Research On The Impact Of Supply Chain Network On Enterprise Financing Constraints

With the continuous improvement of supply chain management ideas and the continuous development of supply chain finance,the connections between suppliers and customers in the supply chain continue to increase,and more enterprises are directly or indirectly connected by supply relationships.Business flow,logistics,capital flow and information flow have synergistic effects in supply chain finance,connecting and influencing enterprises in the supply chain in information,capital,credit and other different aspects.This article studies the impact of supply chain networks on corporate financing constraints in the context of continuous development of supply chain and continuous improvement of supply chain network models.This article first selects data from the top five suppliers and customers of A-share listed companies from 2016 to 2021,constructs a supply chain network using Python and networkx tools,and selects characteristic indicators in the supply chain network based on the characterization method.Among them,centrality describes the relative position of the enterprise in the supply chain network,and the sum of total assets of neighboring nodes describes the environment in which the enterprise is located in the supply chain network.Secondly,this article provides a detailed overview of the supply chain network financing model based on information transmission in the supply chain network,credit diffusion of core enterprises,and collaborative effects between enterprises in the supply chain network.It clarifies the impact mechanism of supply chain network characteristic indicators on enterprise financing constraints.The characteristic indicators in the supply chain network describe the relative position and environment of enterprises in the network,which affect the information transmission,credit diffusion,and collaborative effects that enterprises face in the supply chain network.By eliminating information asymmetry,enhancing credit endorsement,providing implicit guarantees,improving business performance and overall strength,enterprises can better obtain credit funds,and broaden financing channels,thereby alleviating financing constraints.This article conducts empirical research on the impact of supply chain network characteristic indicators on corporate financing constraints.The results show that the greater the degree centrality of enterprise nodes,the closer the enterprise is to the network center,and the lower the financing constraints;The larger the total assets of the neighboring nodes of the enterprise,the more large enterprises in the environment the enterprise is located in,and the lower the financing constraints.In this paper,the robustness test is carried out in three ways: substitution variable,lag one period treatment and substitution sample period,which shows that the conclusion is robustness.This article concludes through mechanism testing that the characteristic indicators of the supply chain network alleviate financing constraints by improving the quality of information disclosure.This article further analyzes the moderating effect of total market value on centrality.Enterprises with smaller total market value have a stronger impact on financing constraints due to centrality.This article conducted a heterogeneity analysis on state-owned and non-state-owned enterprises,and the results showed that stateowned enterprises are not significantly affected by the supply chain network environment due to their unique system and relatively sufficient funds,while non-stateowned enterprises are more significantly affected by the supply chain network environment.