| As the backbone of small and medium-sized enterprises,the effective investment activities of specialized new enterprises can not only improve the business performance of enterprises,play a role in driving economic growth,driving employment and expanding consumption,but also promote the high-quality development of China’s economy and help realize Chinese-style modernization.However,due to the existence of asymmetric information and principal-agent problem,specialization,the new enterprise is facing serious financing constraints,which characterized by specialization,inefficient investment behavior of new enterprises.And the non-efficiency investment will affect the follow-up healthy development of specialized and specialized new enterprises,thus leading to a vicious circle.The supply chain finance business can effectively alleviate the financing constraints of enterprises on the chain based on its characteristics of transaction certainty,asset specificity,and improvement of cooperation transaction frequency of enterprises on the chain.Therefore,whether the improvement of the development level of supply chain finance can effectively improve the investment efficiency of specialized and specialized new enterprises and how to improve the investment efficiency of specialized and specialized new enterprises are studied in this thesis.Based on the review of domestic and foreign literature and from the perspective of improving the level of information disclosure and transparency,this thesis discusses whether supply chain finance business can affect the investment efficiency of specialized and specialized new enterprises by reducing financing constraints,and innovatively considers the macroeconomic environment.For example,monetary policy,support policy,financial development level,inclusive finance development level and other factors play a role in it.Finally,the intermediary role of financing constraints between the main explanatory variable and the explained variable is tested.In this thesis,the development level of supply chain finance is adopted to measure the development degree of supply chain finance business of specialized and specialized new enterprises,the development degree of financial intermediary and stock market is chosen to measure the financial development level,and the Peking University Digital inclusive finance Index and SA index are used as indicators to measure digital inclusive finance and financing constraints.Richardson’s residual model of investment efficiency was used to calculate the residual term through systematic GMM regression to measure the inefficient investment of the firm.After that,the thesis of this thesis was discussed by using multiple benchmark regression and intermediary effect test model respectively,and corresponding suggestions were made based on the empirical results.The results show that:(1)Supply chain finance will significantly affect the inefficient investment of specialized and specialized new enterprises;(2)Both financial development level and digital inclusive finance can enhance the negative impact of supply chain finance on inefficient investment;(3)Supply chain finance can reduce the degree of financing constraints suffered by specialized,specialized and innovative enterprises;(4)Financing constraints play a partial intermediary role in the process of supply chain finance affecting the investment efficiency of specialized and specialized new enterprises. |
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