Research On The Risk Of Supply Chain Finance For Advanced Manufacturing Industry

It is the crucial role played by advanced manufacturing industry that contributes to Shenzhen's high-speed economic growth momentum in the context of China's economic new normal —growth rate slowing-down,industrial transformation and upgrading,etc.At present,the advanced manufacturing industry in Shenzhen has formed an obvious industrial agglomeration with a large number of outstanding enterprises emerging from areas like communication equipment,computer and domestic new-energy vehicle manufacturing,etc.Nevertheless,it has still encountered adversity in the process of development-the difficulty in financing for small and medium-sized enterprises in the supply chain has greatly restrained its growing pace and further aggravated the problem by reducing the competitiveness of the supply chain.Through in-depth investigation and analysis of the advanced manufacturing industry in Shenzhen,this paper finds that the advanced manufacturing industry in Shenzhen has assembled to a certain scale with characteristics of long industrial chain,a great many of small and medium-sized enterprises,the core enterprises quality and strong control capacity over the supply chain.Those are suitable for the development of financial services for the supply chain.In recent years,the commercial factoring,which is an important product of the receivable financing mode of the supply chain,happen to reinvigorate the rising receivable accounts of the small and medium-sized enterprises in the advanced manufacturing industry,while alleviate the symptoms of the insufficient liquidity.Based in this status quo,commercial factoring business for the Shenzhen advanced manufacturing mode come into being.Through the investigation and analysis of the commercial factoring business model of advanced manufacturing industry,it is found that risks mainly come from two aspects: the risk of fraud and the credit risk of core enterprises in the supply chain.With regard to these two risks,this paper proposes a set of corresponding risk management methods.As for fraud risk,the purpose of risk prevention and control can be achieved by managing the practical operation link,and the effect is predicted to be remarkable;as for the core enterprise credit risk,by using the establishment of the core enterprise credit risk assessment index system and the logistic regression analysis method,this paper's results show that the core enterprise credit can be well predicted.In the light of this statement,this paper puts forward specific steps of risk management for commercial factoring in Shenzhen's advanced manufacturing industry.Moreover,through further analysis,it is found that risk management is not only conducive to the promotion of business for commercial factoring companies and efficiency improvement,but also to determine the financing interest rate of small and medium-sized enterprises,and to match the financing sources with same risk preference.Consequently,it can help the small and medium-sized enterprises to obtain a financing cost equal to its own risk level as well as solve the problem of inaccessible and overpriced financing.In conclusion,based on the results of this paper,the corresponding policy suggestions are listed as follows: first,to improve the legal system of commercial factoring;second,to pay attention to the training of professional talents;third,to improve the enterprise credit information database;and forth,to improve the related risk compensation system.