Reserch On Supply Chain Financial Product Pricing Under Accounts Receivable Financing Mode

According to<Report on the development of Chinese Enterprises(2017)>,SMEs,who provide 90%of new jobs and create more than 60%of GDP in China,play an important role in economic development,so we should strongly support SMEs' development.However,according to the statistical result of commercial banks'credit information from China Banking Regulatory Commission,up to February 28,2017,large companies have get more than 50%of the loan amount,but SMEs who contribute to 60%of GDP only get 23.96%,which means SMEs still encounter with financing difficulties.In order to supporting the development of SMEs,we should firstly solve the financing difficulties.The Supply Chain Financing Business is first introduced by Shenzhen Development Bank.Unlike traditional credit business,in the Supply Chain Financing Business,banks' credit ratings for SMEs are no longer limited to small and medium-sized enterprises themselves,but to the whole Supply Chains.which has improved the credit rating of small and medium-sized enterprises greatly.This makes it easier for small and medium-sized enterprises to get loans from Banks.Therefore,the supply chain finance business can mitigate the financing difficulties of SMEs to some extent.Meanwhile,the healthy development of supply chain finance should be actively promoted.For the sake of the Supply Chain Finance developing healthly,the rational pricing of supply chain financial products has become an important subject of small and medium-sized enterprises and commercial banks.Research on supply chain finance,the current domestic most of the literature is the study of meaning,influence and risk,but the study of pricing is less.This article constructs the trigeminal tree model from the perspective of options,in order to make a certain contribution to exploring the supply chain financial products pricing theory.In order to make a preliminary understanding of the research object,this paper first clarifies the concept and characteristics of supply chain finance,and then analyzes the financing model of supply receivables in supply chain finance.Then,from the point of view of risk,this paper elaborates the concept,influencing factors and measurement methods of default loss rate,and then constructs the trigeman tree model from the similarity of supply chain finance and options.In order to prove the validity of the model,this paper chooses 25 small and medium-sized automobile industry enterprises listed on the new three-board market as the sample,and carries on the empirical research.The empirical results show that the financing rate under the supply chain financial products is lower than the bank lending rate over the same period.Finally,this paper puts forward specific policy suggestions for the empirical process and the results,and points out that the model still needs to strengthen the research and provide some guidance for further research in the future.The conclusion of this paper shows that financial product of supply chain under the mode of accounts receivable financing can effectively reduce the financing cost of small and medium-sized enterprises,which is of great significance to promote the healthy development of supply chain financial business and promote the development of small and medium-sized enterprises.