Research On The Action Path Of The Supply Chain Finance Of China Communications Construction Company

Small and medium-sized enterprises are the major driving force behind China's social and national economic development,and have made tremendous contributions in promoting technological innovation,increasing taxes,and stabilizing employment.However,the difficulty and high cost of SME financing has become a key problem that restricts the development of SMEs.As an effective way to reduce financing difficulties for SMEs,supply chain finance is now experiencing rapid development under the support of government policy and the active collaboration between the SMEs,financial institutions,and core enterprises.However,in the implementation of supply chain finance business,a number of problems emerged such as high financing standards,long approval time,and poor coordination among the three parties,which have made it hard for SMEs to obtain financing through supply chain finance in an effective way.Under this background,further research needs to be done on the action path of supply chain finance in SMEs financing,as well as measures that should be taken by core enterprises in supply chain finance business to better help SMEs get funding.This paper has taken the supply chain finance business led by China Communications Construction Company(CCCC)as an example to analyze the action path of supply chain finance of CCCC based on the signaling theory and signaling model,and described the financing process of SMEs in the supply chain finance by building a signal transmission game model.This paper divided the transmission of financing signal in supply chain finance business into the signaling process and signal identification process,which are further divided into four stages: signaling,signal transmission,signal receiving,and signal feedback,hoping to put forward the action path of supply chain finance business of CCCC.The research results show that the three supply chain finance development measures taken by CCCC,i.e.,the establishment of a unified supply chain finance platform,the active development of supply chain finance business,and the establishment of credit transfer mechanism,have facilitated the two stages of signaling and signal transmission,and therefore improved the signing ability of SMEs;by carrying out supply chain finance business that covers the full life cycle of SME financing and the accumulation and use of data assets,CCCC boosted the two stages of signal receiving and signal feedback,which improved the signal identification capability of financial institutions.By enhancing the signaling ability of the SMEs and signal identification capabilities of the financial institutions,CCCC provided a sound signaling environment for the transmission of financing signals.Based on the above research,through the analysis of the signal transmission game process,this paper reached the following conclusion: the signal environment and the cost of signal environment play major roles in the implementation process of supply chain finance.The measures taken by CCCC in the implementation of supply chain finance can help build a sound signaling environment,reduce the cost of signaling environment,and thereby improve the efficiency of the signal transmission mechanism and help SMEs get financing in an effective way.Based on the above research,this paper put forward the action path model of supply chain finance business of CCCC,which can provide reference for CCCC and other core enterprises in their implementation of supply chain finance in the future.