Research On The Influence Of Supply Chain Finance On Financing Constraints Of Small And Medium-sized Enterprises

SMEs are the main driving force for the development of China’s economy.They have played an important role in promoting economic growth,promoting industrial upgrading,strengthening scientific and technological innovation and creating employment.However,by 2020,the new COVID epidemic broke out,thus SMEs could not maintain normal production and operation activities,facing bankruptcy crisis.In order to help them out of difficulties,we must provide effective solutions to their financing problems.Supply chain finance is a new financing method that can effectively avoid the financial difficulties of SMEs.It can build the whole supply chain ecosystem among SMEs,grass-roots enterprises and financial institutions,realize the comprehensive exchange of information such as production process,capital and logistics,ensure the operation stability of supply chain participants and improve the production efficiency of the whole supply chain.At the same time,mortgaged assets such as accounts receivable,prepayment and inventory can also be used to help SMEs raise funds and effectively solve financing problems.This paper uses the combination of theoretical analysis and empirical test.Firstly,this paper introduces three related theories,and reviews from three aspects:supply chain finance,financing ability of SMEs,and the impact of supply chain finance on the financing constraints of SMEs.Secondly,it summarizes the financial situation of China’s SMEs and the current situation of supply chain financing.Then it analyzes the mechanism of supply chain finance,the regulation of supply chain concentration and the heterogeneity of enterprise.Then,taking the relevant data of SMEs from 2010 to 2020 as the sample,taking the supply chain concentration as the regulating variable and adding the alternative variable to measure the supply chain concentration,we empirically test whether there are financial constraints of SMEs and the actual impact of supply chain financing on the financial constraints of SMEs.Empirical research shows that there are obvious financial constraints in SMEs.The use of supply chain financing can effectively alleviate their financial constraints,in which the supply chain concentration plays a positive regulatory role.At the same time,compared with state-owned enterprises,non-state-owned enterprises face greater financing constraints,but the mitigation effect of supply chain finance is also more obvious.Finally,this paper puts forward relevant policy suggestions for enterprises,financial institutions and the government.This paper hopes to further enrich and improve the relevant research of supply chain finance,and provide some new ideas for SMEs to solve the financing problems.