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

Yamei Guan, Na Sun (), Sarah Jinhui Wu and Yuxi Sun
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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

Administrative Sciences, 2025, vol. 15, issue 3, 1-16

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.

Keywords: supply chain finance; financing efficiency; financial technology (fintech); small and medium-sized enterprises (SMEs); data envelope analysis (DEA) (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2025
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