Abstract

In recent years，more and more SMEs solve their financing problems by adopting supply chain finance. A large number of studies have shown that supply chain finance can significantly alleviate the information asymmetry of SMEs and enhance their supply chain financing performance. But for what kind of SMEs can get supply chain financing，and how supply chain finance reducing information asymmetry and other issues are rarely discussed. In view of this，on the one hand，based on the theoretical logic of “enterprise competence - competitive advantage - enterprise performance” in enterprise capability theory，this paper constructs the theoretical model of innovation capability and market response capability of SMEs affecting supply chain financing performance through supply chain financing solution adoption. On the other hand，combined with information asymmetry theory，through introducing concepts of supply chain integration and information technology application，this paper explore the mechanism of supply chain finance in reducing ex-ante and ex-post information asymmetry to promote supply chain financing performance.

As an exploratory study in the field of supply chain finance，this study adopts quasi-replication research method. Based on using multiple regression analysis to test the theoretical hypothesis，this paper uses fuzzy sets of qualitative comparative analysis（fsQCA）method for quasi-replication research. Based on this，on the one hand，the quasi-replication research can ensure the robustness of the research results；on the other hand，it can further sort out and analysis the relationship between the various variables，so as to enrich and supplement the results of empirical research. This study uses a questionnaire survey to collect data. A total of 100 questionnaires were distributed and 84 valid questionnaires were collected. Through the exploratory factor analysis，this paper forms the formal measurement scale of the main constructs such as innovation capability，market response capability，supply chain financing solution adoption，supply chain financing performance，supply chain integration and information technology application. Based on the preliminary investigation，six focal firms were found involved in supply chain financing for SMEs in related business areas. With the help of these focal firms（lenders），300 formal questionnaires were sent to their customers’（SMEs）managers independently and 248 qualified questionnaires were returned. Combined with the results of multiple regression analysis and fuzzy sets of qualitative comparative analysis（fsQCA），we get the following conclusions.

Considering the relationship between SMEs capabilities and supply chain financing：First，innovation capability and market response capability of SMEs have positively effect on supply chain financing performance. Second，innovation capability and market response capability of SMEs have positively effect on supply chain financing solution adoption. Third，supply chain financing solution adoption plays a mediating role between SMEs capabilities and supply chain financing performance.

Considering the information transmission mechanism in supply chain finance：First，as a kind of transmission signal of competitive power，SMEs capabilities can effectively reduce the ex-ante information asymmetry in supply chain finance. Second，supply chain integration and information technology application do not have positively moderating effects on the relationship of SMEs capabilities and supply chain financing solution adoption，however，information technology application itself plays an important role in alleviating the ex-ante information asymmetry. Third，supply chain integration and information technology application have positively moderating effects on the relationship of supply chain financing solution adoption and supply chain financing performance，and supply chain integration plays a greater role in reducing the ex-post information asymmetry in supply chain finance.

This paper has expanded the depth and breadth of supply chain finance research to a certain extent，which is of great significance to enrich and supplement the existing researches. Firstly，based on enterprise capability theory，this study reveals the theoretical mechanism of SMEs capabilities influencing the supply chain financing performance，and answers the question of what kind of SMEs can obtain financing through supply chain finance. Secondly，through the introduction of supply chain financing solution adoption，this study opens the “black box” between SMEs capabilities and supply chain financing performance. Thirdly，this study analyzes the mechanism of supply chain finance effectively reducing the information asymmetry so as to improving the supply chain financing performance of SMEs，and clearly clarify the information transmission mechanism in supply chain finance.

In addition，this study also has important guidance and reference for the management practice of SMEs. Specifically：First，effectively integrate the supply chain network resources to promote the improvement of enterprise innovation capability SMEs should work hard to overcome the inertia of relationships with supply chain network members，and obtain valuable resources and knowledge based on close cooperation，so as to strengthen the legitimacy in the supply chain network. Second，integrate enterprise resources to effectively improve the market response capability. From the perspective of supply chain management，SMFs should effectively optimize demand management flexibility and logistics distribution flexibility，and enhance the competitiveness in the industry. Third，SMEs should break the thinking style of using traditional financing ways and actively use a variety of supply chain financing solutions，through a comprehensive application of a variety of solution to improve supply chain financing performance. Fourth，pay attention to the use of information technology to enhance the level of information sharing among supply chain partners through adoption of information technology. SMEs can use information technology application to achieve the informationization，dataization and standardization of transaction，operation and other processes，and promote information sharing and diffusion in the supply chain network. At the same time，after adopting the supply chain financing solutions，SMEs should improve the strength of information technology application，try to realize the information technology system of their enterprise connecting with the system of capital provider，so as to reduce risk and get supply chain financing at a lower cost. Fifth，SMEs can better integrate into the supply chain network through the supply chain integration，and take the advantage of supply chain network to improve transaction credit. SMEs should strive to build network ecology and form a good organizational field，but also through the supply chain integration to embed in more supply chain networks，which can reduce the dependence on one capital provider and enhance the availability of supply chain financing.

Keywords：supply chain finance，SMEs capabilities，information asymmetry，supply chain financing performance