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Supply Chain Finance, Fintech Development, and Financing Efficiency of SMEs in China

Author

Listed:
  • Yamei Guan

    (School of Accounting, Nanjing University of Finance and Economics, 3 Wenyuan Road, Xianlin College Town, Nanjing 210023, China)

  • Na Sun

    (School of Accounting, Nanjing University of Finance and Economics, 3 Wenyuan Road, Xianlin College Town, Nanjing 210023, China)

  • Sarah Jinhui Wu

    (Gabelli School of Business, Fordham University, 113 West 60th Street, New York, NY 10023, USA)

  • Yuxi Sun

    (Graduate School of Arts and Sciences, Columbia University, 109 Low Memorial Library, MC 4306, 535 West 116th Street, New York, NY 10027, USA)

Abstract

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.

Suggested Citation

  • Yamei Guan & Na Sun & Sarah Jinhui Wu & Yuxi Sun, 2025. "Supply Chain Finance, Fintech Development, and Financing Efficiency of SMEs in China," Administrative Sciences, MDPI, vol. 15(3), pages 1-16, March.
    • Handle: RePEc:gam:jadmsc:v:15:y:2025:i:3:p:86-:d:1603991
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    References listed on IDEAS

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    1. Berger, Allen N. & Udell, Gregory F., 2006. "A more complete conceptual framework for SME finance," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2945-2966, November.
    2. Itay Goldstein & Wei Jiang & G Andrew Karolyi, 2019. "To FinTech and Beyond," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1647-1661.
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    4. Jain, Bharat A & Kini, Omesh, 1994. "The Post-Issue Operating Performance of IPO Firms," Journal of Finance, American Finance Association, vol. 49(5), pages 1699-1726, December.
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    Cited by:

    1. Sun, Yao & Xiong, Ding, 2025. "Supply chain finance and enterprise resilience: From the perspectives of resource integration and organizational governance," Economics Letters, Elsevier, vol. 254(C).
    2. Haoyang Luo & Yue Yu & Lan Wang & Yanru Wu & Yan Liu, 2025. "The Impact of Supply Chain Finance on the Total Factor Productivity of Agricultural Enterprises: Evidence from China," Agriculture, MDPI, vol. 15(12), pages 1-25, June.
    3. Fan Wu & Kaifeng Duan, 2025. "Building Sustainable Financial Capacity: How Supply Chain Digitalization Facilitates Credit Access by Adjustment Capability," Sustainability, MDPI, vol. 17(20), pages 1-27, October.

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