| The development of supply chain finance provides a new way of thinking for enterprises financing,allowing enterprises to take advantage of the close relationship between enterprises in the supply chain to lower the financing threshold.This is a featured method of enhancing credit for enterprises.Different from traditional financing methods,the risks faced by supply chain finance are not only produced by the internal conditions of the financing company,but also by the supply chain,industry and even the macroeconomic environment in which the company is located.Therefore,when considering the risks facing supply chain finance,comprehensive factors should be included.The supply chain finance of the construction industry has its own characteristics that are different from the other industries,so there are also unique risks in the industry.Taking supply chain financing of SMEs in the construction industry as the starting point,based on traditional financial risk assessment theory,and combining the characteristics of the construction industry and the theory of supply chain finance,this article attempts to establish a targeted 2-level evaluation index system in order to help SMEs themselves as well as external investors identify potential investment risks accurately and avoid them effectively.This article first summarizes the theories of supply chain finance and supply chain financial risks.It analyzes the risks in supply chain finance combining the economic theories such as information asymmetry and game theory.Then,it explores various evaluation methods of supply chain financial risks.During this procedure,a comparative analysis is carried out,and the strengths and weaknesses of the AHP method we choose in this paper are explained.Secondly,this paper intends to establish a set of supply chain financial risk assessment evaluation index system based on theoretical research foundation and expert opinions.Adopting the methods of literature precipitation method,expert scoring method and correlation analysis method and with the help of Excel and SPSS statistical software,the evaluation index system for the construction industry is established objectively.The system includes four major categories containing financing subject’s qualification,core enterprise’s qualification,supply chain and industry environment,and financing project’s condition,with a total of 31 secondary indicators included.Thirdly,this paper comprehensively uses the analytic hierarchy process and fuzzy comprehensive evaluation method during empirical research.Based on the established index system,it conducts an empirical analysis on the target company Z and one of its financing projects.On the establishment of evaluation set V and weight set W,this article uses 6 experts respectively from commercial banks and construction industry to score.The processes of establishing the weight set W include constructing a judgment matrix,solving feature vectors,and consistency check.For the multi-level fuzzy comprehensive evaluation,we use the generalized fuzzy operator M for the evaluation matrix.This calculation method is widely used in fuzzy comprehensive evaluations’ calculation and its reliability is verified.Finally,two approaches are taken to describe the comprehensive evaluation’s results.The first one is description under the principle of maximum degree of membership,which determines the possibility of financial risks brought by the four first-level indicators to the financing of Company Z.The results indicate that the possibility of supply chain financial risks brought by the company’s own qualifications and the core enterprise qualifications in the supply chain is moderate.The risks posed by the industry and supply chain are small,and the risks posed by the financing project itself are smaller.The second approach is quantitative description of results.The final score of the supply chain content risk of the target company is calculated as 57.96 points.This score indicates that company Z has less financial risk in supply chain financing.At the end of the paper,we make recommendations to Company Z and commercial banks and external investors who intend to participate in its supply chain financing.Company Z should pay more attention to the improvement of its own profitability in order to further improve its financing ability and reduce the potential brought to investors.For external investors,when participating in the supply chain investment and financing activities they should pay more attention to the operation of the financing project itself and the possibility of repayment,besides focusing on the financial status and management of the financing entity.A comprehensive evaluation should be made combining the upstream and downstream companies in the supply chain,industry conditions and the macroeconomic environment.The comprehensive evaluation can,on the one hand,avoid the hidden risks due to upstream and downstream enterprises,and on the other hand,it is conducive to high-quality projects to obtain funds at a reasonable price. |
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