Research On The Impact Of Supply Chain Finance On The Capital Structure Adjustment Of Enterprises

The Chinese economy has entered a new era of high-quality development,and the focus of the government’s economic work has gradually shifted from increasing leverage and deleveraging to stabilizing leverage.The emphasis on capital structure adjustment has also increased relatively,and the supply side structural reform is constantly deepening.The construction of a new development pattern is accelerating.Supply chain finance,as a product of mutual penetration between the real and virtual economy,its business scope is no longer limited to a single financing service.Currently,it has gradually developed functions such as reducing the financing constraints of SMEs(small and medium-sized enterprises),optimizing their financing structure,improving the efficiency of capital circulation in the industrial chain,and promoting the establishment of long-term collaborative relationships between participating enterprises in the industrial chain,thereby achieving supply chain resource coordination The purpose of common development.Most SMEs engaged in supply chain finance business are upstream and downstream enterprises in the supply chain,and are an important part of the ecosystem of supply chain finance.The dynamic adjustment of their capital structure is also of great significance for the development of supply chain finance business.At present,there has been a large amount of research in the academic community on risk prevention,business model development,and financing efficiency in supply chain finance.However,there are few researches on adjustment speed when SMEs carry out supply chain finance business.Based on this,this paper tends to probe into the impact path of those two factors of SMEs from the view of financing constraints,which has certain significance for the diversified development of supply chain financial services.This article first uses literature review and theoretical analysis methods to analyze the impact mechanism.In the empirical analysis section,relevant data of SMEs listed on the Growth Enterprise Market from 2012 to 2021 were selected as research samples.By constructing a variable indicator system,using a two-step method to fit the target capital structure,and establishing an intermediary model,the research hypotheses was validated.After empirical analysis,this paper finds out these results:supply chain finance has a noticeable forward boost effect on the speed of dynamic adjustment of the capital structure of SMEs;Supply chain finance can effectively alleviate the financing constraints of SMEs;Financing constraints play a significant partial mediating role in the impact of supply chain finance on the dynamic adjustment speed of the capital structure of SMEs.Then this paper conducts robustness test and heterogeneity analysis in different ways to ensure the stability of empirical results.Lastly,based on the analysis,countermeasures and suggestions are proposed from two perspectives:optimizing the development of supply chain finance and promoting the establishment of a capital structure adjustment system for SMEs.This article studies supply chain finance,financing constraints,and the dynamic adjustment speed of capital structure of SMEs within a framework.From the perspective of SMEs,it explores the positive significance of carrying out supply chain finance business for stable economic development.From a theoretical perspective,this study explores the mechanism by which supply chain finance business affects the adjustment speed of SMEs,enriches the research on dynamic adjustment of capital structure,and improves the theoretical analysis framework for the impact of supply chain finance on the adjustment speed of SMEs.From a practical perspective,the empirical conclusions and relevant countermeasures and suggestions of this article are beneficial for optimizing the development environment of supply chain finance,encouraging small and medium-sized enterprises to continuously optimize their capital structure,develop core competitiveness,and also have certain guiding significance for promoting the deepening of financial supply side reform.