Supply Chain Financial Management Under The Constraint Of Assets And Liabilities

In the process of deepening the structural adjustment of assets and liabilities,many institutional and institutional problems are emerging.The state-owned enterprises,especially the enterprises directly under the central government,are not well constrained in terms of assets and liabilities,which has become an important task in China's structural deleveraging.A large number of accounts received in advance,accounts payable and inventory generated in the cooperation between the internal subsidiaries of China Railway and the external industries aggravate the prominent contradiction between the inability to realize part of the creditor's rights and the lack of liquidity,leading to the risk of capital stagnation in the upstream and downstream chains of enterprises.In recent years,the supply chain finance of large-scale state-owned enterprise groups is rising gradually.As the core enterprise in the supply chain finance chain,the state-owned enterprise plays an important role in the whole supply chain finance.China Railway Commercial factoring Co.,Ltd.,as the supply chain financial platform of China Railway,completed the first supply chain financial transaction "China Railway e-letter" on September 15,2019.There are many upstream and downstream affiliated enterprises in the supply chain financial business,each business has its own characteristics in structure mode,transaction term and transaction type.There are obvious dynamic risks in the supply chain financing,which cannot be treated from a static perspective.State owned enterprise groups,especially large enterprises directly under the central government,must establish the practical management and risk management mechanism of supply chain financial structure under the condition of assets and liabilities constraints.China Railway,as a super large construction central industry,has reserved a large amount of stock asset portfolio and incremental asset portfolio to be allocated after years of development,which requires China Railway to do a good job in risk identification and control in supply chain finance.China Railway's supply chain financial structure allocation needs to take into account the liquidity,security and profitability of "stock assets + incremental assets",so as to meet the balance among the three objectives of solvency,liquidity risk and profitability.The expansion and improvement of China Railway's supply chain financial circle is conducive to the development of ChinaRailway itself and the development of upstream and downstream SMEs.Before the research,this paper integrates and classifies the relevant data and summarizes the influencing factors to ensure that the research has a solid theoretical basis and theoretical support.At the same time,according to the relevant data information published on the national statistical website,through qualitative and quantitative analysis,combined with the actual case data,sorting out and refining the factors affecting the supply chain financial structure management of China Railway under the condition of asset liability constraint.With the development of supply chain finance,this paper hopes to help the development of China Railway and the small and medium-sized enterprises around it,and finally establish and improve the long-term optimal management and development mechanism of supply chain finance under the self-restraint of assets and liabilities.