Research On SME Credit Risk Assessment From The Perspective Of Supply Chain Finance

The 20th Party Congress report proposed,"Adhere to the theme of promoting high-quality development,and focus on improving the supply chain resilience and security of the industrial chain." At the same time,the report proposes to adhere to the focus of economic development on the real economy and accelerate the construction of a strong manufacturing country.Since the reform and opening up,the development of China’s real economy has made great achievements,and the level of development of various key areas of the real economy has been continuously improved.However,there are still outstanding structural problems in the development of the real economy,and the development of manufacturing industry,private enterprises,especially small and medium-sized enterprises,is facing difficulties in many aspects.The emergence of supply chain finance provides a new source of funds for SMEs,but unlike the financing mode of traditional finance,banks and other financial institutions no longer only consider the qualification of enterprises when granting credit to financing enterprises,but decide whether to provide loans to enterprises by considering the overall credit level of the supply chain in which the enterprises are located.At present,there are relatively few studies on the credit risk assessment of enterprises under supply chain finance.Therefore,based on theories related to supply chain finance,this study assesses the credit risk of SMEs under the perspective of supply chain finance and proposes relevant countermeasures,which helps each participating enterprise in the supply chain finance business to avoid the possible risks faced in the financing process and promote the virtuous cycle of industrial and product restructuring and upgrading.This study first introduces the background and significance of the study,and composes and summarizes the research theories of domestic and foreign scholars on the development of supply chain finance.Then it briefly elaborates the definition of supply chain finance,and analyzes the main business models of supply chain finance and its risks.On this basis,the influencing factors of credit risk of SMEs under supply chain finance are analyzed.Then,a credit risk assessment index system containing 28 indicators is established from four levels: SMEs,core enterprises,pledge asset status and supply chain operation status.In this study,103 listed SMEs in four industries of automotive,medical,communication and home appliance,which are relatively mature in the development of supply chain finance,were selected as samples,and the sample data were selected for the years from 2019 to 2021,and nine principal component factors were extracted through principal component analysis,based on which a logistic regression analysis model was used to Credit risk is assessed and studied.The empirical results show that the profitability and solvency of SMEs,the profitability of core enterprises and the overall operation of the supply chain are important factors affecting the credit risk of supply chain finance,and these factors are inversely proportional to the occurrence of credit risk.The accuracy rate of this assessment model reaches 83.8%,which can effectively fit the credit risk situation of SMEs in the perspective of supply chain finance.Finally,based on the empirical results and the business characteristics of supply chain finance,countermeasures on how to reduce credit risk of SMEs under the perspective of supply chain finance are proposed from four levels: commercial banks,small and medium-sized financing enterprises,core enterprises and government departments.