| The report to the 20 th National Congress of the Communist Party of China stated that "we should adhere to the theme of promoting high-quality development" and "strive to raise total factor productivity".Improving total factor productivity is the power source of our economic development.However,it is difficult for small and medium-sized enterprises to improve total factor productivity by themselves.And our present financial supply side structure has many problems and imbalance,which hinders the high quality development of enterprises.Supply chain finance is a new financing model designed for small and medium-sized enterprises.This model can not only provide trade finance services for enterprises in all links of the supply chain,but also provide new loan financing services for some enterprises in need.The characteristics of blockchain technology,such as decentralization,traceability and tamper-proof smart contract,can effectively make up for the disadvantages of supply chain finance,better serve enterprises and effectively improve the total factor productivity of enterprises.In this paper,small and medium-sized enterprises as the research object,combined with information asymmetry theory,credit rationing theory,financial innovation theory,small and medium-sized board and GEM listed companies to carry out empirical analysis.First,how supply chain finance affects the total factor productivity of small and medium-sized enterprises is analyzed and studied.Secondly,it explores the mediating effects of financing constraints and technological innovation as intermediary variables on the total factor productivity of supply chain finance.Again,it explores the regulatory effect of blockchain technology as a moderating variable on the total factor productivity of supply chain finance and further analyzes the impact of firm heterogeneity.Finally,combined with broadcasting Express case analysis.Enrich the paths for enterprises to improve total factor productivity,and provide a powerful basis for enterprise leaders to make strategic decisions conducive to high-quality development of enterprises,so as to achieve high-quality development of enterprises.The empirical results show that:(1)the development of supply chain finance in smes can indeed promote the improvement of their own total factor productivity,and from the perspective of firm heterogeneity,the development of supply chain in non-manufacturing enterprises,stateowned enterprises,low supplier relationship,high customer relationship can have a more significant impact on total factor productivity;(2)Supply chain finance can effectively drive the total factor productivity of enterprises by easing their financing difficulties and improving their innovation ability;(3)Blockchain plays a moderating role between supply chain finance and total factor productivity of enterprises.Blockchain technology positively regulates the relationship between supply chain finance and total factor productivity of enterprises.Blockchain technology regulates the relationship between supply chain finance and financing constraints.The regulatory effect of blockchain technology on supply chain finance and enterprise technological innovation is not significant.Finally,relevant suggestions are given.This paper can enrich the theoretical research in the field of supply chain finance and total factor productivity of small and medium-sized enterprises,and start with the analysis of its specific mechanism of action from the regulation of blockchain technology,to provide decision-making basis for the development of small and medium-sized enterprises,and to contribute to the sound and rapid economic development of our country. |
