Research On The Effect Of Supply Chain Finance On Financing Constraints In Smalland Medium-sized Automobile Enterprises

Due to the high attention of the Party Central Committee and the State Council,the comprehensive strength,core competitiveness and social responsibility capacity of SMEs constantly enhanced,but financing difficulties and financing expensive seriously restrict the SMEs development.The advantage of SCF products is that the core corporate credit based on the real trading can be conducted to the underlying layer,improving the credit usage rate and the capital turnover rate.Therefore,the SCF may become a significant mean for SMEs to break through their own restrictions and crack financing dilemmas.Based on this reality,this article selected the automobile manufacturing with high supply chain integration as the research object,focusing on the SCF influence on the automotive industry chain SMEs financing constraints.First of all,overview of SCF and its application models,and introduce the theory of finance constraints such as information asymmetry,transaction costs,etc.Next,focus on the automotive manufacturing industry,explores the current situation of SCF in automobile manufacturing industry and current situation of small and medium-sized automobile enterprises financing constraint.Before the research design,from SME financing constraints generate mechanism and the impact of SCF on the mechanism of SME financing constraints two angles,two assumptions have proposed.Secondly,based on the ACW basic model,select the data from 2011-2020 in the CSMAR database,use the STATA 15.1 software,measure the automotive manufacturing SMEs financing constraints from the perspective of cash hold sensitivity to operating cash flow.The results show that due to facing external financing constraints,when the operating cash flow increases,the enterprise internal cash hold will also increase.In the automotive industry,SMEs face financing difficulties and financing expensive problems.Thirdly,on the basis of the ACW basic model,build the SCF and cash flow cross item.As a new interpretation variable introduced into the model,explore the SMEs cash flow constraints how change under the influence of the SCF.The research finds that the cash flow sensitivity from the positive number to negative significantly,the SCF can ease financing constraints of car company.Finally,based on the above analysis,this paper puts forward the suggestion from government,financial institutions,automotive enterprises angles,look forward to give full play to the role of the SCF in breaking financing difficulties ice.