The Impact of Supply Chain Finance on Innovation Investment of SMEs
Supply chain finance integrates information on logistics,information flow and capital flow to meet the financing needs of small and medium-sized enterprises(SMEs)and form a good industrial ecology of coordinated development of core enterprises,upstream and downstream enterprises and funding parties.Based on the data of SMEs from 2014 to 2022,this paper empirically studies the impact of supply chain finance on the innovation investment of SMEs.Supply chain finance helps to promote SMEs to increase innovation investment and has a positive impact on innovation investment of SMEs by alleviating financing constraints.From the perspective of heterogeneity,supply chain finance plays a better role in promoting the innovation investment of state-owned SMEs and those in the central and western regions.