Research On Supply Chain Financing Model And Risks From The Perspective Of Core Enterprises-Xiaomi Group

Supply chain financing sprouted in China at the end of the last century and experienced more than a decade of development.Compared with traditional financing methods,its low cost and wide radiation range have been loved by the majority of enterprises.In recent years,the diversification of fund suppliers and the advancement of Internet technology have given this new type of financing a new force.As a new economic enterprise established in 2010,Xiaomi Group successfully issued the first phase of supply chain ABS in August 2019,which is the first case in China.Therefore,exploring the financial effects of the supply chain ABS issued by Xiaomi Group,and the identification and response of new financial risks,not only provide suggestions for the subsequent issuance of Xiaomi Group,but also provide reference for other companies' issuance.This paper applies principal-agent theory,asymmetric information theory,transaction costs and financial risk evaluation theory.Combined with Xiaomi Group prospectus,annual report data and relevant financial information for research,the study found that as follows: first,Xiaomi Group this offering in the use of core enterprise leading mode of the accounts receivable financing,also use their subsidiary reverse factoring,for the subsequent new economy enterprise issued ABS provides a new way of thinking of supply chain financing;Second,this issuance of Xiaomi Group has put forward new tests for its capital recovery pressure and asset utilization efficiency.Meanwhile,due to the issuance of supply chain ABS,Xiaomi Group needs to formulate corresponding control measures for the new risk of credit line secondary allocation.Third,in terms of risk control measures,according to the risks caused by the issuance of ABS in the supply chain,the enterprise should comprehensively improve its ability to prevent and control risks from the aspects of its own system design,organizational structure and personnel awareness training.This article analyzes the supply chain ABS of Xiaomi Group,discovers the new risks faced by new economy enterprises like Xiaomi Group after issuing ABS,and provides countermeasures to the corresponding risks,which has certain theoretical significance for the development of risk control measures of new economy enterprises issuing supply chain ABS.This paper emphasizes that supply chain financing,as a financing model with high popularity at present,has both risks and opportunities,and we should never only focus on one side,which provides reference for other new economy enterprises to issue ABS in the supply chain.