Research On Financial Risk Management Of Home Appliance Industry Supply Chain

With the development of global economic integration,the competition between enterprises has become the competition between supply chains.The shortage of funds is a common problem for small and medium-sized enterprises in the supply chain,which will directly affect the overall operation efficiency of the supply chain.In order to solve the financing problem of SMEs,supply chain finance came into being.However,due to the financial opacity of small and medium-sized enterprises,asset guarantee is difficult to meet the requirements of banks and other financial institutions,the flexibility of small and medium-sized enterprises to obtain funds is limited.Even the core enterprises in a strong economic position can obtain a large number of loans,but today,the supply chain is increasingly close,The shortage of funds of small and medium-sized enterprises may also lead to the fracture of the whole capital flow and logistics chain of the supply chain.Many large home appliance enterprises need to provide a variety of materials and components from upstream and downstream small and medium-sized enterprises.In this case,as the core enterprise,it is particularly important for large home appliance enterprises to pay attention to the shortage of funds of upstream and downstream enterprises.Therefore,supply chain finance dominated by large home appliance industry has emerged.However,the access conditions of this kind of financing application are much lower than the traditional bank led supply chain finance,which increases the internal capital liquidity of the supply chain and also faces high risks.Therefore,it is necessary to build a supply chain financial risk management system for the home appliance industry.From the perspective of the core enterprise household appliance industry,this paper takes the supply chain finance provided by MD group as an example,introduces the qualification of MD group as the core enterprise,the development process,motivation and main financing mode of "MD finance" platform,and identifies,evaluates and analyzes the risks it faces.In the aspect of risk identification,it identifies the financing enterprise risk,supply chain risk and market risk faced by MD group in the supply chain financial business;In the aspect of risk evaluation,according to the risks identified above,8 first level evaluation indexes and 21 second level evaluation indexes are selected.Taking the warehouse receipt pledge financing of listed company "X" acquired by MD group as an example,the indexes are scored from qualitative and quantitative perspectives respectively,and the credit risk of supply chain financing of "X" company is comprehensively evaluated by using fuzzy comprehensive analytic hierarchy process,The credit rating of "X" company is obtained.In the aspect of risk response,taking the warehouse receipt pledge financing of MD group’s downstream dealers as an example,this paper establishes a principal-agent model of intertemporal incentive with profit sharing,risk sharing,reputation effect and discount factor,Reputation effect makes small and medium-sized enterprises pay more attention to long-term cooperation,which can effectively reduce the risk of financing enterprises and the overall risk of supply chain.Through the analysis of discount factor,we get that it plays an important role for enterprises,and give the Countermeasures of market risk from the perspective of government and enterprises.