Research On Credit Risk Evaluation And Control Of Supply Chain Finance In Photovoltaic Industry

At a time of rising global temperatures and increasing shortages of fossil energy sources,the development of renewable energy is a global consensus.Solar energy is considered to be one of the best developed renewable energy sources at present,so the Photovoltaic(PV)industry in China has also been vigorously developed.With the continuous development of the PV industry,it is now beginning to take shape,government subsidies are gradually retreating,and supply chain financing is gradually increasing.Unlike traditional financing methods,supply chain finance is more susceptible to credit risk because of its complex chain credit transmission mechanism.Therefore,it is necessary to construct a credit risk assessment model for PV industry supply chain finance,so that the credit risk of PV financing enterprises can be assessed more accurately.Based on the above background,this paper takes the supply chain of China’s PV industry as the research object to study the evaluation and control of its credit risk.This paper first analyzes the current situation of supply chain finance in China’s PV industry,divides the complete PV industry chain into three parts: upstream,midstream and downstream,respectively describes the product preparation process and supply chain conditions in each production link in detail,analyzes the factors affecting the supply chain according to the production characteristics of each link,and analyzes the financing mode and fund use of leading enterprises in each production link,It shows that the PV industry is more suitable for supply chain financing.After the comparison of credit risk assessment methods,the rationality of the Logistic model can be obtained.Then the factors affecting the credit risk of PV enterprises are analyzed and the construction of the credit risk assessment index system for the supply chain finance of the PV industry is completed,which mainly includes 28 assessment indicators in three aspects: government support,supply chain status and core enterprise status.Then select the financial data and non-financial data of 58 listed PV enterprises in 2021 as the sample data,and use the principal component and logistic regression to conduct empirical analysis.The regression model also passed the test,indicating that the model has significant effect.Finally,the credit risk assessment model is applied to the evaluation of the credit risk status of PV enterprises,and the results of the model evaluation are compared with the credit rating grade given by the rating company,indicating the accuracy of the assessment model.After the study of this paper,the following conclusions are finally reached.The characteristics of the PV industry that is heavy on assets and short on working capital are well suited to the credit guarantee and short-term financing characteristics of supply chain finance.Supply chain financing can well supplement the financing needs of PV enterprises in daily operation funds.Through the logistic regression model,it can be concluded that the financial credit risk of the PV industry supply chain is mainly related to the profitability,operating capacity and depreciation rate of the financing enterprises.This paper puts forward countermeasures and suggestions on the control of financial credit risk in PV supply chain on three levels.In macroscopic level,the national government should perfect the credit system construction and standardize the subsidy policy support.At intermediate level,industry self-regulatory agencies such as the China Photovoltaic Industry Association should accelerate the integration of PV supply chain platforms and promote innovation in supply chain financing tools and technologies.From micro perspective,all participants in the PV supply chain should strengthen their risk early warning capability and follow the risk control system.