Research On The Influence Of Supply Chain Finance On Financing Constraints Of Small And Medium Sized Enterprises

As an important participant in the market economy,small and medium-sized enterprises play an important role in promoting the adjustment of China’s industrial structure and the development of market economy.At present,China strongly encourages and supports the development of small and medium-sized enterprises,but the financing problem of small and medium-sized enterprises has always been the key to restrict their development.If the financing difficulties can be improved,the small and medium-sized enterprises in China will release greater development potential.Supply chain finance emerges as the times require.As a new financing mode,supply chain finance provides a new choice for small and medium-sized enterprises.In the national legal protection and policy advocacy,the positive response and cooperation of financial institutions,the active participation of small and medium-sized enterprises and the support of block chain and other related technologies,supply chain finance is constantly maturing and improving,and the scale is expanding year by year.Therefore,this paper focuses on the impact of supply chain finance on financing constraints of small and medium-sized enterprises,and also deeply explores the regulatory effect of enterprise internal control level on supply chain finance to alleviate financing constraints.This paper adopts the method of combining theoretical analysis and empirical analysis.First of all,it analyzes the development status of supply chain finance through relevant data,including financing mode,development scale,problems existing in the development of supply chain finance,and also analyzes the financing status of small and medium-sized enterprises.Then it analyzes the mechanism of supply chain finance on financing constraints from the perspectives of financing constraint causes,information asymmetry and transaction cost,and then it analyzes the influence of internal control level on supply chain finance on financing constraints.In the empirical analysis,the panel data of listed companies on the Shenzhen SME Board from 2011 to2019 are selected,and the cash-cash flow sensitivity model is used to carry out fixed effect regression on the full sample of enterprises to analyze whether they are subject to financing constraints and the influence of supply chain finance on financing constraints.Then it further analyzes whether the level of internal control has a moderating effect on the supply chain finance to ease the financing constraints.Then,the sample enterprises are divided into groups of high and low levels of internal control according to the median of Dibo Internal Control Index,comparing the moderating effects of different internal control levels on the supply chain finance to alleviate the financing constraints of SMEs;And according to the quality of enterprise information disclosure group to do the heterogeneity test of different information disclosure quality of this moderating effect.In order to ensure the robustness and reliability of the results,in the whole empirical process,the growth of the control variable enterprise is measured from three perspectives,namely,the growth rate of operating revenue,the growth rate of total assets and Tobin-Q,and accounts receivable is added to measure the robustness of supply chain finance.The following conclusions are drawn:(1)supply chain finance can alleviate the financing constraints of SMEs;(2)the level of internal control of enterprises has a moderating effect on supply chain finance to alleviate the financing constraints of SMEs;(3)Compared with the low quality internal control level,the high quality internal control level has a more obvious regulating effect on the supply chain finance to alleviate the financing constraints of SMEs.Finally,based on the research results,this paper gives corresponding countermeasures and suggestions from the main level of government,supply chain finance participants,financial institutions and small and medium-sized enterprises.