How Does Supply Chain Finance Affect The Real Economy?

In recent years,the development of the real economy has attracted much attention.As the main body of the real economy,small and medium-sized enterprises generally have financing constraints.As a new channel connecting financial institutions and enterprises,supply chain finance plays a vital role in the whole supply chain.In order to better understand how supply chain finance affects the financing constraints of small and medium-sized enterprises,smooth the financing channels of the real economy,and solve the widespread financing difficulties,this paper carries out relevant research.This article is based on the data of China’s Growth Enterprise Market from 2015 to 2021,with a total of 1157 samples,and constructs an empirical model of cash cash flow sensitivity coefficient.On the one hand,it explores the current level of financing constraints among enterprises and the differences in financing constraints between different enterprises.On the other hand,the stability of the research results is verified through the KZ index model and endogeneity problem discussion.The research results obtained extend the research on the impact of supply chain finance on corporate financing constraints to a certain extent,and provide effective policy recommendations for promoting the development of supply chain finance and improving financing services for small and medium-sized enterprises in China.The full text is as follows: The first chapter is the introduction,starting from the research background and significance,combing the existing research on the impact of supply chain finance on SME financing constraints,further determining the research ideas and research framework of this paper,and then establishing the research structure of this paper;The second chapter is the introduction of basic knowledge,which expounds the related concepts,characteristics and modes of supply chain finance from the conceptual and theoretical levels,and analyzes the impact of supply chain capital on SMEs’ financing constraints based on supply chain financial management theory,information asymmetry theory and transaction cost theory;The third chapter is the analysis of the development of supply chain finance in China and the financing status of SMEs.Firstly,it analyzes the current situation of the development of supply chain finance in China,and expounds the existing defects and shortcomings.The fourth chapter is the research hypothesis and model construction.Firstly,according to the research content of the above chapters,the relevant research hypothesis is put forward,based on which the relevant research model is constructed and elaborated;The fifth chapter is the empirical research.Firstly,it explains the data source in the empirical preprocessing link.Secondly,it analyzes and explains how the supply chain finance constrains the financing of SMEs through the model statistics and test results,and carries out robustness test and endogenous discussion.Finally,the paper makes an extended analysis of the impact of supply chain finance on the financing constraints of different types of enterprises.The last part is the conclusions and recommendations,summarized as follows: SMEs generally have financing constraints,and supply chain finance can indeed ease the financing constraints of SMEs.In addition,it can be seen that supply chain finance has a more significant effect on alleviating financing constraints when the enterprise is a state-owned enterprise or has a state-owned capital background,a bank-enterprise relationship,and is located in a more developed financial market.In view of the above conclusions,the relevant policy recommendations are put forward from the perspective of the three parties.Firstly,at the government level,it is necessary to continuously improve the relevant systems and regulations for supply chain financial management;Secondly,at the level of financial institutions,we need to continuously innovate supply chain financial service platforms;Finally,at the level of the enterprise itself,core enterprises should actively respond to policies to help middle and downstream enterprises,while small and medium-sized enterprises themselves should improve the competitiveness of their core products.