Research On The Impact Of Supply Chain Finance On Corporate Technological Innovation

The individual development of SMEs has made an important contribution to the country’s overall development,as they are the basis of most innovative activities in the Chinese economy.The prosperity of SMEs can create sufficient jobs in the market,increase labour income and national tax revenues,and promote quality development of the real economy.In recent years,the combined effects of the post-epidemic era,the European energy crisis and the Russia-Ukraine conflict have put the Chinese economy under significant downward pressure and further constrained the development opportunities for enterprises.At the same time,the specific nature of research and development has made it to some extent difficult for companies to monetise resources.Supply chain finance is a new financing model based on real trade between firms and represents a new way of meeting firms’ capital needs in the innovation process.Supply chain finance is a new form of financing based on real trade between firms and represents a new way of meeting firms’ capital needs in the innovation process.Based on the review of relevant literature both at home and abroad,this paper analyses the theoretical foundations and the current state of development by taking companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange of China as the objects of research and manually aggregating among them the companies involved in supply chain finance business,and collecting and aggregating relevant financial data as variable data.Panel regression analysis is used to empirically investigate the impact of supply chain finance on the technological innovation of enterprises,and the mechanism of the effect is further explored.The study shows that the use of supply chain finance can significantly improve firms’ technological innovation and separates business innovation into independent innovation and collaborative innovation,and empirically finds that the positive spill-over effect is more evident for collaborative innovation than for independent innovation.At the same time,this spill-over effect is stronger for NGOs,SMEs,firms in regions with higher financial development and firms in the western region.A further mechanism test showed that supply chain finance promotes innovation by having a mediating effect on the alleviation of financing constraints for firms and a moderating effect on the adjustment of supply chain relationships.The above findings enrich the literature on supply chain finance and provide strong evidence that supply chain finance contributes to quality development in the real economy.Finally,based on the research findings,this paper presents relevant proposals for optimising the development of supply chain finance and promoting technological innovation by firms in the four main actors involved in supply chain finance,i.e.government,SMEs,financial institutions and third party logistics companies,in the hope of promoting quality development of finance and the real economy.