Case Analysis Of Financial Credit Risk In Futian Automobile Supply Chain

In recent years,the block chain technology has gradually improved and matured,not only in the direction of development in digital currency,but also in the direction of supply chain finance with the technological progress.Supply chain finance provides financial support for enterprise financing,but information asymmetry is easy to cause credit risk,which makes many enterprises gradually realize the necessity of application of block chain in supply chain finance.Fukuda Motor Co.,as an early automotive company to carry out supply chain finance business,and Ping An Group jointly released the "Fortune All-Link" financial service platform in 2018.The supply chain finance business carried out by Futian Motors not only alleviates the financing difficulties of each enterprise in the supply chain,but also makes the links between each enterprise closer.Once one enterprise has credit risk,it will cause problems such as large capital turnover pressure,difficult financing and even broken capital chain for the enterprises in the whole supply chain.As the core enterprise in supply chain finance,Futian Motor’s credit risk will have a greater impact on the upstream and downstream enterprises in the supply chain.As Futian Motor is the first enterprise to introduce block chain into automotive supply chain finance,it is necessary to evaluate and study its credit risk.Moreover,the analysis of supply chain finance of Futian Automobile is of great significance for Futian Automobile and other enterprises in the industrial chain to understand their own risk environment and how to raise funds scientifically and reasonably to reduce their own credit risk.At the same time,it can be used as an example for other auto companies to assess their own credit risk,and also as a reference for investors to assess the possibility of Futian auto default.This paper selects the KMV model to analyze the credit risk of Futian Auto supply chain finance,and constructs a supply chain with Futian Auto as the core by selecting shougang shares,Huayu Auto,SST Gatun and Weichai Power as the upstream enterprises and China grand auto and Xugong Machinery as the downstream enterprises.And according to the data of 15 ST listed companies,the traditional KMV model is modified and the former KMV model with a coefficient α of 0.5 is not adopted.After that,we use Co Va R model based on quantile regression to analyze the risk spillover effect of Futian Automobile to each enterprise and each enterprise to Futian Automobile.Finally,it is concluded that Futian Motor has credit risk and possibility of credit default due to its poor financial condition,wrong investment decision on Baowo Motor,short-term cost increase due to the improvement of national policies on vehicle emission standards,impact of new energy commercial vehicles and increased investment in new energy vehicles.Aiming at these problems,this paper puts forward some relevant countermeasures and suggestions,which are of referential significance to supply chain financial credit risk prevention,such as improving the control ability of investment projects,establishing a block chain debt transfer platform,establishing and perfecting the information sharing platform and information supervision,and making good credit risk emergency plan in advance.