Research On The Credit Risk Of Supply Chain Finance Under The Perspective Of Blockchain

As a financial innovation service to solve the financing problems of small and medium-sized enterprises(SMEs),supply chain finance breaks through the limitations of the traditional financing mode adopted by SMEs,and tries to promote the development of SMEs under the promotion of national policies and emerging technologies.However,with the change of financing mode of SMEs,the management of credit risk should also be changed from the concept and method in supply chain financing.How to reduce the credit risk of supply chain finance is an urgent problem to be solved in the development of supply chain finance,and also the fundamental way to promote the smooth financing of SMEs.As a scientific and technological means to strengthen credit record,risk warning and other information disclosure and sharing,the key for financial institutions to lend to SMEs is to avoid supply chain financial credit risk.In this paper,the SMEs which need financing in the supply chain is the research object.Through the analysis of the logical relationship between blockchain and credit risk of supply chain finance,this paper put forward three principles aimed at controling credit risk of supply chain finance,namely the core enterprise of trust endorsement principle,information sharing principle of financing process and the overall financing cooperation principle.Firstly,based on these principles,the evolutionary game model is used to analyze the evolutionary path of establishing trust endorsement relationship between core enterprises and SMEs,and the influencing factors on the evolutionary equilibrium,the evolutionary path of financing cooperation between commercial Banks and SMEs,and the evolutionary path and influencing factors of both under the supervision of a third party institution.The research shows that the financing activities of commercial of Banks and SMEs are based on the trust endorsement of the core enterprises in the supply chain.With the intervention of the third party regulatory agencies,it is helpful to promote the consistent collaboration of all participants in the supply chain and information sharing to promote the smooth completion of the supply chain finance.Secondly,based on the mechanism analysis on credit risk control of of supply chain finance,each participation and their relations from the car industries are selected as a risk evaluation dimensions to establish a risk evaluation index system,such as SMEs,the core enterprise and supply chain relationship and third-party regulators.Then this paper use the binary classification Logistic regression analysis to construct the credit risk assessment model for identifying credit risk of SMEs,and set a reasonable cut-off point for the financing decision on SMEs.Study found that: the better development ability of SMEs,the stronger the solvency and credit conditions;the better profit ability of the core enterprise,the stronger debt paying ability and better credit standing;the more stable the pledge of the third party regulatory oversight in the supply chain,the higher the degree of information sharing throughout the supply chain;the higher turst of all parties in the supply chain,lead to the less the probability of the existence of credit risk.In other words,for credit risk control,the growth space of SMEs is the key,the risk sharing of core enterprises is the guarantee,the clear responsibilities of all parties in the supply chain is the basis,and the stable realization of the regulatory content of third-party regulatory agencies is the driving force.Overall,credit risk control of supply chain finance under perspective of blockchain is the standpoint of the research,providing a new angle of view and puting forward three principles of blockchain to control the credit risks of supply chain finance.Thus through the credit risk evaluation of supply chain finance on the technical level,conclusion and suggestion from this paper are hoped to help provide theoretical basis and decision-making reference to prevent and control the credit risks of supply chain finance.