Supply chain finance involves financial institutions (banks, insurance, guarantees, etc.). ), core enterprises (one or more) and member enterprises (suppliers, distributors, logistics, etc. ), and the benefits of improving capital efficiency are reflected in every participant. However, banks and enterprises are different in understanding the position of this financing model.
From the perspective of enterprises, supply chain finance appears in coordination with supply chain management, and the concept of the former is closely related to global outsourcing activities at the end of last century. In short, more and more supporting enterprises appear in the form of external contractors rather than core enterprise divisions, which brings efficiency and cost advantages, but also leads to a corresponding increase in financing nodes and complicated operation of supply chain capital flow. From the point of view of (core) enterprises, supply chain finance is a systematic financial management scheme, which aims to simplify the unbalanced financing pattern of supply chain nodes and avoid unexpected capital bottlenecks.
From the bank's point of view, the supply chain is not only a capital flow, a product chain, an information chain, but also a credit chain, but the credit level between nodes is quite different and will affect each other. Core enterprises are not only in a strong position in the supply chain, but also have irreplaceable financing ability. However, looking at this business chain driven by core enterprises, the strong credit of core enterprises has not been fully utilized. First, the external investment funds are concentrated in the core enterprises, which can not form the best distribution scheme of the whole supply chain; Secondly, too much money is deposited in the core enterprises, which also reduces the game ability and capital gains of banks. To change this situation, it is best to re-evaluate the credit of supply chain based on the credit of core enterprises and allocate external funds reasonably according to needs. Therefore, banks' interpretation of supply chain finance is actually the expansion and reuse of high-quality credit (core enterprises).
Second, the origin of supply chain finance
The emergence of supply chain finance has its profound historical background and market demand. It originated in the 1980s, and the concept of supply chain management originated from the global outsourcing of world-class enterprise giants seeking to minimize costs. Global outsourcing activities lead to the overall financing cost of the supply chain, and some nodes have capital flow bottlenecks? Barrel short board? The effect, in fact, partially offset the efficiency advantage brought by the division of labor and the labor force of contracting enterprises? Cost depression? The ultimate cost savings. As a result, the core enterprises of supply chain began to find the value of financial supply chain management, and the international banking industry also carried out corresponding business innovations to meet this demand. Supply chain finance has gradually surfaced and become a remarkable financial innovation.
Third, the development status of supply chain finance in China
In the second half of 20001,SDB began to pilot survival financing business in two branches in Guangzhou and Foshan. Pledge credit business of movable property and goods rights? ), the credit balance reached 2 billion yuan at the end of the year. Using the multi-stage redemption model under specific pledge, combined with the use of bank acceptance bills, the total settlement and margin deposits exceeded 2 billion yuan. After that, from pilot to system-wide promotion, from self-compensation trade financing, 1+N？ From supply chain financing to systematic refinement of supply chain financial services, the bank took the lead in launching in the domestic banking industry in 2006? Supply chain finance? Brand, then CITIC Bank, Shanghai Pudong Development Bank, Industrial Bank, Minsheng Bank, China Merchants Bank, Bank of Communications and other commercial banks, including the four major state-owned banks, all set foot in this, and many banks have also made remarkable achievements. From a practical point of view, although the models of supply chain finance introduced by commercial banks are basically similar, each bank starts from its own reality and develops supply chain finance from different angles to form its own brand.
Fourth, the difference between supply chain finance and traditional credit.
Although they all meet the financing needs of enterprises, compared with traditional credit, supply chain finance is not only the marketing slogan of "personalized solution", but also different in concept, realization mode and management mode. The traditional credit evaluation focuses on a single enterprise node, and the loan quality is basically determined by the operating conditions of the enterprise. The key to the financial risk of supply chain lies in the stability of the chain, and the evaluation of supply chain is not only a priority, but also more complicated. For example, whether the relationship between supply chain nodes is "healthy" is beyond the operating data and is very important in supply chain finance. In other words, the contribution or destructiveness of a single node's credit to the supply chain is not as important as the business contact between nodes, because a good transaction model and strict monitoring process can digest the credit fluctuation of a single node.
In the way of realization, the traditional credit evaluation is the comprehensive credit of enterprises, which is relatively difficult to grasp, which is also the reason why asset-backed financing has become the mainstream. However, supply chain finance emphasizes the certainty of transactions and the closure of funds, and requires funds to correspond strictly with transactions, transportation and commodity sales. The control degree of supply chain information flow determines the feasibility of supply chain financial scheme. Traditional credit depends on statements and cargo rights, and dynamic information should be added to supply chain finance, because the risk has moved up from a single node in the supply chain.
Compared with one-to-one traditional credit, supply chain finance also adds the variable of core enterprise, and its willingness to cooperate and its binding force on member enterprises are also important indicators affecting the quality of supply chain. In other words, because supply chain finance integrates the credit of the whole chain, the risk of a single node will be more complicated.
From the perspective of customer groups, traditional credit pays more attention to asset value and has no strict requirements for industry characteristics. Comparatively speaking, supply chain finance has stricter requirements on the operation mode of the industry. According to the stability of supply chain, the update progress of product market demand, the binding force of core enterprises and the future market development trend, the "health" degree of supply chain in different industries varies greatly, and the promotion of supply chain finance at this stage should be carried out in stages.
Verb (abbreviation for verb) Benefits of supply chain finance
? Supply chain finance? Rapid development, the reason lies in its? Can not only effectively solve the financing problem of small and medium-sized enterprises, but also extend the in-depth service of banks? Win-win effect.
First, new financing channels for enterprises.
Supply chain finance provides a solution to the concept and technical bottleneck of SME financing, and the SME credit market is no longer out of reach. For the financial executives of many large enterprises, supply chain finance, as a new financing channel, not only helps to make up for the traditional liquidity loan quota compressed by banks, but also reduces their liquidity demand level by introducing financing facilities to upstream and downstream enterprises.
Second, new channels for banks to open sources.
Supply chain finance provides a new channel for cutting into and stabilizing high-end customers. Through a package solution for members of the supply chain system, what are the core enterprises? Binding? At the bank that provides services.
? Through supply chain finance, banks not only deal with a single enterprise, but with the whole supply chain, and the information they have is relatively complete and timely, and the credit risk of banks is much smaller. ? Under the service and risk consideration mode of supply chain finance, because banks pay more attention to the trade risk of the whole supply chain, the evaluation of the whole trade will bring more SMEs into the service scope of banks. Even if a single enterprise can't meet some risk control standards of the bank, as long as the business between the enterprise and the core enterprise is stable, the bank can not only make an independent risk assessment of the financial situation of the enterprise, but also grant credit to this business to promote the realization of the whole transaction.
Third, the economic and social benefits are remarkable.
The economic and social benefits of supply chain finance are very prominent. Group purchase? With the innovation of development mode and risk control means, the benefit-cost ratio of SME financing has been improved, and it shows obvious economies of scale.
Fourth, supply chain finance realizes multi-stream integration.
Is the supply chain finance realized well? Logistics? 、? Business process? Capital flow? 、? Information flow? Equal and multi-stream integration.
6. How to prevent and control financial risks in the supply chain?
(A) traditional risk prevention and control
According to the above definition, supply chain financial risk control is at least two aspects of risk control on the surface. On the one hand, it is financial risk, on the other hand, it is logistics risk.
How to control financial risks, from the central bank to the banking supervision department, including all financial institutions and experts, has been demonstrated for many years, and it is also a risk in two aspects, on the one hand, market risk, on the other hand, internal management risk.
How to control logistics risks has also done a lot of detailed work around ISO certification from the competent department of the Ministry of Transport and logistics enterprises at all levels. The key is also two risks, on the one hand, the safety risk of transportation tools, and on the other hand, the safety risk of warehouses. Every year, the competent authorities have safety production month activities, which are not repeated here.
The combination of finance and logistics becomes the risk of new financial logistics business, which is not only a simple superposition of financial and logistics risks, but also the legal relationship between the three parties is more complicated because of the participation of the third party of the financing party, and the risk is greater than the original unilateral risk. From the risk cases of supervision business in recent ten years, it can be seen that not only the risk is great, but also the amount is large and the impact is very great, which often affects the development of an industry. Shanghai steel financing storm is a typical case, involving tens of billions of RMB. All banks have been implicated, almost all large logistics enterprises have also been implicated, and thousands of steel trading enterprises have closed down. The profound reasons have been discussed, and there will be an analysis of the truth in the future. To put it simply, after the combination of finance and logistics, both sides pinned their hopes on the other side to control risks, so that they lacked mutual supervision, and excessive trust in the third party led to out-of-control supervision.
The deep-seated risk reasons of financial logistics business are actually the fundamental drawbacks of China's current social development. First, the management inaction and separatist regime of government departments delayed the unification of movable property registration, which is the fundamental reason for repeated pledge; Second, the legal system is not perfect, and the illegal cost is so low that operators imitate it one after another, resulting in snowballing effect. Fortunately, the Fourth Plenary Session of the 18th CPC Central Committee has put forward the program of governing the country according to law, and there will be no such phenomenon of non-compliance with laws.
(2) Online risk prevention and control
Online supply chain finance is a new business launched by commercial banks, various financial institutions and logistics enterprises to prevent risks in the original supply chain financial services. Its purpose is to form a closed loop from the aspects of capital and logistics through the combination of offline and online, and to restrict and control each other, so as to avoid the situation that supervision is out of control due to unclear responsibilities.
For example, the online supply chain financial service of Sinotrans Changhang Group, the largest comprehensive logistics provider in China, refers to the supply chain financing information system platform developed by Sinotrans Changhang Group for a certain kind of goods (such as non-ferrous metals, grain, rubber, etc.), which is jointly participated by production enterprises, banks, logistics enterprises and commercial enterprises. ), formulate supply chain financing rules, processes and standards, and form a complete closed-loop financing service system within the supply chain.
Closed-loop financing service system refers to the production enterprises, logistics enterprises and commercial enterprises that participate in financing, and must provide the supply chain financing service platform with information such as contracts (including orders), fund settlement, goods in and out of the warehouse, etc., so as to make the information timely, accurate and transparent. The platform checks each loan, purchase and sale contract, fund settlement and goods-related information, and corrects the problems in time if found, or takes measures such as terminating the loan, freezing the account and disposing of the goods.
Sinotrans Changhang Group, as a large third-party state-owned enterprise in supply chain management, uses its shipping, port, transportation and warehousing services and monitoring capabilities to monitor the whole process of import ports from loading, chartering, port operation, inland transportation to logistics park management, and undertakes the custody of goods; In addition, Sinotrans Changhang Group will adopt the most advanced technology to manage the commodity logistics park and provide efficient public services such as warehousing, collateral supervision and commodity quality appraisal, which will become the basis and guarantee for the prevention and control of financial risks in the supply chain.