| There are a large number of small and medium-sized enterprises in our country,suffering from the problem of "difficult and expensive financing".Supply chain finance is one of the effective ways to alleviate this problem.Therefore,as an emerging segment of financial market,supply chain finance has received extensive attention.In September 2020,the People’s Bank of China,China Banking and Insurance Regulatory Commission and other eight ministries and commissions issued the Opinions on Standardizing the Development of Supply Chain Finance to Support the Stable Circulation and Optimization and Upgrading of Supply Chain Industry Chain,which was regarded by the industry as a programmatic document of China’s supply chain finance.With the support of a series of policies,supply chain finance ushered in a period of rapid development.In recent years,under the background of rapid development of science and technology,technology-enabled supply chain finance has become the main development trend in the current supply chain finance field.The continuous progress and wide application of big data,block chain and other scientific and technological means have effectively promoted the further development of supply chain finance business in China.Based on the above background,this thesis makes an in-depth study on the millet supply chain finance model and its risks under the technology empowerment,in order to enrich the case study part in the supply chain finance field under the technology empowerment,and provide a useful reference for other enterprises to carry out supply chain finance business.Based on the information asymmetry theory and risk management theory as the main theoretical basis,and on the basis of literature review,this thesis takes Xiaomi Group,the leading enterprise in the industry,as the case object,analyzes the specific model of its supply chain financial business and its risks,and makes quantitative evaluation by using the Z-score model,and obtains the following conclusions.First of all,China’s supply chain finance industry is constantly innovating and developing in a good situation.However,it is still necessary to strengthen the application and supervision of technical means to further improve the level of risk control.Secondly,Xiaomi Group’s supply chain financial business model has developed and matured,including six specific models,which are accounts receivable factoring model,creditor’s rights transfer model,full-chain financing model,financial leasing model,Midianrong financing model and Youpin data factoring model.At the same time,the results calculated by the Z-score model show that the financial situation of Xiaomi Group is gradually improving,and the supply chain financial business is an important part of Xiaomi Group’s Internet services,with good development prospects.Finally,technological empowerment can indeed help reduce some risks existing in traditional supply chain finance,but these risks cannot be completely eliminated.In order to reduce the potential risks of Xiaomi’s development of supply chain finance business,the following specific measures are proposed: to diversify suppliers and logistics channels,to establish a sound risk management system,and at the same time to strengthen the construction of technological security and stability,and to improve its risk control level.This thesis hopes to provide a reference for other core enterprises to develop supply chain finance,and further promote the development of Chinese supply chain finance by studying the specific model and the risk of Xiaomi’s development. |
