Research On The Easing Effect Of Supply Chain Finance On Private SMEs’ Financing Constraints

The 20th Party Congress report emphasized that optimizing the development environment of private enterprises and promoting the development and growth of the private economy.Small and medium-sized enterprises are the main body of private enterprises in China,however,subject to the market environment and organizational scale,private SMEs generally have serious financing constraints.With the continuous changes in the market environment,further division of labor and cooperation in the industry,the supply chain has become the optimal choice for the competitive market of products.Banks and other financial institutions rely on the core enterprises of the supply chain,based on the real transactions between the core enterprises and the upstream and downstream chain enterprises,integrate the information on the chain,and launch the new financing model—supply chain finance,which provides private a new path for financing for private SMEs.Existing studies have verified the significant alleviation effect of supply chain finance on SMEs’ financing constraints,but not enough attention has been paid to private SMEs.In China’s institutional environment,the development of private SMEs not only depends on their own management and operation,but is also closely related to economic policy preferences.Based on this,it is important to study the impact of supply chain finance on the financing constraints of private SMEs in different contexts to promote the development of China’s private economy.This paper focuses on the financing of private SMEs.First,based on the theory of information asymmetry and transaction cost theory,we analyze the effect of supply chain finance on the mitigation of financing constraints of private SMEs,and combine the signaling theory to develop research hypotheses by introducing economic policy uncertainty and corporate reputation into the analytical framework at macro and micro levels,respectively.Second,the relationship between supply chain finance and financing constraints of private SMEs is empirically analyzed using the data of private SMEs listed on the SME board of SZSE from 2010-2021,and the moderating effects of economic policy uncertainty and corporate reputation are tested.Finally,the heterogeneity of the preceding effects is further examined from two perspectives:supply chain stability and industry competitiveness.The study shows that:(1)On the whole,supply chain finance has a significant alleviating effect on the financing constraints of private SMEs.(2)At the macro level,economic policy uncertainty positively moderates the mitigating effect of supply chain finance on private SMEs’ financing constraints.(3)At the micro level,corporate reputation negatively moderates the mitigating effect of supply chain finance on the financing constraints of private SMEs.(4)The above mitigation effect is heterogeneous in the case of different supply chain stability and industry competition,the higher the supply chain stability and the more competitive the industry,the more significant the mitigation effect.This paper incorporates supply chain finance,private SME financing constraints,economic policy uncertainty and corporate reputation into the same research framework,providing specific ideas for supply chain finance to break the financing dilemma of private SMEs,deepening the understanding of supply chain financial services to the real economy,and shedding light on government policy formulation,financial institution service management and strategic planning of private SMEs.