Research On Commercial Credit Risk Prevention In China Based On Marx's Credit Theory

The development of market economy is inseparable from the support and promotion of credit system.At the 18 th national congress of the communist party of China,it is proposed that we should establish a credit system in line with our national conditions as soon as possible in the construction of socialist market economy,and strengthen the construction of government affairs,business,social and judicial integrity,so as to standardize the development order of market economy and form a benign pattern of social operation.In his speeches at several important meetings,General Secretary Xi Jinping has raised risk prevention to a new height,It is emphasized that risks should be resolved in the overall economic situation and the system,and that "preventing systemic financial risks is the eternal theme of financial work".Data on accounts receivable of industrial enterprises across the country in recent years shows that accounts receivable and their proportion in current assets have gradually increased,in the key year of economic transformation and adjustment,the ri-sk of bad debts is also increasing under the superposition of multiple factors;Althoug-h the commercial paper financing business is not mature enough,the increasing demand makes the share of commercial paper business in financial market of China has been increasing,Since the risk event of commercial paper broke out in 2016,the business volume of commercial paper has been decreasing continuously,however,co-mmercial paper business in China once again showed a collective irrational trend of rapid expansion in 2019,potential risks easily conducted between enterprises and banks,expanding the scope of the risk.Marx's theory of money,credit and crisis is often regarded as a systematic and organic analytical framework,both in theoretical research itself and in reflection on the practice of modern financial crises.Although the specific conclusions about capitalism can not be transplanted directly to China,the Marxist worldview and methodology,the general theory of credit,capital accumulation,expansion,and the general laws of Commodity,which still have important theoretical value to analyze an-d solve the commercial credit risk under the Socialist market economy,and it contain-s a lot of forward-looking and modern viewpoints and insights.The socialist market economy system of our country is also faced with various kinds of imbalances or malfunctions under the spontaneous regulation of market,it is more necessary for us to adhere to the basic logic of Marx's macroeconomic thought and credit theory all the time and continue to solve various practical problems under the dualism of credit system creatively.Based on that,aiming at the major current and potential risks in the development of commercial credit in China,the interaction among the commercial credit,overprodu-ction,monetary theory and economic cycle is taken as the theoretical support accordi-ng to the conditions of Marx's commercial credit cycle.This paper used parallel ctruct-ure to explore the formation and prevention of commercial credit risk in China from three aspects: credit risk,liquidity risk and speculative risk.It follows Marx's logical sequence,from essence to phenomenon,from simplicity to complexity,from generalit-y to particularity and individuality,this paper analyzes the external performance and the general reason of commercial credit risk under the market economy condition;Adh-ere to the theory of practicality,openness and development,to explore the combinati-on of credit basic theory and the concrete application of commercial credit risk prevention in China;It adopts the interdisciplinary and comprehensive analysis of finance,bahavioral economics,evolutionary economics and financial management.Marx's credit theory includes the generation and function of credit,and the mechanism and representation that credit accelerated the confrontation between the elements of the capitalist economy in the production,distribution,consumption and other links.In the Capitalist Society,The ultimate tendency of this opposition is to separate and unify in the form of a crisis,which is cyclical.In the process of unification,part is presented in the form of specific credit risk,commercial credit risk is one of that.The first part introduces the basic ideas of Marxism credit theory,including the definition of the core concept,the duality of credit system and the logical analysis of Marx's credit thought.The category of "credit" in Marxist economics refers to the transaction behavior with the creditor-debtor relationship as the core formally,which isessentially a kind of economic relationship at essence,subordinated to the exchange of goods and the circulation of money,and commercial credit is a creditor-debtor relationship in which goods are the objects of borrowing and lending in social reproduction,it is characterized by the separation of commodity transfer and price realization,the targeting of commodities and chain-like,accordingly,risk also shows the characteristics of chain-like diffusion,two-way and transfer ability,but it also has the dual function of credit system,that is,while promoting the development of productive forces,it also deepens the economic conflicts among the elements in the ca-pitalist mode of production.This part collated and summarized the relevant theories of commercial credit expansion and risk formation.the first is the conditions of business credit cycle: "First,the wealth of industrial capitalists and merchants,that is,the reserve capital they can pay in the event of a delay in the return,second,the return itself";The second is the mechanism by which the expansion of commercial credit intensifies and covers overproduction;The third is the impact of commercial credit on the velocity of money and the quantity in circulation,and the fourth is the interaction and evolution of commercial credit and bank credit in the economic cycle.The financial risk prevention framework was sorted out,which is the core risk management thought of General Secretary Xi Jinping,the argument that development of financial Services "returns to its source" is a continuation and development of Marx's basic theory of money,credit and crisis.This part also has become the direct theoretical basis for the following specific analysis of commercial credit risk in China.The second part summarizes the emergence and history of commercial credit in China and analyzes the current situation and new development of accounts receivable and commercial paper:as for accounts receivable,As for accounts receivable,the current liquidity of some industrial enterprises above the scale is tight,showing a relatively stable industry concentration distribution,the three kinds of receivables financing modes are developing rapidly and becoming platform gradually,namely,receivables factoring,pledge receivables and receivables securitization;On commercia-l paper,The main business is bank acceptance bill,and the range of participants in the bill market is constantly expanding,the electronic level of the bill business hasincreased significantly,which have an increase in bill financing,however,As our country moves toward greater financial deleveraging and regulation,the bill market has entered a period of adjustment and transformation,returning to the origin of serving the real economy.On the whole,the development of commercial credit under the new normal mainly faces three risks: outstanding credit risk,increasing liquidity risk and prevailing speculation.The third part analyzes the credit risk and countermeasures under the weakening of the commercial credit morals from ethical dimension.The causes are as follows:the imperfection of the moral form of commercial credit and the fragility of moral contract;the corresponding preventive suggestions are put forward,namely,A dialectic-al view of Marx's moral criticism on credit capital,to promote the virtue of honesty and credit under the system of socialist morality,improving relevant laws and regulations to strengthen the punishment of dishonesty,and cultivating credit culture of enterprise;This paper analyzes the credit risk caused by commercial credit risk assessment and management of enterprise risk from the economic dimension,and advocates that the scientificity of commercial credit assessment should be improved through multiple channels,and the credit governance level of enterprises should be improved in the whole process,and finally,we will improve the social credit investigat-ion service system.The fourth part analyzes the formation and prevention of liquidity risk around Marx's business credit cycle condition,among which,the analysis of the external disposable reserve capital conditions synthesizes Marxism economics and Western economics on the relationship between commercial credit and bank credit,and combines the economic cycle principle,this paper analyzes the risk of commercial credit flow itself in China from the aspects of over-capacity,imbalance of industrial proportion,decline of profit rate and market competition pressure.This paper puts forward some concrete suggestions on optimizing the allocation of external reserve capital,controlling the boundary of commercial expansion,optimizing the industrial structure,and constructing a fair and rational market competition mechanism and environment.The fifth part is about the analysis of speculative risk,which is mainly focused on the problem of commercial paper speculation.There are also some forms of speculative risk which have the characteristics of both entity transactions and financial derivative transactions.Based on the condition of speculation,this paper analyzes the formation of speculative risk from the aspects of commercial credit financing instrument,supply,income realization and limited rationality.It is suggested to restrain speculation from three aspects: improving the supply of commercial paper financing market,promoting the level of rational decision-making,and Intensified integration of system,supervision and service to restrain speculation.The sixth part summarizes and combs the internal relations of three kinds of specific risk forming mechanism,It is suggested that the factors of commercial credit risk formation should be considered in the whole;The basic principles of commercial credit risk prevention in China are summarized and abstracted from the preventive measures,that is,following the laws of economy and currency circulation,defusing the risks scientifically;optimizing the arrangement of credit system and regulating the boundary of government behavior;strengthening the internal support of "sincerity" of enterprise main body.On the whole,combined with characteristics of China's commerc-ial credit development and economic transformation,the paper applies the research methods and system of Marx's macroeconomic thought and credit theory,to grasp the adjustment opportunity of credit leverage and economic development mode,and to defuse risks in innovation and development,inheriting and enriching Marx's credit thought in practice.