Research On Enterprise Credit Risk Based On The Supply Chain Finance Theory

After more than ten years of development of the Supply Chain Finance theory,the effect to ease the financing difficulties of small and medium enterprises get the positive affirmation of the scholars both at home and abroad.Domestic and foreign scholars have made a lot of research on its theory system,operation mode and risk assessment,fruitful research results were achieved.But in terms of risk assessment,Scholars pay more attention to the risk of small and medium enterprises themselves,while,there is little research on the risk measurement of supply chain.Especially,the researches on the risk level of the intersection of the supply chain are not paid many attentions to.Based on this,this paper carries out the evaluation of the credit risk of enterprises in the context of the Supply Chain Finance.In this paper,we choose communications industry A-shares listing corporation as the research sample.Through the research of domestic and foreign retaliated literature,especially for the analysis of high frequency cited literature and the research on the characteristics of the Supply Chain Finance,this paper selects appropriate indicators to construct the evaluation system of enterprise credit risk under the background of supply chain finance and uses the entropy weight method to determine the index weight of the evaluation system.Combine the relevant data of sample firms,the financial level of the enterprise was calculated.Through the analysis of the distribution of the daily income of the enterprise,the appropriate Archimedean Copula function was chosen to study the overall risk of different enterprise portfolio and supply chains.And this paper focuses on the intersection enterprise's credit risk analysis.Research results show that by taking the supply chain as a whole into consideration,the credit risk assessment of the Small and Medium Enterprises can be realized more real and the probability of default of the Small and Medium Enterprises had been reduced.To a large extent,whether to provide financial support to the intersection enterprise depends on the company's operating conditions.When considering whether to provide the supply chain finance service,the commercial banks should take the overall situation of the supply chain into consideration,not just considering a single business situation.Bank loan ratio distribution could be decided by the risk situation of different supply chain.