Research On Risk Contagion Effect Among Supply Chain Financial Enterprises In China

Focusing on serving the real economy,preventing and controlling financial risks,deepening financial reforms,developing industries and the real economy,and supporting small and micro enterprises have become the general trend.Since then,supply chain finance has ushered in a leap-forward development,giving SMEs new financing tools,creating supply for the “transformation pain” of core enterprises,creating demand for “financing pain” for SMEs,and enriching financial markets' level.But at the same time,we must realize that there are many participating entities in the supply chain financial business,the industrial chain involved is long,the links between the links are closely linked,and each participating entity encounters risk events,and the risks will rely on the supply chain financial network to spread to its upstream and downstream partners,which will generate greater systemic risks and affect the normal operation of the entire supply chain financial network.Based on this,this paper studies the risk contagion in supply chain finance through simulation and quantitative analysis.This paper firstly analyzes the concept and connotation of supply chain finance,introduces the meaning and development process of supply chain finance,studies the formation mechanism and influence of supply chain financial risk,and the types of supply chain financial risk.The theoretical model framework of supply chain financial risk management.Secondly,since supply chain finance is a social economic system with structural and behavioral attributes of complex networks,combined with the theory of complex network models,a complex network model of supply chain finance is constructed based on Barabási & Albert network(BA).Through the analysis of its invulnerability,it is found that in the supply chain financial network,the key node enterprises with large degree of value in the supply chain financial network will cause loss or bankruption when the risk event occurs,and the risk contagion will lead to the interruption or failure of the entire supply chain network,resulting in supply chain finance.System risk.Finally,using the CoVaR model,36 companies that have been listed in China's supply chain finance business are empirically analyzed as the bignodes in China's supply chain financial network,which proves that there are serious risk contagion problems in the supply chain financial system.The main innovation of this paper is to simulate the risk contagion phenomenon in the supply chain financial system through the complex network theory,and use the CoVaR model to conduct empirical analysis,revealing the complexity and dynamics of risk contagion in the supply chain financial business.The research perspective,research methods and research content enrich the existing theories,and provide theoretical support for financial institutions and enterprises to carry out supply chain financial risk management,which has certain practical significance.