[Core Tips] Financing is difficult for small and medium-sized bet365 bonus bets，It is not simply due to the lack of awareness of banks and other financial institutions to serve small and medium-sized bet365 bonus bets，It is due to information asymmetry between lenders and borrowers，Risk-averse banks start from the perspective of operating risks and returns，More inclined to provide financing services to large bet365 bonus bets。

Financing difficulties for small and medium-sized bet365 bonus bets，It is not simply due to the lack of awareness of banks and other financial institutions to serve small and medium-sized bet365 bonus bets，It is due to information asymmetry between lenders and borrowers，Risk-averse banks start from the perspective of operating risks and returns，More inclined to provide financing services to large bet365 bonus bets。

1 Financing difficulties for small and medium-sized bet365 bonus bets is a global problem

Small and medium-sized bet365 bonus bets around the world are facing credit financing difficulties to varying degrees。Take the United States as an example，According to relevant research，In terms of bank credit，The funding gap required by small businesses in the United States is at least 20%。Financing difficulties are also reflected in the price of loans，For example, in mainland China，Standard Chartered Bank’s interest rate for credit loans to small and medium-sized bet365 bonus bets is generally 18%—20%，The highest annual interest rate can reach 40%。

“Financing is difficult for small and medium-sized bet365 bonus bets”Discussed by the Chinese industry for decades，But how to effectively solve the global problem of financing difficulties for small and medium-sized bet365 bonus bets，No clear answer yet，The current situation of financing difficulties for small and medium-sized bet365 bonus bets has not fundamentally changed。Even in the Pearl River Delta and Yangtze River Delta, the two most market-oriented regions in China，The loan problem for small and medium-sized bet365 bonus bets still has not been fundamentally solved。

With the implementation of various reform measures such as the establishment of modern enterprise systems in large bet365 bonus bets，The tendency of core supply chain bet365 bonus bets to seek to maximize their own financial performance has intensified。The most important part is to transfer inventory and financial pressure to upstream and downstream bet365 bonus bets，Increasing the financial pressure on upstream and downstream small and medium-sized bet365 bonus bets。At the same time，Compared with leading international large companies，Domestic core bet365 bonus bets are generally unwilling to cooperate with banks in factoring financing for their suppliers (transfer and confirmation of accounts receivable)，Some large companies even explicitly state ";Accounts receivable are not transferable and non-transferable”，Not to mention core bet365 bonus bets assuming necessary joint and several guarantee responsibilities for upstream and downstream small and medium-sized bet365 bonus bets。

In the past two years，Supply chain financing and customized credit lines，Has become the two most important business growth points in the field of working capital loans for international banks；But the actual situation of China’s supply chain is，Large bet365 bonus bets occupy funds of small and medium-sized bet365 bonus bets，Let funds flow from bet365 bonus bets with high capital costs to bet365 bonus bets with low capital costs，Increased the capital cost of the entire supply chain，Finally increased the product price。This further deteriorates the financial ecosystem for SMEs，Weakened the competitiveness of Chinese industries。

2 Supply chain finance is changing the financial ecosystem of small and medium-sized bet365 bonus bets

The emergence of supply chain finance is changing this status quo to a certain extent。Supply chain finance generally refers to the analysis of the internal transaction structure of the supply chain，Self-paying credit model using trade finance，Introducing core bet365 bonus bets、New risk control variables such as logistics supervision companies，Provide closed credit support and other settlements for different nodes in the supply chain、Financial management and other comprehensive financial services。In the traditional financing model of small and medium-sized bet365 bonus bets，General participants are only commercial banks and other credit institutions and small and medium-sized bet365 bonus bets，Some also require the participation of a third-party guarantor。Supply chain finance generally means that banks take the core bet365 bonus bets in the supply chain as the center and starting point，Use various financial products and services flexibly，Proactively connect core bet365 bonus bets with upstream and downstream bet365 bonus bets，Inject funds effectively into bet365 bonus bets in the chain that have capital needs，Especially injected into the relatively weak upstream and downstream supporting small and medium-sized bet365 bonus bets，以“Activate”The entire supply chain，Improve the efficiency of supply chain fund utilization。

So，The essence of supply chain finance is that banks use the credit differences of bet365 bonus bets in the supply chain，Through certain behaviors of high-credit bet365 bonus bets，Reduce the degree of information asymmetry between lenders and borrowers and the overall supply chain financing risk，Thus effectively controlling the loan risks of low-credit bet365 bonus bets。This model amplifies the credit output of core high-quality bet365 bonus bets in the entire supply chain，Thus it will not affect the profits of the core enterprise nor increase its risks，Reduce the capital costs of other small and medium-sized bet365 bonus bets in the supply chain。

Obviously，This model changes the financial ecosystem of small and medium-sized bet365 bonus bets，Especially the network and cooperation status of participants。Of course，The supply chain itself is a network。Modern supply chain pays more attention to the network chain relationship surrounding core bet365 bonus bets。Supply chain finance strengthens this network relationship，Utilize innovative financial tools，Improving information asymmetry、Unequal power、Constraints such as immature environment and mutual distrust，Accelerate the flow of various resources in the supply chain，Improve the overall performance of the supply chain。

Many industries in China have formed relatively complete industrial chains，Conditions are already in place to promote the development of supply chain finance。Although there are currently other means to solve the financing difficulties of small and medium-sized bet365 bonus bets，But judging from the current situation，Supply chain finance is market-oriented、A better solution that can operate on a large scale and has a lower interest rate。Some banks have already launched corresponding products，For example, Shenzhen Development Bank covers supply chain suppliers、Full-process trade financing solutions for core bet365 bonus bets and dealers in all aspects，Hua Xia Bank“Financing win-win chain”Series products，Bank of China“Ronghuoda”、“Rong Xinda”Supply chain financing services, etc.。Shenzhen Development Bank, which was the first to launch this type of business in China，It also regards supply chain finance as the bank’s development positioning，Jiang Bank、Insurance、Logistics、Service functions of third parties in the supply chain such as industry information services，Integrated into a service platform，Providing one-stop supply chain services to small and medium-sized bet365 bonus bets。

3 Establish a public financial service bet365 bonus bets platform to further solve the problem of information asymmetry

my country’s supply bet365 bonus bets finance has made great progress，But there is still a big gap compared with actual needs。From a government perspective，We can start from the following aspects in the future，Promote the development of supply bet365 bonus bets finance。

First, establish a public financial service chain platform。Establish a comprehensive financial service network platform led by government economic authorities and industry associations，Including government-related agencies such as industry and commerce、Tax participation，And banking peers、Insurance、Investment Banking、Participation of guarantee agencies, etc.，So that we can truly provide all-round services to supply chain bet365 bonus bets、Multi-level service platform；With the help of this platform，Construction of an online information platform that can realize supply chain financial business，Emphasize the participation of relevant government departments，Further solve the problem of information asymmetry。

Second, the assistance of state-owned bet365 bonus bets in providing loans to small and medium-sized bet365 bonus bets should be assessed as their social responsibility。State-owned assets management departments at all levels can require state-owned bet365 bonus bets under their management (especially bet365 bonus bets directly under the central government)，Under the premise that risks are controllable，Provide necessary cooperation with banks in financing upstream and downstream state-owned bet365 bonus bets；State-owned bet365 bonus bets can be involved in supply chain finance、Assisting small and medium-sized enterprise loans to be assessed as the social responsibility of state-owned bet365 bonus bets，To further promote the development of supply chain finance。

The third is to adopt incentive policies to encourage the development of supply chain finance。Regulatory authorities can raise and set up special funds for supply chain finance development through various channels，Recognize banks that have made outstanding contributions to small and medium-sized enterprise financing、Rewards, etc.，Encourage banks to expand supply chain finance business。For example，Certain tax incentives can be given to bank income from financing small and medium-sized bet365 bonus bets，The central bank can also provide a corresponding proportion of re-loans to the small and medium-sized enterprise financing provided by banks。We can also learn from and consider Taiwan's "ldquo;ABCDE plan”Economic Model，The bank will directly work with relevant government departments to formulate a comprehensive supply chain financial implementation plan for major industries，The government provides certain subsidies。

(Author’s unit: Institute of Industrial Economics, Chinese Academy of bet365 bonus bets；China Industrial and Enterprise Competitiveness Research Center)

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