Research On Credit Risk Evaluation Of Small And Medium-Sized Enterprises In Peer To Peer Supply Chain Financial Model

With the development of Internet finance, supply chain finance has developed from the earliest 1.0 era to the 3.0 era, namely the Internet supply chain finance. On the one hand, the existing body of developing supply chain finance business—banks and listed companies, the banks' business object is almost large one,and the weakness of listed companies' fund operation, directly leads to the blank and shortage of supply chain finance business. On the other hand, in 2014, P2P network lending platform arose "asset shortage" problem and P2P network lending bad platform is increasing, some matured platform of P2P industry has started to wade into "supply chain finance". However, under the P2P supply chain financial model, the P2P network lending platform will face with the credit risk from the small or medium-size enterprises . Once the enterprises of the supply chain defaults, it will endanger the capital operation of the P2P network lending platform, then affect the investors' fund recovery.Therefore, the evaluation of SMEs' credit risk under P2P supply chain financial model, not only can help P2P platform explore high-quality assets, but also provide feasible recommendations for P2P platform to evaluate credit risk of SME under supply chain financial model effectively.Based on literature research and theoretical research, this paper constructs the credit risk pre-selection evaluation index system from the five aspects of financing enterprise qualification,core enterprise qualification, financing project qualification, supply chain partnership and industry environment. The pre-selection evaluation index system includes 5 first-level indexes,14 second-level indexes and 24 third-level indexes, and combine correlation analysis with discrimination analysis, then the final evaluation index system consist of 5 first-level indexes,13 secopd-level indexes and 20 three-level indexes. Secondly, we select 46 small and medium-sized enterprises (SMEs) with A-share coal supply chain listed company Ruimao Tong(600180) and some of its subsidiaries as the core enterprises, the longest time span is from 2014 to 2015, 88 samples. And the credit risk of small and medium-sized enterprises under the P2P supply chain financial model is evaluated by the Logistic regression model and the BP neural network model. The results show that, under the same evaluation index system, the overall accuracy of BP neural network model is higher than that of Logistic regression model. Finally,based on the theoretical research and empirical research results, this paper puts forward the credit risk evaluation proposals of small and medium-sized enterprises under the P2P supply chain financial model from the aspects of credit risk assessment itself, credit risk evaluation assistant work and strengthening prevention of the legal risk of P2P network lending.