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Research on the Impact of Supply Chain Finance on Private Enterprises

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DOI: 10.23977/acccm.2020.020107 | Downloads: 6 | Views: 465

Author(s)

Zhu Xiaoyi 1, Liu Conghui 2, Sun Ruiqian 3, Wei Qi 4

Affiliation(s)

1 School of Accounting, Anhui University of Finance and Economics, Bengbu, 233000
2 School of Economics, Anhui University of Finance and Economics, Bengbu, 233000
3 School of Public Administration, Zhongnan University of Economics and Law, Wuhan, 430000
4 School of Business Administration, Anhui University of Finance and Economics, Bengbu, 233000

Corresponding Author

Zhu Xiaoyi

ABSTRACT

As an active subject of the current market economy, private enterprises play an important role in the national economy. However, due to factors such as insufficient self-construction and the inherent characteristics of the credit mechanism of financial institutions, private enterprises generally have financing difficulties and expensive external financing Constraint issues. The application of supply chain finance reduces the information asymmetry of the credit market, effectively compensates for the lack of credit of private enterprises, and promotes its financing constraint dilemma to be eased to a certain extent. Taking the supply chain finance application of some private listed companies from 2007 to 2017 as an example, the investment-cash flow sensitivity model (FHP model) is used for empirical verification. The results show that private companies do have relatively strong investment-cash flow sensitivity. However, supply chain finance provides financing support for private enterprises, which eases their financing constraints to a certain extent. In the future, supply chain finance should innovate and promote and comprehensively promote the application of "big data+" support, the construction of the entire chain ecosystem, and the construction of enterprises on the chain.

KEYWORDS

Supply Chain Finance; Financing Constraints; Investment-cash Flow Sensitivity

CITE THIS PAPER

Zhu Xiaoyi, Liu Conghui, Sun Ruiqian, Wei Qi, Research on the Impact of Supply Chain Finance on Private Enterprises. Accounting and Corporate Management (2020) 2: 71-80. DOI: http://dx.doi.org/10.23977/acccm.2020.020107

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