Supply Chain Finance Research Considering Guarantee Insurance: Based On Model Comparison

As we all know,small and medium-sized enterprises have always faced difficulties in financing.Solving the problem of corporate finance can not only promote its further development,but also play a positive role in a series of issues such as local economic stability,employment and people's livelihood.The non-recourse factoring financing model studied in this paper and the factoring financing model under the guarantee insurance can just solve the financing problem of the small and medium-sized enterprises in the upstream of the industrial chain.Since the factoring finance has not yet been widely implemented in the mainland of China,and its operation mode combined with guarantee insurance is also less.Therefore,it is of great practical and theoretical significance to carry out research on supply chain financial instruments considering guarantee insurance.The paper is divided into seven parts.First of all,the first chapter introduces the realistic background and significance of research on supply chain financing to ensure insurance.The second chapter reviews the literature related to this research,including supply chain finance researchunder specific financing channels,supply chain finance research on specific financing instruments,and research on credit guarantee insurance.The third chapter conducts qualitative research on supply chain finance and credit guarantee insurance to draw the research model of this paper.The fourth chapter mainly studies the influence of non-recourse factoring financing on the main body of supply chain participation under the credit sales.The fifth chapter focuses on the model of guarantee financing under the guarantee insurance.The sixth chapter expands and studies the new theoretical issues: consider the situation when the upstream sellers carry out the optimal wholesale price decision.The seventh chapter summarizes the paper and discusses the research conclusions and related research prospects.Through the research of the thesis,the author finds that the non-recourse factoring business has the characteristics of reverse economic cycle,and it is more valuable to the upstream SMEs in the economic fluctuation environment.In addition,the efficiency of upstream companies' prepayments for factoring financing will also determine their value.In the factoring financing business,credit institutions providing financing services should pay more attention to the operation and solvency of downstream core enterprises.When the guarantee insurance system is introduced,it can indeed reduce the related risks faced by the factor,but when the downstream core buyer funds are sufficient,theinsurance behavior has no positive effect.Unlike mere factoring,when credit risk and market risk are extremely high,the risk transfer effect of guarantee insurance will be weakened.When upstream companies carry out the optimal wholesale price decision,insurance guarantee insurance will be a financial burden for SMEs.It is more meaningful for upstream small and medium sellers to apply for factoring financing at low market risk or to guarantee factor financing under insurance.