Supply Chain Finance and Corporate Financing Constraints

China Business and Market - - News -

——An Adjusting Role Analysis Based on the Combination of Industry and Finance and Strategic Commitment

WANG Li-qing1 and HU Ying1,2

(1.Post-Doctoral Scientific Research Workstation,Bank of Zhengzhou,Zhengzhou,Henan450008,China;

2.Peking University,Beijing100871,China)

Abstract:Supply chain finance provides an important tool foundation for enterprise financial resources allocation by a brand new credit method. It is necessary for us to further clarify the role of supply chain finance in easing financing constraints and the boundary condition for the realization of its intrinsic mechanism. Based on the panel data of 354 listed companies in China from 2012 to 2016,the authors empirically analyze the relationship between supply chain finance and financing constraints,and discuss the interaction between strategic commitment and industry finance. The results show that the supply chain finance can ease the financial constraints,and the combination of production and finance and the strategic commitment can significantly adjust the relationship between supply chain finance and financing constraints. To better promote the development of supply chain finance and ease financing constraints,we should,first,transform commercial banks’traditional development idea and development pattern;second,we should construct the eco-environment for supply chain finance by attracting financial institutions,industrial organizations and the third parties to promote the eco and platform development of supply chain finance;and third,we should integrate the high- quality resource of upstream and downstream core enterprises through strategic commitment,reorganize the supply chain,improve the competitiveness of the supply chain,and realize the special distribution of financial resources to improve the industrial chain’s capacity for development.

Key words:supply chain finance;financing constraints;combination of production and finance;strategic commitment

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