Supply Chain Finance,Technological Innovation And High Quality Development Of Small And Medium Enterprises

For a long time,due to the characteristics of their own development,SMEs have the problems of financing expensively and difficultly,which affects the production operation and long-term development of enterprises.Supply chain finance based on core enterprise credit,introduce professional services to the logistics companies and Banks,based on the real trade information on the supply chain enterprises,comprehensive assessment and credit of enterprise on the chain,can satisfy the needs of SMEs,that is to say,ease the financial strain conditions,specific business forms for prepayment financing,receivables financing as well as inventory financing,and trade credit based on upstream and downstream relationships in the supply chain.SMEs have made outstanding contributions to China’s fiscal revenue,GDP growth and technological innovation,and played an important role in China’s national economy.Therefore,it’s important to promote the development of SMEs and improve the development level of SMEs.In line with Xi Jinping Thought on Economy,the realization of high-quality and high-level development of small and medium-sized enterprises has the characteristics of The Times.In recent years,the government has frequently mentioned supply chain finance,high-quality development,technological innovation and other words.The main purpose of this paper is studying on the impact of supply chain finance on the high-quality development of enterprises,and whether technological innovation can play an intermediary effect.Firstly,this paper summarizes the relevant foreign and domestic literatures about the topic,and further enrich and determines the direction of the research.Then,from the theory of supply chain management,theory of information asymmetry,resource-based theory,social network theory and transaction cost theory,the mechanism path of supply chain finance influencing technological innovation and then influencing enterprise high quality development level is analyzed,and the corresponding hypothesis is put forward.Secondly,the core variables needed in this paper are constructed and measured by entropy method.The data of 699 manufacturing enterprises in China’s SMEs board from 2011 to 2020 are selected as research samples for regression analysis.The cash-cash flow sensitivity model and mediation effect test model are respectively constructed.Regression analysis in addition to return the whole samples also takes into account SMEs’ heterogeneity,according to the nature of the property right of the selected samples enterprises,supply chain concentration of high and low level of financial development,supply chain,industry and enterprise registered in the group,and the packet data regression to compare the size of the intermediary effect and difference respectively,and the corresponding conclusions are drawn.Finally,according to the conclusions above,the paper put forward relevant policy suggestions in the three levels of government,industry and SMEs,and the paper is reviewed and further research prospects are put forward.Conclusions of empirical analysis of this paper as follows: First,SMEs in China have a relatively common phenomenon of financing constraints,and supply chain financial tools have a better role in alleviating financing constraints.Secondly,supply chain finance’s promotion in SMEs can effectively promote the improvement of enterprise’s own high-quality development level,and enterprise technological innovation has a significant intermediary effect in this influence process.Thirdly,enterprises with different natures and attributes have different mediating effects of technological innovation.Specifically,by contrasting enterprises with different nature of property right,private enterprises have stronger mediating effect of technological innovation;The technological innovation of enterprises with high level of supply chain finance development has partial mediating effect,while the technological innovation of enterprises with low level of supply chain finance development has hiding effect.Compared with firms with low supply chain concentration,firms with high supply chain concentration have stronger mediating effect on technological innovation.Compared with high-tech enterprises,non-high-tech enterprises have stronger mediating effect of technological innovation.Through contrasting SMEs from western and central regions,the mediating effect of technological innovation of enterprises in eastern regions is stronger.