| Since the new normal of the economy,with the internal structural adjustment of the Chinese economy and the negative impact of the external political economy,the economic growth rate has been slowing down,and the accumulated structural contradictions and financial risks have been partially erupted.Recently,the COVID-19 pandemic,the Russia-Ukraine war and other negative external shocks have led to a sharp increase in market transaction costs,which has had a serious adverse impact on the corporate sector,especially small and medium-sized enterprises.Small and Medium-sized Enterprises are already in a weak position in terms of core competitiveness,market position,quality of accounting information and anti-risk ability,and the problems of difficult and expensive financing have been accumulated for a long time.In recent years,the emergence of supply chain finance models using supply chain commercial credit loans to finance small and medium-sized enterprises has just improved,that is,the impact leads to the exposure of small and medium-sized enterprises’ business risks and credit risks,and further through the supply chain and commercial credit network transmission.If the formation mechanism of commercial credit risk cannot be accurately identified and the contagion of commercial credit risk cannot be blocked in time,the commercial credit of small and medium-sized enterprises will collapse in a large area,and even the possibility of local financial crisis.Therefore,this paper studies the commercial credit risk management of small and medium-sized enterprises from the perspective of supply chain finance,and mainly answers three questions: formation mechanism,transmission path and economic consequences of commercial credit risk of small and medium-sized enterprises from the perspective of supply chain finance.On the one hand,a systematic answer to the above questions can help small and medium-sized enterprises improve their credit risk management ability;on the other hand,it can help financial institutions identify supply chain financial risk points and prevent commercial credit risk from evolving into financial risk.At the same time,it provides theoretical guidance and practical reference for government departments to rescue Small and medium-sized enterprises and prevent systemic financial risks.This paper adopts the method of multi-case study,conducts questionnaire survey,in-depth interview and data coding among 8 Small and medium-sized enterprises,summarizes the formation mechanism,transmission mechanism and economic consequences of the commercial credit risk of Small and medium-sized enterprises from the perspective of supply chain finance,and seeks ways to manage the commercial credit risk of Small and medium-sized enterprises.Firstly,the concepts and theoretical basis related to supply chain finance and SME business credit risk management are defined and explained.Secondly,to investigate and analyze the current situation of supply chain finance risks to Small and medium-sized enterprises,identify the extent of supply chain finance risks to Small and medium-sized enterprises and problems in risk management;Thirdly,using the multi-case study method,8 representative cases are selected to carry out theoretical analysis and case study on the formation mechanism,contagion mechanism and economic consequences of SME business credit risk under supply chain finance,so as to provide a systematic theoretical framework for SME supply chain finance risk identification and management.Finally,based on the conclusion of theoretical analysis and case study,countermeasures for the management of commercial credit risk are proposed respectively from the perspectives of small and medium-sized enterprises,core enterprises and commercial banks.The study reached the following conclusions:(1)Under supply chain finance,the commercial credit risk of Small and Medium-sized Enterprises mainly originates from information asymmetry,and is composed of price risk,supply and demand risk and capital risk,which respectively correspond to the three formation paths of long-term contract,prior selection and supply chain finance.The price in the supply chain is relatively stable due to the relationship of long-term contract.However,the market impact or voluntary default will lead to credit risk,and the prior choice of Small and medium-sized enterprises to upstream and downstream enterprises will also lead to supply and demand risk,as a supply chain finance system itself has capital risk.When these risks exist,commercial credit risks will arise due to disputes over profit distribution,inadequate information sharing and lack of effective risk co-prevention among Small and medium-sized enterprises in the supply chain.Further,the downward phase of the business cycle intensifies the pressure on business operations and increases business credit risks,which are further amplified by financial accelerators.(2)In the supply chain,commercial credit risks run throughout.With debtors(accounts payable)as the entry point,risks will spread along the transaction network,and creditors(accounts receivable)will also bear relevant risks.Commercial credit risk is not only reflected in the financial level,but also in the operation level of entity enterprises.Under the interaction of the two,commercial credit risk contagion will be accelerated and intensified.(3)The commercial credit risk of Small and medium-sized enterprises under supply chain finance will spread to the online enterprises of supply chain,resulting in the collapse of supply chain finance system and the economic consequences of financial risk transmission to the real economy.Based on the theoretical research and case analysis,the following management strategies for commercial credit risks of small and medium-sized enterprises are proposed: small and medium-sized enterprises should improve their own profitability,strengthen the identification of commercial credit risks,strengthen information sharing,improve information construction,and form effective risk prevention;Core enterprises should strengthen the management of market access,strengthen the evaluation of business credit of core enterprises,and strengthen the dynamic monitoring of enterprise credit;Financial institutions should improve the assessment level of commercial credit rating of small and medium-sized enterprises,strengthen supervision and tracking of enterprise information,and timely update the commercial credit rating of enterprises. |
