Study On The Mitigation Effect Of Supply Chain Finance On The Financing Constraints Of SMEs

There are a large number of small and medium-sized enterprises in China,and small and medium-sized enterprises are the source of vitality of the development of market economy.As the main force of China’s economic development,small and medium-sized enterprises can not only provide jobs,relieve the pressure,but also actively improve the innovation ability and promote industrial upgrading,which plays an important role in economic development.However,due to the lack of core competitiveness,information asymmetry and credit rationing and other problems of smes,small and medium-sized enterprises have certain disadvantages in the financing market,and the financial services obtained do not match the economic contribution provided.In this context,the emergence and application of supply chain finance provides a new path for small and medium-sized enterprises financing,and has become one of the important financing channels for small and medium-sized enterprises in China.The development of supply chain finance in China has a short time,and the supply chain finance service system needs to be improved.Therefore,it is still necessary to further explore whether supply chain finance can effectively improve the financing constraints of small and medium-sized enterprises.This paper mainly studies the mitigation effect of supply chain finance on the financing constraints of small and medium-sized enterprises.According to the research of domestic and abroad,it preliminarily analyzes the relationship between supply chain finance and the financing constraints of small and medium-sized enterprises,and then analyzes the mechanism of supply chain finance to alleviate the financing constraints of small and medium-sized enterprises according to relevant theories.This paper expounds the three modes of supply chain finance.According to the development status of supply chain finance in China,it proposes that the problems of supply chain finance,such as the loose relationship between supply chain enterprises,concerns of financial institutions,and the imperfect legal system for the development of supply chain finance.On the basis of the theoretical analysis,This paper is based on the relevant data of 2011-2020,Take the cash-cash flow sensitive model as the basic model to verify the financing constraints of smes,And add the supply chain financial indicators to establish an expansion model,An empirical study on the role of supply chain finance in alleviating financing constraints,Finally,from the perspective of the overall supply chain,Introduce the supply chain stability adjustment variables for the analysis,Finally,according to the theoretical and empirical analysis,the conclusion is drawn that: First,China’s small and medium-sized enterprises are generally faced with financing constraints;Second,supply chain finance has a mitigation effect on the financing constraints of smes;Third,supply chain stability plays a regulating role in supply chain finance to alleviate the financing constraints of small and medium-sized enterprises.Finally,this paper puts forward corresponding countermeasures: to develop supply chain finance;to enhance the stability of supply chain.