The Study On Accounts Receivable Financing Of Automobile Manufacturing

In order to study the core enterprises provides credit guarantee for the vulnerable up-and downstream enterprises to finance,this thesis takes company A as the targeting case,focusing on analyzing the applied situations of the enterprises' supply chain financing,and proposing the implementing plan of “ supply chain guarantee”.The thesis mainly divides into five aspects to discuss.Firstly,after the elaboration of basic situation for the automobile manufacturing industry as well as the analysis for the current situation and disadvantages of traditional financing to point out the significance of supply chain financing,propose the thesis' study contents,thoughts and methods,and set up the framework of this thesis.Secondly,introducing the current research situation as well as the development trend,and mainly elaborating the understanding for the basic models as well as the risk management and control factors for the supply chain financing.Once again,analyzing the current situation and existing issues of the industries and supply chain financing,pointing out the great financing pressures that company A's suppliers have faced,and company A which has core enterprise's quality can provide guarantee service for their supply chain financing,also analyzing the relevant guarantee profits and risks,and laying a solid foundation for the coming out of the implementing plan of “supply chain financing”.Then,making the selection for the guarantee targets,guarantee modes and financial institutions,pointing out the management for the suppliers and controlling measures for risks after “supply chain financing.Finally,making conclusion for the whole thesis and proposing the expectations for the future study.This thesis mainly concludes the following parts:Automobile manufacturing industry faces great financing insufficiency.Automobile industry is the typical industry whose sales promote production,the sustainable increase of sale market provides the stable development momentum for the manufacturing industry.Because the demand for passenger cars in segment market is far higher than commercial cars,which makes numerous production resource swarm into the manufacturing area of passenger cars.Automobile manufacturing area,especially suppliers in the passenger cars' supply chain have huge financing demands and financing insufficiency.Supply chain finance confirms to the trend of times.Generally,in automobile manufacturing area,the enterprises in advantageous position are those state-owned enterprises with abundant capital,the enterprises in disadvantageous position are those small and medium-sized private enterprises which are limited by their own scales and credibility issues so that they cannot get the sufficient fund to develop themselves.In recent years,with the development of financial sectors and intense financing need of small and medium-sized private enterprises,diversified financing service begins to gradually emerge,supply chain finance is born at the right moment.Depending on their own mighty management and control systems,advantageous position and sound fund situations,enterprises in advantageous position have abilities and conditions to provide financing guarantee for those enterprises in disadvantageous position.Supply chain finance belongs to the financing model which can benefit three sides.For the enterprises in disadvantageous position,they can get the loans with low interest,which improves their surviving environment and guarantees the smooth operation of supply chain.For the core enterprises,they can depend on guarantee status to get lower cost in purchasing materials and better service,at the same time,they can strengthen the dependence on the up-and downstream enterprise,the competitive power of the whole supply chain has been further improved.For the banks,they jump out the restriction that credit policy is for the single enterprises,and provide the bundled credit for the whole supply chain,and seize the opportunity to have comprehensive cooperation with the core enterprises,credit business achieves horizontal and vertical expansion,meanwhile,information asymmetry risks are reduced,so are the credit risks.Company A can be the core enterprise to provide the guarantee service.For company A,its clients' capital is huge,meanwhile,it has sufficient fund.Therefore,it can be the core enterprise in payable accounts financing to provide the guarantee service for the demanding suppliers.On one hand,it will reduce the cost of suppliers,on the other hand,it will strengthen the connection with the suppliers,and the control for the suppliers.Company A should choose good suppliers to provide guarantee service.Because of their large amount of advancing money and small scales,generally,the suppliers of company A which have strong demand for the financing.Company A can comprehensively consider from the significance of products that suppliers provide for them,the relations between them,and the strategic position of suppliers so that it can choose certain suppliers to guarantee.After selecting,outsourcing suppliers are more suitable to be the guarantee targets of payable accounts financing.Company A should strengthen the risk control and management for the suppliers.Because of the system risk of automobile manufacturing industry and the fake guarantee risks which may be provided after the collusion between internal people and suppliers,company A should strengthen the moral construction for the relevant people and the suppliers,and raise the cost of breaching contract from the commercial and lawful aspects.