赵周华 李福军 范晨楷

【摘  要】中小企业面临融资困境由来已久，供应链金融被认为是缓解中小企业融资压力的有效突破口，其创新与应用已上升为国家战略。论文选取国有R小贷公司为样本获取原始数据，通过因子分析和Logistic模型进行实证研究发现，速动比率、营业收入增长率、净利润增长率、净资产收益率和应收账款周转率、存货周转率等指标与供应链金融的信用风险水平呈负相关，并提出加强对融资客户本身及其所处供应链的链式风险管理等建议。

【Abstract】Small and medium-sized enterprises have been facing financing difficulties for a long time. Supply chain finance is considered as an effective breakthrough to alleviate the financing pressure of small and medium-sized enterprises， and its innovation and application has become a national strategy. This paper selects the State-Owned R Small Loan Company as the sample to obtain the original data. Through factor analysis and Logistic model， it finds that the quick ratio， the growth rate of operating revenue， the growth rate of net profit， the return on net assets， the turnover rate of accounts receivable and the turnover rate of inventory are negatively correlated with the credit risk level of supply chain finance. It also puts forward some suggestions to strengthen the chain risk management of financing customers and their supply chain.

【關键词】供应链金融;风险识别;风险控制;Logistic回归分析

【Keywords】supply chain finance; risk identification; risk control; Logistic regression analysis

【中图分类号】F832                                             【文献标志码】A                                                 【文章编号】1673-1069（2021）10-0109-05

1 引言

中小企业在国民经济中的作用不断提升，逐步成为发展社会生产力的主力军，是供应链中不可或缺的重要辅助和构成，但当前的中小企业普遍面临融资难的问题。供应链金融可以借助供应链核心企业与上下游企业的交易过程使融资介入，为链上相关企业提供综合金融服务，金融参与者的多元化可以将单个企业的不可控风险向供应链整体进行转移和分散，从而稀释金融风险容量，可以成为供应链上中小企业的重要融资渠道，被认为是金融业务转型的主要着力点和破解中小企业融资困境的重要突破口。

供应链金融起源于20世纪80年代，最初始于对资金流的控制和优化。Wright（1988）[1]首次提出了以应收账款为增信的供应链金融可以获得更多的银行授信，有能力对供应链进行整体风险把控的银行更容易获得竞争优势。……