As we all know, SMEs have played a crucial role in China's national economy. On the contrary, SMEs got little support in the financial aspects. Supply chain finance is a kind of financial form for the service of SMEs. Based on the empirical study on the data of 972 small and medium-sized listed companies from 2009 to 2016, a total of 7769 annual samples were collected. By expanding the basic cash-cash flow model, we got the conclusion that SMEs did exist significant financing constraints and

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... ply chain finance had played a positive role in the adjustment of the SME financing, and this paper also concluded that the regulation of supply chain finance was more significant in areas where the level of financial development was higher. In addition, the supply chain finance for the adjustment of the manufacturing sector is also significantly higher than other industries. Finally, according to the conclusions above, this paper put forward some feasible suggestions.