Research On The Influence Of Supply Chain Finance On The Value Of Logistics Enterprises

As the global economy and trades have witnessed profound uncertainties in recent years,MLEs and MSMEs in China bear all sorts of problems related to capital flow.As a form of creative financial product,supply chain finance can quickly respond to comprehensive requirements such as settlement,financing,and financial management of enterprises on the industrial chain by providing systematic financial solutions,which lowers business costs and improves the value of all parties in the sector.In the face of the Covid-19,especially,the importance of supply chain finance to the real economy has been presented,as "the fourteenth five" plan has repeatedly mentioned the development of innovative supply chain finance models to achieve the policy goal of making financing more convenient for SMEs and keeping overall financing costs stable and lower.Meanwhile,the logistics industry has been playing an indispensable role in the process of China’s economic development,and how to improve business value by developing supply chain finance has been important topic among scholars and experimenters.First of all,based on combing through the theoretical research results and practices and experience of supply chain finance and business value at home and abroad,the thesis applies qualitative analysis and quantitative analysis,and summarizes the current situations of development of supply chain finance and logistics industry in China.The statistics suggest that,in recent years,the volume of social financing of supply chain finance is huge and maintains a trend of increase each year.However,there is a lack of complete credit rating mechanisms and relevant targeting legal regulations,and the innovation of supply chain finance products made by enterprises and financial institutions is insufficient and lacks in-depth cooperation.The volume of social logistics in China maintains a fast pace of growth,but the application of IT technologies in the logistics industry is commonly insufficient,which results in low overall logistics efficiency in China and high logistics costs.Next,in accordance with the research method of “ theoretical basis-research design-empirical test-policy suggestions”,the thesis analyzes the function mechanism of supply chain finance for business value and selects the statistics of listed firms of A-shares of Shenzhen Stock Exchange and Shanghai Stock Exchange in logistics sector from 2010 to 2021.Based on the panel regression model and STATA17 software,the thesis discusses the impact of supply chain finance on business value,the mediating effect of financing constraints and investment efficiency,and adjusting the effect of internal control,and conducts further heterogeneity discussion about the classification of property rights,asset scale,and enterprise life cycle.At last,the endogeneity test and steadiness test are carried out in total effect,mediating effect,and moderating effect of the model to verify the steadiness of the research presumption and the model.The research conclusion suggests that:(a)Supply chain finance has a positive influence on business value,which means that the development of supply chain finance facilitates the improvement of business value.And further heterogeneity analysis finds that its positive influence on business value is more notable in SOEs and enterprises at the stage of growth but less notable in none-SOEs or enterprises at the stage of maturity and recession.(b)The quality of internal control has a significant positive effect in the process where supply chain finance affects business value,which means the optimization of internal control quality will promote the positive impact of supply chain finance on business value.And further heterogeneity analysis finds that the quality of internal control presents a more notable positive effect in the process where supply chain finance affects the business value of SOEs,enterprises with small assets,and enterprises at the stage of recession,but a less notable positive effect on the business value of none-SOEs,enterprises with great assets and enterprises at the stage of development.(c)The level of financing constraints and investment efficiency of enterprises have a notably positive mediating effect in the process where supply chain finance affects business value,which means that supply chain finance further improves business value by lowering the level of financing constraints and lowering inefficient investment of business to level up business value by improving investment efficiency.And further analysis shows that mediating effects vary with the nature of enterprise property rights:positive mediating effects are notable in SOEs but less notable in other enterprises.There is no difference in terms of enterprises’ asset scope and life cycle,and mediating effect is not valid in the samples.At last,according to the analysis and proven summary mentioned before,the author puts forward strategies and suggestions regarding improving the system of supply chain finance,and advancement of digitalization applications,for the purpose of better utilizing the impact of supply chain finance on the logistics industry and improving the business value of logistics companies.