A Case Study On Financing Risk Under The Financing Model Of Quasi-Financial System Based On Yonghui Supermarket Business Credit

The financing model of quasi-financial system refers to the short-term financing that the enterprise delays payment of the upstream suppliers and collects the funds of the downstream seller in advance to obtain financing without cost or with low cost.It is the financial foundation for the expansion of the enterprise.Take Yonghui Supermarket for example,a typical retail chain enterprise,who has developed rapidly in recent years using the financing model of quasi-financial system.The state of operation of this company is worth studying.While benefiting from the financing model,the financing risk under it is also worthy of attention.This paper first introduces the situation of Yonghui Supermarket,including the development history,organizational structure,operation status.It is known that its development is rapid and its income and profit are growing.Then the paper introduces its financing model of quasi-financial system.Through the analysis of the financial characteristics of quasi-financial system,it is concluded that it has the characteristics of positive working capital,negative net cash demand and negative cash flow period.It proves that Yonghui Supermarket is a typical enterprise that uses the financing model of quasi-financial system.The financing model of quasi-financial system helps Yonghui Supermarket develop rapidly.In order to understand its financing risks under it,the paper analyzes the financing situation of Yonghui Supermarket,including the capital structure and financing method,and finds that the proportion of financing from quasi-financial system is high.By identifying the risks existing in the quasi-financial system of Yonghui Supermarket,it is known that Yonghui Supermarket has certain risks in debt structure,capital repayment and capital operation.In order to determine the financing risk level of Yonghui Supermarket under the quasi-financial system,the paper establishes the financing risk index system to evaluate its financing risks.Compared with the evaluation results of Suning,it is concluded that the level of financing risk of Yonghui Supermarket is low and the volatility is small,but in recent years there is an upward trend.Yonghui Supermarket needs to have a sense of risk prevention.This paper refines the experience of controlling financial risks through the case,including the formation of a stable capital structure,strengthening the management of supplier relations,accelerating the working capital turnover efficiency and improving channel value.It also puts forward the measures for the prevention of quasi-financial risks,including reducing the risk of debt structure,the risk of repayment of funds and the risk of capital chain breakage.When reducing the risk of debt structure,it is necessary to reduce current liabilities.When preventing the risk of repayment of funds,it is necessary to establish a quasi-financial fund information system,a financing risk dynamic early warning model and institution.When evading the risk of capital chain breakage,it is necessary to expand the funding sources of the quasi-financial system.