Research On The Performance Of Supply Chain Finance Of Home Appliance Manufacturing Enterprises Under The Background Of Industry And Finance Combination

In the 20 th National Congress of the Communist Party of China(CPC)report,it is proposed that "building a modern industrial system and persisting in the focus of economic development on the real economy".The stabilization and rescue of the supply chain is the key and difficult point in the development of the industrial chain and the blockage and pain point in the promotion of the real economy.As the continuous deepening of the reform of financial system in our country,the new development pattern of "enterprise plus finance" under the background of industry and finance rises to prominence in the manufacturing industry.Supply chain financial services can bring synergistic effects and strengthen industrial business and trust ties,and are considered by many scholars and practitioners as an effective tool to solve the financing problems of SMEs(Small and Medium Enterprises).However,the existing research results focus on the improvement of SMEs’ financing performance after participating in financial services,and fewer studies focus on how the core manufacturing enterprises leading supply chain financial services promote financial services,how they benefit from them,and whether they are willing to participate in financial services.It is from the above-mentioned research gap that this article investigates the supply chain financial services of core enterprises that assume guarantee responsibility and credit line transfer.First,this article selects the home appliance manufacturing industry,where SMEs are concentrated,and finds that the financial-oriented supply chain financial services of core manufacturers are beneficial to the capital turnover of core enterprises by using empirical research methods.Secondly,this article focuses on the integrated supply chain financial service led by the industry leader Midea,and focuses on the operation motivation,operation mode and beneficiaries of core enterprises,and finds that core enterprises will participate and coordinate the supply chain financial service in the chain with the advantage of resources for the purpose of alleviating the gap between income and expenditure,economic benefits,consolidating upstream and downstream links,and assuming social governance responsibilities.Among them,the financing mode of core enterprises for financial service participants in the chain is an innovative move in inclusive finance.This is mainly reflected in the fact that the financing service of core enterprises for upstream suppliers mainly adopts multi-level flow of accounts receivable for financing realization,and the manufacturer acts as a factor;while the financing service for downstream distributors,core enterprises mainly adopt the way of extending the payment term to make the funds receivable occupied.Ultimately,in the part of supply chain performance evaluation,this article uses event study method to find that core enterprises can benefit from financing services for upstream and downstream,which shows more optimistic expectations of investors and good market response;uses EVA and Z value evaluation method to find that the operation of core enterprises after the implementation of financial services The study also found that the core enterprises’ operating conditions improved after the implementation of financial services using EVA and Z-value evaluation methods;and combined with the KMV model to analyze the credit default risk of core enterprises,and concluded that the probability of default decreased and credit risk was reduced.Based on the above findings,this article gives process design strategies and implementation recommendations in four dimensions: optimisation of supply chain business and risk management by core enterprises,embedding SMEs in the industry circle,quasi-regulatory guidelines by industry self-regulatory associations,and legal control by the government,with complete supply chain financial services as the main maintenance objective,with a view to providing thoughts for manufacturers in other industries to provide inclusive financial services and enterprises involved in supply chain finance.