A Study On The Impact Of Supply Chain Finance On The Financing Constraints Of SMEs

Small and medium-sized enterprises contributed greatly to the economic growth,and are the important economic bodies in the development of market economy in our country.However,due to their own factors,such as small scale,lack of guaranteed assets,low financial quality,small and medium-sized enterprises are faced with financing difficulties and expensive problems,coupled with the impact of the global situation in recent years,the development of small and medium-sized enterprises is even on thin ice.Countries and enterprises find supply chain finance model in the process of seeking solutions,and gradually promote the application of supply chain finance model.Then through what path does supply chain finance affect the financing constraints of enterprises? Does the development effect of supply chain finance differ in terms of location,enterprise nature,industry and relative scale? Based on the above problems,this study,on the one hand,discusses and analyzes the relationship between supply chain finance and corporate financing constraints from a theoretical perspective,summarizes relevant literature at home and abroad,and analyzes the possible influence mechanism of supply chain finance on financing constraints.On the other hand,from an empirical point of view,the relationship between supply chain finance and SME financing constraints is discussed and analyzed by using cash-cash flow sensitivity model and threshold regression model based on the data of the original small and medium-sized board and GEM companies of Shenzhen Stock Exchange from 2012 to 2020 as samples.The study of supply chain finance and financing constraints for small and medium-sized enterprises is of great practical significance to our economy "from virtual to real" and promote high-quality national economic development.The empirical results of this study show that:(1)Financing constraints are common in smes,and supply chain finance itself has excellent characteristics,which can alleviate the financing constraints of smes.Through the regression of cash-cash flow sensitivity model,it is concluded that smes have serious cash flow sensitivity,and with the development of supply chain finance,the financing constraints of enterprises are reduced.(2)Supply chain finance alleviates corporate financing constraints through intermediary effect path and regulatory effect path.From the perspective of intermediary effect,supply chain finance can alleviate the financing constraints of enterprises by improving bank trust.From the perspective of regulatory effect,customer concentration,supplier concentration and supply chain concentration can strengthen the financing constraints of supply chain finance on smes.(3)The influence of supply chain finance on financing constraints is heterogeneous.(i)From the perspective of location differences,enterprises in eastern China can effectively use supply chain finance to alleviate their own financing constraints compared with enterprises in northeast,central and western China;(ii)From the perspective of relative scale difference,smaller enterprises are more able to use supply chain finance to alleviate financing constraints than larger enterprises.(iii)From the perspective of equity nature,state-owned enterprises can carry out supply chain finance business better than private enterprises;(iv)From the perspective of industry differences,non-agriculture-related enterprises are better than agriculture-related enterprises in the application of supply chain finance;(v)From the perspective of plate differences,the financing constraints of enterprises in GEM are more serious than those of small and mediumsized enterprises in GEM.Supply chain finance can fully alleviate the financing constraints of enterprises in GEM.(4)There is a nonlinear relationship between supply chain finance and corporate financing constraints.In the early stage of the growth of supply chain finance,we should be patient and introduce corresponding policies to promote the development of supply chain finance.Based on the above empirical results,this study makes the following three suggestions.(1)Continue to promote the development of supply chain finance,innovate and improve the institutional environment,and strengthen infrastructure construction.(2)All participants should strengthen cooperation and clarify the important purpose of developing supply chain finance.(3)Strengthen supply chain financial supervision to avoid security risks.