A long-term strategy for China’s national development is to foster the growth of “Specialized, Refined, Niche, and Innovative (SRNI)” small and medium-sized enterprises (SMEs). However, these enterprises often face significant financing constraints due to their high technological input, high human capital input, light asset characteristics, and lack of effective collateral. Supply chain finance, as an important way to combine production and financing, could provide financial services in the real economy by alleviating these constraints of SMEs and improving the quality of credit so as to revitalize supply chain funds. This paper empirically examines the relationship between supply chain finance, fintech development, and financing efficiency using a sample of 757 “SRNI” SMEs in Shanghai and Shenzhen A-shares from 2013 to 2023. The findings reveal that supply chain finance significantly enhances the financing efficiency of “SRNI” SMEs. Moreover, the development of financial technology further amplifies such positive effects. This research contributes to the theoretical understanding of how supply chain finance and fintech impacts the financing efficiency of SRNI SMEs and provides valuable insights for evaluating SME financing efficiency.
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