SMEs' Supply Chain Finance And The Study On Its Credit Risk

In the process of China's market econmy,more and more small-and-medium-sized enterprises(SMEs) began to appear., which has played a significant role in promoting the development of China's national economy. SMEs occupy a very important position in China's economic. But, there are some problems about financing show that SMEs's harvest doesn't assort with its contribution at all. At present, the most take the difficulties in financing as the bigges problem in its develepment.To make up for this deficiency, supply chain finance(SCF) emerges. It is a new financing model which tailored for SMEs.The new financing model stands point of the entire supply chain to assess the risk of SMEs financing. SCF emphasizes the stability of supply chain, as well as the authenticity of the trade and the credit of the core enterprise. So more SMEs can be absorbed into the business scope of financial institutions.So, is is necessary to study the theories of SCF to provide the effective way to improving SMEs'financing dilemma consequently.The thesis analyses the present situation of SMEs'financing dilemma according to the actual situation firstly. And find out that"information asymmetry"& the lack of collateral are the main reasons of financing dilemma, so leads to SCF which is a new financing model. SCF beyond the scope of a single enterprise, put the SMEs on the height of the entire supply chain. SMEs cooperate with the core business and the Third Party Logistics Enterprises to finance.Then, the thesis introduces SCF's related concepts and unique financing model. And based on the specific cases, the thesis emphatically analyzes SCF's superiority. Then, the thesis uses Bayes technology to forecast the repayment risk of the SMEs which introduces that SCF assesses the SME's loan credit risk from the entire supply chain .It not only verifies the SCF's feature, but also lays the groundwork for the below. Finally,combined with the characteristics of SME financing and the advantages of SCF which described previously,this article study that the SME credit risk management and its preventive measures.By induce the credit risk category in the SME financing process,this article study that the method of SME credit risk management by the credit derivatives.Based on the qualitative study and quantitative study, the thesis use Bayes technology to forecast the repayment risk of the SMEs and use the credit derivatives to manage the SMEs'credit risk in an innovative way.Finally the article reaches the research conclusion: SCF is the new financing model which is fit for the SMEs. It not only makes the SMEs obtain loans, but also expands the scope of financial institutions'business and the scope of the third party logistics enterprises'business.. Actually,SCF succeeded in that SMEs,financial institutions,the third party logistics all-win.So,SCF is an effective way to resolve SMEs'financing dilemma in China.