Credit Risk Evaluation And Control Of Logistics Finance Based On Principal Regulatory Mode

In the context of economic globalization, logistics finance, as a kind of innovative and novel financial tool, is solving the SME financing difficulties to a certain extent. Meanwhile it provides new business channels and profit sources for the commercial banks and the third party logistics enterprises. Based on the present situation of our country, the stock pledge financing on the principal-agent theory can effectively solve the capital bottleneck in the supply chain and could be developed better.However, the traditional credit risk management system is hard to match the mode of stock pledge financing. It leads to a lot of risks in the process of financing. The level of risk control could influence the business development, and further has a great impact on the financial system. In order to solve the problems in the credit risk management of commercial banks, we’d better to further study the logistics finance system and method of credit risk management. We need to build up a demonstrated evaluation system of credit risk, and then banks could make measures to control risk under the guidance.This paper has discussed the problems of SME credit risk in the mode of logistics financing from the perspective of commercial banks. Firstly, on the basis of analysis of logistics financing’s background, the paper reviews its concept, effect and three main financing modes,especially for the stock pledge financing. Then it carries a comparative analysis of the existing methods of credit risk assessment based on the understanding of logistics finance’s present situation. Secondly, the paper analyzes the sources and factors of credit risk for financing enterprise from five different levels: the industry environment, the logistics enterprise, the supply chain level and the pledge. On the basis of qualitative analysis, it selects indexes from used indexes in related literature by means of frequency statistics, experts’ advice and correlation analysis. And it designs an index system to identify sources and types of credit risk in logistics financing according to the "Subject + debt" risk assessment in Trade Financing. Thirdly, by taking China’s automobile industry listed companies as samples, this paper establishes a credit risk assessment model by logistic model. It extracts 6 factors as new variables by using factor analysis, classifies sample companies into risk group and risk-free group by liabilities ratio, and test the regression results. Finally, the paper proposes some advice and measures to against the logistics financial risk which is beneficial to the banks’ right decisions. Then it could provide feasible guidance for the healthy development of stock pledge financing and technical support for logistics financing.