| Pharmaceutical supply chain finance is supported by specific businesses such as confirmation warehouse,financing warehouse and accounts receivable,and large pharmaceutical circulation enterprises are introduced as credit guarantee and business evaluation supervision,which effectively solves the problem of adverse selection caused by information asymmetry between financial institutions and small and medium-sized pharmaceutical enterprises.Supply chain finance pledges the movable materials such as order materials and stocks,stipulates the direction of use of funds,and truly achieve the goals of financial services.However,it is not yet mature for financial institutions to evaluate the credit level of small and medium-sized enterprises using supply chain finance for financing.Especially in the pharmaceutical industry,in the face of the two-vote policy of the level of trillions of medicine circulation supply chain finance markets.It is necessary to effectively evaluate the credit level of small and medium-sized pharmaceutical enterprises according to the specificity of the industry,and build a credit risk evaluation index system applicable to small and medium-sized pharmaceutical enterprises.Under the two-vote policy,this paper studies the credit risk assessment of small and medium-sized pharmaceutical enterprises from the perspective of supply chain finance.Firstly,it analyzes the participants and financing models of pharmaceutical supply chain finance under the two-vote policy,and points out the causes and characteristics of the credit risk of pharmaceutical supply chain finance.Secondly,in view of the particularity of the pharmaceutical industry,a credit risk assessment system of supply chain finance with financing enterprises,core enterprises,supply chain relations and macro-environment as the primary indicators is established.Thirdly,operating data of 105 pharmaceutical companies listed on China’s small and medium-sized board and GEM in 2016 and 2017 is selectd,and the Logistic regression model based on principal component is used to measure the credit risk of pharmaceutical supply chain finance,and the evaluation results are compared with the evaluation results under the traditional bank credit model.Finally,it puts forward the credit risk management strategy of pharmaceutical supply chain finance under the two-vote system from the three perspectives of financial institutions,small and medium-sized pharmaceutical enterprises and pharmaceutical circulation enterprises.The empirical research in this paper shows that the status of small and medium-sized pharmaceutical enterprises,the status of pharmaceutical circulation enterprises,and the supply chain relationship have a significant impact on the supply chain finance model.Attaching great importance to the construction of enterprises’ own innovation ability and strengthening the qualification level of small and medium-sized pharmaceutical enterprises by cooperating with powerful large-scale pharmaceutical circulation enterprises and deepening the supply chain relationship between the two sides.Compared with the traditional bank credit model,the supply chain finance model is more comprehensive and accurate in credit risk assessment of small and medium-sized medical enterprises. |
