An Empirical Analysis Of The Impact Of Supply Chain Finance On The Performance Of SMEs

As the source of our country’s economic development,small and medium-sized enterprises have played a key role in creating jobs,improving market efficiency,promoting technological innovation,transforming economic development methods,and maintaining social stability.However,due to insufficient nuclear competition and high operating risks,as well as the lack of mortgage assets recognized by financial institutions,the financial services enjoyed by small and medium-sized enterprises are seriously mismatched with their strategic position and economic contribution.The problem of "difficult and expensive financing" has become a restriction.The bottleneck problem of survival and development.With the transformation of social division of labor’ supply chain finance has received increasing attention in the globalized market.As a new type of financing method,supply chain finance provides a series of financial products and services to supply chain member companies based on the credit status of enterprises,effectively reducing the difficulty and cost of financing the entire chain.At the same time,the development of the capital market has caused the traditional high-quality credit market of commercial banks to shrink day by day.Affected by financial disintermediation and the marketization of interest rates,the proportion of loans from banks and other institutions in the total financing of enterprises has declined,and the traditional profit model of financial institutions relying on interest rate differentials has been significantly impacted.Therefore,supply chain finance has gradually become an important way for financial institutions to develop the SME market.On the basis of summarizing the relevant research trends of supply chain finance at home and abroad,this article first combines the theory of information asymmetry and transaction cost to study the connotation of supply chain finance;then,taking Tibet as an example,it introduces the development of supply chain finance in the region,And compared with the development of the whole country;then select the small and medium-sized enterprises in Tibet and the small and medium-sized enterprises nationwide as the two sample groups,and use the regression model to test the impact of supply chain finance on the financial performance and operational performance of enterprises.Finally,it is concluded that:(1)The development of supply chain finance has a positive effect on small and medium-sized enterprises,and this effect is more obvious in Tibet;(2)Financing difficulties and financing constraints of smes are important factors that restrict the financial performance and operational efficiency of smes.In Tibet,financing constraints have a stronger effect on the financial performance of smes;(3)Supply chain finance can alleviate the financial performance of small and medium-sized enterprises.Financing constraints,to indirectly promote the financial performance and operational performance of the enterprise,and in Tibet,the development of supply chain finance has a stronger effect on performance improvement;(4)Supply chain finance can indirectly promote the financial performance and operational efficiency of smes by alleviating their financing constraints.This mechanism exists in both Tibet and nationwide samples.(5)The direct effect and mediating effect are shown in small and medium-sized enterprises in Tibet and the whole country,but it is more obvious in Tibet.Finally,this article puts forward suggestions on how to develop and apply supply chain finance from the government level and the enterprise level,and proposes future research prospects.