Unlocking the financing dilemma of small and medium-sized enterprises: a study on the mechanism and effects of supply chain finance

This study empirically examines the impact of supply chain finance on the financing constraints of small and medium-sized enterprises (SMEs) using data from Shenzhen’s SMEs listed on the Growth Enterprise Market from 2012 to 2021. The results show that financing constraints are significant for SMEs, and supply chain finance alleviates this issue by reducing information asymmetry, improving financing efficiency, and stabilizing supply chain relationships. Digital inclusive finance enhances this effect, with all three sub-dimensions playing a positive moderating effect. Supply chain finance plays a crucial role in easing financing constraints under strong financial regulation. Supply chain finance has a more significant effect on alleviating financing constraints for state-owned SMEs, SMEs with high supply chain concentration, and SMEs located in more market-oriented regions.