Case Analysis On Accounts Receivable Financing Of Small And Medium-sized Enterprises In Hunan Province Under Supply Chain Finance

Small and medium-sized enterprises(SMEs)are the inexhaustible driving force of China's economic development.As an important part of modern national economy,SMEs play an important role in promoting employment,improving people's livelihood and promoting innovation.However,financing difficulty and high cost are still the most prominent problems faced by SMEs.In view of the current situation of large accounts receivable,lack of fixed assets and insufficient credit guarantee for SMEs,the implementation of accounts receivable financing is an effective way to alleviate the financing difficulties of small and medium-sized enterprises.Firstly,this paper expounds the relevant theories of accounts receivable financing,including information asymmetry theory,self-compensating trade financing theory and transaction cost theory,which provides the theoretical basis for the later analysis.The paper also compares the two financing modes of pledge and factoring of accounts receivable,which are involved in four dimensions: attribute,subject power,operation mechanism and credit risk.In the case part of this paper,firstly,studying the related issues,which analyzes the economic and development status of SMEs in China,highlighting that the widespread mismatch of economic contribution and financial support of SMEs.Then it also introduces the ideas and methods of case study: The survey takes the form of point-to-plane to the SMEs and core enterprises in Ningxiang Economic Development Zone,a representative economic development zone in Hunan Province.It involves five SMEs and two core enterprises,of which three have carried out accounts receivable financing.In the specific case analysis,for the SMEs that have carried out accounts receivable financing,it mainly starts from four aspects: case introduction,company financial analysis,financing scheme and analysis of the main problems.Through understanding the company's main business model and the data structure of the three major statements,this paper focuses on the analysis of the necessity for SMEs to use accounts receivable financing,the rationality of the company's asset structure,the applicability of accounts receivable financing schemes and the urgent problems to be solved in the course of business development.The analysis of core enterprises mainly focuses on the corresponding accounts payable situation of the company,the degree of cooperation of accounts receivable financing and the main problems.Finally,combined with the existing research and the content of this survey,the paper puts forward relevant countermeasures and suggestions from the level of SMEs,fund providers and government.