This paper selects the data of small and medium-sized listed companies of A-shares on the main boards of China's Shanghai and Shenzhen markets from 2016 to 2021 as a sample,and studies the role of digital supply chain finance in alleviating the financing constraints of small and medium-sized enterprises(SMEs),and examines the effects of information transparency and financing costs on the relationship between the two,and further heterogeneity analyzes the differential effects of different property rights properties and equity pledges.The results show that digital supply chain finance can effectively alleviate the fi-nancing constraints faced by SMEs and mitigate the financing constraints through the mechanisms of improving the information transparency of enterprises and reducing financing costs.Further research finds that digital supply chain finance performs better in state-owned enterprises(SOEs)and enterprises that do not use equity pledges.This paper provides more empirical evidence on the link between digital supply chain finance and SMEs'financing constraints and provides references for solving such problems.
Digital Supply Chain FinanceFinancing ConstraintsSMEsInformation Asymmetry
万方数据
