Research On Financial Risk Of Core Enterprise From The Perspective Of Supply Chain Finance

Nowadays, the competition between enterprises is becoming more and more into competition between supply chains. To make more efficient, safe, stable and low cost supply chain system, the supply chain finance arises at the historic moment. Under this background, core enterprises in the supply chain are at a dominant and key position, using their own credit resources to small and medium-sized enterprise at its upstream and downstream for demanding their financing, effectively relieve them financing difficult problem. But at the same time, the core will also face a greater risk. In addition to its own business problems, the core enterprises will be affected by small and medium-sized enterprises at its upstream and downstream, commercial bank credit, and their impact on small and medium-sized enterprise regulation, etc. Once the core enterprise was in financial trouble, it will bring great loss to all members of the supply chain, and also seriously damage the interests of the broad masses of investors, make influence to the overall development of society and progress.This paper, on the basis of summarizing the domestic and foreign research, found that previous studies are mostly based on the data of a year, namely single cross section data to predict the influence factors of listed company into financial distress, without considering the corresponding time duration, therefore the paper with panel data as the foundation, from the five aspects, including the enterprise profit ability, debt paying ability, operating ability, development ability and cash flow, analyze the influence factors of financial risk, and further measure the size on financial risk.Through the empirical study, we find that the improvement of operation capacity and cash flow as to the core enterprise can reduce the financial risk, but improvement of guarantee risk and profitability and development capacity can increase the financial risk. Therefore ensuring the established target, the core enterprise should reduce the guarantee risk, control the number of warranties appropriately, enhance the operating capacity, exert the value of cash, which can reduce the financial risk and improve the management level, finally promote its steady development.