Impact of supply chain finance on the performance of agricultural small and medium-sized enterprises: Evidence from Chinese listed companies
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DOIhttp://dx.doi.org/10.21511/imfi.20(4).2023.24
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Article InfoVolume 20 2023, Issue #4, pp. 297-310
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In the Chinese economic system, agricultural small and medium-sized enterprises (SMEs) play a key role in promoting agricultural development. The problem of financing difficulties for agricultural SMEs has seriously constrained their economic development. The purpose of this paper is to explore the role of supply chain finance in solving the financing constraint problem of agricultural SMEs, which in turn affects the performance level of enterprises. By constructing a theoretical model and selecting the data in Chinese National Small and Medium Enterprises Stock Transfer System from 2011 to 2022 for mediation effect regression analysis, the results show that there is a stable positive correlation between supply chain finance index and return on net assets (β = 0.585, p < 0.05); there is a stable negative correlation between supply chain finance and financing constraints (β = – 0.216, p < 0.05); there is a stable negative correlation between financing constraints and return on net assets (β = –0.893, p < 0.001). This study examines the impact of supply chain finance on the performance of agricultural SMEs from the perspective that supply chain finance can alleviate financing constraints. The results of this study suggest to business stakeholders that agricultural SMEs can choose supply chain finance as a better choice of financial strategy, and the government can formulate corresponding policies to further develop preferential and supportive policies for supply chain finance.
- Keywords
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JEL Classification (Paper profile tab)G32, O16, Q14
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References48
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Tables13
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Figures0
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- Table 1. Variable definitions
- Table 2. Descriptive statistics
- Table 3. Descriptive statistical analysis
- Table 4. Variance inflation factor (VIF) test for variables
- Table 5. The main effect regression results
- Table 6. Results of the impact of supply chain finance on financing constraints
- Table 7. Impact of supply chain finance and financing constraints on ROE
- Table 8. Sobel test
- Table 9. Results of the empirical analysis between supply chain finance and economic performance after removing extreme values
- Table 10. Results of the empirical analysis after measuring economic performance using ROA
- Table 11. Results of supply chain financing on the economic performance of enterprises with different equity natures
- Table 12. Impact of supply chain finance on profitability in regions with different levels of economic development
- Table 13. Endogeneity test
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