Research On Credit Risk Assessment Of P2P Supply Chain Financing

The emergence of supply chain finance has solved the problem of financing difficulties for SMEs to a certain extent.With the rise and development of Internet finance and the changes in the domestic and international economic environment,China's supply chain finance business has also taken a new step,with the traditional supply chain finance led by banks and core enterprises to the Internet supply chain financial model.Among them,in 2014,the P2 P online lending platform showed “asset shortage” and the problem platform continued to increase.In order to meet the needs of investors' high-quality assets,some relatively mature platforms began to wading supply chain finance.The high-quality assets provided by the supply chain and the financing platform of the low P2 P threshold make the two beneficially combine to provide services to the financing enterprises.Due to the integrity of the supply chain finance and the risk contagion,it is not worthwhile to measure the credit risk of a single enterprise when conducting credit risk measurement.How to effectively measure the credit risk in the entire P2 P supply chain finance is worth studying.Based on a large number of excellent scholars' literatures,this paper first analyzes the inevitability of P2 P platform and supply chain finance integration,expounds the connotation and characteristics of P2 P supply chain finance,and analyzes the existing literature materials to analyze P2 P cut-in supply chain.The financial model is divided into two modes: direct cut-in and indirect cut-in.Among them,the direct cut-in mode is also called the docking core enterprise model,mainly the accounts receivable model of upstream enterprises and the credit loans of downstream enterprises;the indirect cut-in operation mode is the commercial factoring mode.At present,most of the P2 P supply chain financial products are the loan receivable model.This paper also conducts credit risk research based on this model.Among them,supply chain finance relies heavily on core enterprises,and the key point lies in core enterprises.Therefore,unlike other scholars' evaluation of credit risk of SMEs,this paper divides the core credit risk and core enterprise risk spillover from the perspective of the whole chain,and uses the modified KMV model to measure the core corporate credit.Risk,the Copula-CoVaR model was constructed for risk spillover measures.The empirical analysis of the platform for the actual supply chain financing business,Changji Loan,was selected.Theempirical results show that it is not enough to evaluate the credit risk of a single core enterprise.The risk of the entire chain is not enough.The P2 P online lending platform is faced with Credit default risk from the entire chain.The experiment proves that the model has high applicability and has guiding significance and reference for evaluating the credit risk of P2 P supply chain financing.Finally,in view of the empirical results,we will provide specific development suggestions and propose research prospects from four aspects: increasing government support and supervision,controlling the entry barriers of enterprises,constructing information sharing platforms,and using financial technology to improve the level of risk control.