Supply Chain Financial Credit Risk Analysis Of Enterprises Under Blockchain Empowerment

With the deepening of globalization,the relationship between enterprises is becoming closer and closer.Under this background,supply chain finance came into being.Supply chain finance means that enterprises in the supply chain can use the credit of the core enterprises directly or indirectly traded with them as a guarantee to lend to financial institutions to solve the financing difficulties of small and medium-sized enterprises.China’s private enterprises and small and medium-sized enterprises hold the lifeblood of the development of manufacturing industry.Supply chain finance can well improve their production efficiency and capital turnover capacity.Since Shenzhen Development Bank introduced supply chain finance in 2001,it has developed in China for more than 20 years.At present,it has entered the fourth stage-ecological supply chain finance.Traditional supply chain finance has some problems,such as the difficulty of cross level transmission of core enterprise credit and information asymmetry,which leads to the prominent credit problem of supply chain finance.In recent years,China has raised the innovation in the field of supply chain finance to the level of national strategy.General Secretary Xi also stressed the need to accelerate the integrated development of blockchain technology and economy and society,and use blockchain technology to lead new information changes.Under the background of more and more enterprises applying blockchain to themselves,blockchain has made great contributions to solving the credit risk problem of supply chain finance with its decentralized,tamper proof,distributed ledger and other characteristics,and promoted the new development trend of supply chain finance.At present,many scholars have done research on the evaluation of supply chain financial credit risk,but there is less analysis on the supply chain financial credit risk under the empowerment of blockchain.Based on previous studies,this paper studies the supply chain financial credit risk of enterprises enabled by blockchain,updates the credit risk evaluation index system,completes the empirical analysis and draws a conclusion.Firstly,this paper expounds the relevant theories of supply chain finance,blockchain technology and credit risk evaluation;Analyze the advantages and challenges of blockchain technology enabling supply chain finance,and carry out credit risk analysis;Then,based on theoretical analysis,the index system is determined by combining qualitative and quantitative methods,the supply chain related indexes are optimized,and the blockchain technology related indexes are added;In the empirical part,based on 183 groups of effective data from 46 enterprises using blockchain,the dimensionality of 17 indicators is reduced by principal component analysis,and the final credit risk evaluation model is obtained by logistic regression analysis.Finally,the empirical model is analyzed to clarify the impact of various elements on credit risk,so as to provide a reference for commercial banks to evaluate the supply chain financial credit risk of enterprises under blockchain empowerment.This paper mainly draws the following three conclusions: first,enterprises can effectively solve the problems of information asymmetry in supply chain finance by using blockchain technology,help commercial banks quickly and deeply tap the information of target enterprises,and promote enterprises to improve their credit level at the same time;Second,the logistic regression model established in this paper includes four principal component variables,and its prediction accuracy is 92.3%,which can provide a more accurate reference for commercial banks to evaluate the default risk of enterprises under the empowerment of blockchain;Third,through the analysis of the empirical model,it can be seen that when commercial banks evaluate the default risk of target enterprises,they need to focus on the current situation of their asset structure,followed by the sales ability,innovation ability,profitability and information transparency of enterprises.Blockchain technology plays a significant role in the financial credit risk of supply chain,but because it is in its infancy,its proportion is not as high as that of traditional financial indicators.