Study On The Credit Risk Evaluation Of Enterprises Under The Supply Chain Finance

With the further expansion of the proportion of SMEs in China’s market subjects,the view that "China’s economy will be better if SMEs develop well" is gradually recognized by all walks of life,and SMEs have a significant contribution to China’s social stability and economic development.Due to their poor risk resistance,high risk of default,and lack of qualification to obtain credit support from financial institutions,enterprises do not have the source of funds to match their contribution.The emergence of supply chain finance has provided a new source of funds for the SMEs with shortage of development funds in China.The supply chain finance business in China is relatively late,and the supply chain financial service of each bank is still in the exploration stage.Enterprise is no longer the subject of evaluation of the credit granted by the financial institution alone,and whether to lend to the financing enterprise depends on the overall credit level of its supply chain.In the current research,domestic and foreign scholars mainly focus on the business model of supply chain finance and financing constraints,but there is relatively little research on credit risk evaluation.Therefore,the research on how to evaluate the credit risk of supply chain finance business can complement the existing research on one hand,and help the participants of supply chain finance business to avoid the possible risks in the financing process on the other hand.The article focuses on the analysis of supply chain finance business models of banks and other financial institutions,studies the specific processes and risk characteristics of various investment and financing methods,and analyzes enterprise credit risk evaluation factors based on the supply chain financing business of auto parts enterprises.Then,we select 25 indicators from the four levels of medium-sized enterprises,credit guarantor,current assets of financing projects and the business situation of the enterprise supply chain.At the same time,63 listed SMEs in China’s automotive industry were selected for empirical research and analysis,and various factors leading to credit risk of enterprises in China’s supply chain financial services were studied and analyzed based on the Logistic model,and the empirical results showed that: the profitability,solvency and growth ability of the financing company,as well as the profitability of the core enterprise,the asset situation under the financing project and its supply chain integration The results show that the profitability,solvency and growth ability of the financing company,the profitability of the core enterprise,the assets under the financing project and its supply chain integration have significant effects on the credit risk of listed SMEs.After testing the accuracy of the model,it is found the model can measure the financing company credit risk.Finally,the results of the study provide policy recommendations to prevent credit risks of supply chain financial service companies in the Chinese automotive industry from three aspects: financing companies,core enterprises and regulatory authorities.