A Case Study On EA's Supply Chain Financial Operation Pattern And Credit Risk Measurement

As the important finance support for small and medium enterprises(SMEs),supply chain finance is developing in a high speed.At the beginning of development,supply chain finance was leading by the commercial bank.While with the rapid development of internet technology,third-party logistics enterprises and e-commerce enterprises with accumulated resources have entered the field of supply chain financial services,and the absolute leading by commercial banks is no longer.Compared with commercial banks,third-party logistics enterprises and e-commerce enterprises have advantages in providing basic services of supply chain finance at lower cost and controlling credit risk better.Therefore,it is significant to study the supply chain finance business carried out by non-commercial banks.This paper takes EA Ltd as an example,it transfers to an enterprises that engaged in professional supply chain management from a third-party logistics enterprises,it also provides comprehensive financial services for SMEs in the supply chain.Because EA use its money and commercial bank credit extension with its credit guarantee to help SMEs to solve the financial trouble,its credit risk is related to SMEs closely.The company's supply chain financial operations model,its other business and financial technology have played a key role in its supply chain risk management.The article first analyzes the financial operation mode of EA's supply chain and its business,and then estimates the asset value volatility of EA through the SV model,and substitutes it into the KMV model to calculate the platform construction stage and eco-enterprise construction stage of EA.According to the default distance,the credit risk of the eco-enterprise construction stage of EA Ltd is lower than the credit risk of the platform-type enterprise construction stage.Finally,according to the empirical results of the E-commerce business and the KMV model,some developing and supporting of the supply chain finance suggestions about the third-party company and the government were throw out.