Supply Chain Association and SME Financing—From the Perspective of Supply Chain Finance and Trade Credit
Using improved enterprise matching method,we find that becoming a listed companies'main counter parties can significantly improve the financing ability of SMEs(small and medium-sized en-terprises)by credit enhancement effect and SFC(supply chain finance).The credit enhancement effect of accounts receivable will increase the factoring and bill discount of upstream SMEs,but the funds obtained will be absorbed by listed companies through commercial credit.The SMEs with strong market power will send less commercial credit and gain more bank financing,and the amount and structure of capital will be optimized.Our findings provide practical enlightenment to guide the development of supply chain finance.
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