first, the realistic mode to solve the financing problem of small and medium-sized enterprises

first, the government promotes the mode of business autonomy. The basic assumption of this model is that small and medium-sized enterprises are equal commercial subjects, and the government provides policy support and incentives for the unfavorable resource endowment factors in its traditional financing model, so as to ensure that small and medium-sized enterprises get the financial support they need for operation. First, formulate the law on promoting small and medium-sized enterprises; The second is to establish a credit information system for SMEs; The third is to establish a government-funded SME guarantee institution; The fourth is to set up a government-funded SME development fund; The fifth is to establish a capital market system for small and medium-sized enterprises; Sixth, encourage commercial banks to provide financing for small and medium-sized enterprises.

The basis of this model is "the autonomy of the lending relationship between banks and SMEs", and on this basis, the government provides various support measures. It has the smallest distortion effect on the market and is also the mainstream model.

2. The government intervenes in the micro-decision-making of commercial banks to reverse the weak financing status of small and medium-sized enterprises. By setting standards and indicators, commercial banks are required to provide a certain amount or proportion of loans to small and medium-sized enterprises, or directly provide a certain proportion of cash incentives for loans to small and medium-sized enterprises. This model has a direct effect, but it deeply interferes with the market logic of commercial entities, which makes it difficult to ensure market efficiency, easily increases market imbalance and forms risk accumulation.

the above two models are based on the weak position or resources of small and medium-sized enterprises and large enterprises, and both focus on the role of the government. It is necessary for the government to promote the financing of important small and medium-sized enterprises, and it is also an important institutional advantage in the modern market economy, which needs to be continuously strengthened.

However, is there any pure commercial means to solve the financing problem of SMEs? How wide can it be solved? The successful practice of the former is supply chain finance, while the latter is full of doubts.

2. Three ways of supply chain finance in solving the financing problem of small and medium-sized enterprises

1. Accounts receivable financing. In practice, it is usually in the form of reverse factoring, relying on the credit of core enterprises to provide financing for upstream SMEs. Under this model, small and medium-sized enterprises, as suppliers, can easily obtain financing even when the traditional credit rating score is low.

2. Confirmed warehouse mode. In practice, financing is usually provided for downstream small and medium-sized enterprises on the premise that the core enterprise guarantees repurchase or promises to return it to the dealer for payment for delivery, based on the future cargo rights of the core enterprise. Under this model, loan access is no longer limited by the financial strength and asset guarantee of dealers, but turns to the judgment and support of core enterprises to dealers.

3. financing warehouse mode. In practice, a third-party regulatory agency is usually introduced to provide financing through dynamic supervision of inventory. Thus, it solves the problem that small and medium-sized enterprises lack fixed assets to support financing and realizes the realization of inventory. However, in practice, the ability and laws of inventory supervision are not perfect, and it has no universal commercial value at this stage.

Supply chain finance has been developed in these three ways, and various forms of digital supply chain finance have been formed through various cooperation modes such as banks, enterprises, platforms, logistics and e-commerce. However, the design mode of digital finance ultimately boils down to these three basic modes, and the risk control logic of the three modes determines the maturity of the supply chain financial mode and affects whether it can provide continuous financing support for SMEs.

third, small and medium-sized enterprises from the perspective of supply chain

from the perspective of supply chain finance, there are four modes for small and medium-sized enterprises, which constitute a complete system and credit risk management system for small and medium-sized enterprises.

1. B2B suppliers. Under this model, small and medium-sized enterprises, as upstream suppliers of core enterprises, provide raw materials, components and semi-finished products for core enterprises and bring them into the industrial chain system of core enterprises. Small and medium-sized enterprises only have the auxiliary or staged technical system of end products.

2. B2B producers. Under this model, small and medium-sized enterprises, as suppliers of distribution platforms, provide finished products for distribution platforms, which are oriented to end consumers. Under this model, small and medium-sized enterprises, as the ultimate producers, need to have all the technical systems for the production of a certain end product.

3. B2C producers. On the one hand, small and medium-sized enterprises need to have high technical strength and quality control ability, on the other hand, they need to have industry or global market vision. This kind of small and medium-sized enterprises have information asymmetry in compliance and market resilience, which is a difficult point in bank credit management and a risk-prone field.

4. B2B distributor. Under this model, small and medium-sized enterprises exist as auxiliaries of core enterprises or distribution platforms, and can be incorporated into the mainstream distribution system and the industrial chain system of core enterprises. In addition, there are some independent distributors, whose risk characteristics and financing model are similar to those of the third category.

IV. Remodeling the credit model of small and medium-sized enterprises

From the perspective of supply chain finance, small and medium-sized enterprises are integrated into the model system of large enterprises, which changes the serious information asymmetry of small and medium-sized enterprises under the traditional model and has the conditions for obtaining bank credit support under the characteristics of existing credit rating and lack of fixed assets.

for commercial banks, as a pure business model to support the national economy and people's livelihood, it is necessary to transform the traditional credit product design, create a special team for supply chain financial management to manage information asymmetry, and create a sustainable financing capacity for small and medium-sized enterprises.