| Small and Medium Enterprises(SMEs)are an important part of China’s market-oriented economy.At present,the domestic economy is in the difficult stage of changing the mode of economic development,adjusting the economic structure and gradually changing the driving force of growth.Under the influence of the Sino-US trade war and the COVID-19,the financing problem of domestic small and medium-sized enterprises is more and more prominent.Due to the impact of objective reasons,such as small scale,insufficient guaranteed assets and opaque operation,SMEs are always faced with high financing costs,capital flow gap and other problems,and their own development is seriously restricted.Under this background,supply chain finance is gradually becoming one of the important financing channels for small and medium-sized enterprises.Supply chain finance builds a benign industrial ecology with banks,enterprises and logistics platforms interconnected and mutually beneficial.It effectively integrates the capital flow,information flow and logistics in the supply chain,thus helping the vulnerable SMEs in all aspects to achieve financing,which can effectively ease the financing constraints of SMEs.However,its internal mechanism still needs to be further explored.In this regard,this paper combs the existing research results,combines the supply chain management theory,information asymmetry theory and transaction theory with the current situation of supply chain finance and financing of small and medium-sized enterprises in China,and theoretically analyzes the impact of supply chain finance on financing of small and medium-sized enterprises;On the other hand,this paper constructs a cash-cash flow sensitivity model based on the sample data of companies in Shenzhen SZSE from 2015 to 2020.According to the different nature of the enterprise classification,heterogeneity analysis,explore the supply chain finance for different types of enterprises.Finally,it provides theoretical reference and decision-making basis for alleviating the financing constraints of SMEs,promoting the development of SMEs and improving the financing structure system and policy.The empirical results show that:(1)SMEs in China are generally constrained in financing,showing significant cash-cash flow sensitivity.(2)Supply chain finance plays an intermediary effect between operating cash flow and changes in cash and cash equivalents held by enterprises,mitigating information asymmetry between banks and enterprises,reducing transaction costs and effectively increasing the probability of bank lending by integrating internal resources in the supply chain,thus effectively promoting SMEs’ financing.(3)Supply chain finance can reduce cash flow sensitivity and ease financing constraints of small and medium-sized enterprises.(4)From the perspective of industry-intensive,capital-intensive industries have more obvious financing constraints than other types of industries,and supply chain finance has a better effect on easing the financing constraints.Judging from the classification of property rights,the financing constraints of state-owned small and medium-sized enterprises are more serious than those of non-state-owned enterprises.The degree of relief of supply chain finance to the financing constraints of state-owned enterprises is more obvious.Based on the above empirical analysis,this paper puts forward some suggestions from the government,financial institutions and enterprises.First,the government should further optimize the financing environment for SMEs,give full play to the credibility and appeal to promote the application of supply chain finance,and improve the relevant laws and regulations to create a good legal environment.Second,financial institutions should increase support for supply chain finance business,build online development platform for supply chain finance,improve supporting risk control system,and strengthen risk prevention and control awareness.Third,supply chain enterprises should deepen cooperation to enhance the cohesion of supply chain,SMEs should strive to improve their own strength,seize the opportunity to improve business conditions. |
