Research on the Impact of Supply Chain Finance in Alleviating Financing Constraints for Small and Medium Enterprises

中小企业在我国经济发展中扮演着重要角色，但现实中存在的融资约束问题却成为其发展的主要障碍。供应链金融通过创新企业融资模式，拓宽融资途径，可以有效降低中小企业的融资门槛，缓解其融资约束。本文基于2013~2023年沪深A股中小板上市公司数据，通过理论分析、回归分析、中介效应与稳健性检验，证明了供应链金融可以通过降低融资成本来缓解中小企业的融资约束，为进一步完善供应链金融体系、促进中小企业发展提供了理论依据与实践参考。Small and Medium Enterprises (SMEs) play a pivotal role in China’s economic development; however, the prevalent financing constraints have emerged as a significant impediment to their growth. Supply chain finance, through innovative financing models and expanded funding channels, effectively lowers the financing threshold for SMEs and mitigates their financing constraints. This study, based on data from SMEs listed on the Shenzhen and Shanghai A-share markets between 2013 and 2023, employs theoretical analysis, regression analysis, mediation effects, and robustness tests to demonstrate that supply chain finance alleviates SMEs’ financing constraints by reducing financing costs. The findings provide both theoretical foundations and practical references for further refining the supply chain finance system and fostering SME development.