sales stage、inventory financing mode in production stage,and advance payment financing mode in procurement stage;and the alleviating effect of the financing constraint mitigation of the three modes is verified and compared.Finally,the paper puts forward relevant policy suggestions for the current financing model of SMEs under supply chain finance:strengthen the financing mechanism of supply chain finance;improve the supporting facilities related to supply chain finance;standardize financial subjects and reduce financing costs for SMEs;improve the financing capacity of SMEs.Through this study,we found that supply chain finance can help SMEs to solve their financing difficulties from three ways:solving information asymmetry,revitalizing book assets and saving transaction costs.The three financing modes based on supply chain finance can help SMEs to obtain more development funds,expand production scale and alleviate financing constraints to different degrees,among which the financing mode of the accounts receivable has the most obvious mitigation effect.And it is concluded that the three modes may be interwoven or focus on one of them,SMEs should choose the financing modes suitable for their own development.Supply chain finance introduces core enterprises and third-party logistics into the supply chain system through relevant systems,and it minimize the financing risks of SMEs through joint sharing.It can not only help SMEs to improve their financing efficiency and reduce their financing costs,but also create revenue for financial institutions such as commercial banks.At present,it has developed to become the main way for SMEs to solve their financing problems.