The Impact of Supply Chain Finance on the Financing Performance of Core Enterprises
While alleviating the financing constraints of small and medium-sized enterprises,the supply chain fi-nance inevitably affects the financing performance of core enterprises and aggravates financial risks.In 2019,"re-ceivables financing"began to be officially disclosed,which can directly measure the development level of enterprise supply chain finance and provide an effective tool for the study of supply chain finance.In this paper,the account-ing receivable financing of listed enterprises is used to reflect the supply chain finance relationship between core en-terprises and upstream and downstream enterprises,and to analyze the impact on the financing performance of core enterprises.The research shows that:(1)Supply chain finance significantly reduces the financing cost of core en-terprises,however it does not significantly improve the financing scale.(2)In the aspect of financing scale,sup-ply chain finance significantly increases the commercial credit financing of core enterprises,increases the internal financing by improving the operating profit of core enterprises and reduces the external financing of core enterprises.(3)Supply chain finance also reduces the financing cost of core enterprises through financial flexible channel.This study provides new evidence and ideas for core enterprises toparticipate in supply chain finance from the aspects of financing scale,financing cost and the internal influence mechanism,which has certain enlightenment significance.
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