| In recent years,the domestic economy has been continuously transformed and upgraded.As an important field which are affecting the national economy and people’s livelihood,automobile and finance have become an important position for supply-side reform.Since 2009,China’s automobile production and sales have been ranked first in the world for 10 consecutive years,and its market share in the global automobile manufacturing industry has increased from 3.5% in 2000 to 29.55% in 2018.Because of the huge dividend in the Chinese auto market,domestic and foreign automakers have expanded their production capacity.However,with the gradual saturation of the domestic automobile market and the arrival of the inflection point of automobile consumption,the imbalance between automobile supply and demand has become more and more prominent.The automobile sales market entered a downturn in 2018,and how to increase automobile sales has become a difficult problem for all automakers.Throughout the whole automobile industry chain,from the upstream to the downstream,it can be divided into design and development,raw material procurement,production and manufacturing,logistics and transportation,automobile sales,maintenance,etc.Hundreds and thousands of companies make up a huge automobile supply chain system.Depending on the production scale,technical strength and brand advantage,automakers occupy the core position,and also obtain the main interests of the industry.Financial resources have also been inclined to mismatches,as a result,small and medium-sized enterprises in the supply chain are in a dilemma of financing difficulty and high financing cost,which will eventually be transmitted to the price of raw materials and terminal sales price,affecting automobile sales scales.Automobile supply chain finance relies on automakers and takes real transactions as the premise.Through the control of property rights and debts,financial institutions provide comprehensive financial products and services for upstream and downstream enterprises in the auto supply chain.It runs through various links such as procurement,production,and sales.It changes the traditional credit model of financial institutions for a single corporate entity,and can meet the interests of the various stakeholders in the automobile supply chain.In this paper,through the study of automobile supply chain finance to demonstrate its impact on the automobile industry.In addition,the case study and regression model are used to analyze the impact of automobile supply chain finance on automobile sales.This article mainly studies and elaborate from the following aspects:First,it studies the current situation of China’s automobile industry from the perspectives of market position,industry development pattern and market sales,and shows the achievements,existing problems and growth potential of China’s automobile industry through data.Secondly,this paper studies the operation mechanism and business model of supply chain finance,and through the case study,it shows the role of automobile supply chain finance in optimizing the cash flow of enterprises in the chain,increasing the sales volume of automobiles and the income of participants.Finally,with the automobile sales volume as the explained variable,the paper selects the automobile output,GDP,residents’ disposable income,car ownership and the volume of automobile supply chain finance issued by commercial banks as the explanatory variables,and analyzes the influence of Automobile Supply Chain Finance on automobile sales volume through the ARDL model.The analysis results show that the automobile supply chain finance has a long-term positive impact on the automobile sales.Each increase of one unit in the automobile supply chain finance will bring an increase of 0.57 units in the automobile sales.The financial institutions vigorously carry out the automobile supply chain finance business,which will help to increase the automobile sales. |
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