On September 18, 2020, the People’s Bank of China, the Ministry of Industry and Information Technology, the Ministry of Justice, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration of Market Supervision, the China Banking Regulatory Commission, and the Foreign Exchange Administration jointly issued the "Regulations on Standardizing the Development of Supply Chain Finance to Support the Supply Chain Industry Chain" Opinions on Stable Cycle and Optimization and Upgrading (Yinfa [2020] No. 226, hereinafter referred to as the “Opinions”), as the programmatic document of China’s supply chain finance, the publication of the “Opinions” laid the foundation for the standardization, development and innovation of supply chain finance Policy framework and institutional basis.
The "Opinions" clarified the meaning of supply chain finance for the first time. Supply chain finance refers to the integration of logistics, capital flow, information flow and other information based on the overall supply chain industry chain, using financial technology to integrate information such as logistics, capital flow, information flow, and building a dominant core enterprise in the supply chain with upstream and downstream enterprises in the context of real transactions A standardized financial supply system and risk assessment system provide systematic financial solutions to quickly respond to the comprehensive needs of enterprises in the industry chain for settlement, financing, and financial management, reduce corporate costs, and enhance the value of all parties in the industry chain. Since the development of supply chain finance, three financing models have been formed: future cargo rights financing model, pledge storage financing model and accounts receivable financing model. This article will briefly analyze and introduce the generation principles and operating modes of the three business models:
vigorously develop supply chain finance and make good use of the three models, which will have far-reaching significance for solving the problem of financing difficulties and expensive financing for private small and medium-sized enterprises in my country. my country’s long-standing corporate financing difficulties and high financing costs are mainly due to the severe credit asymmetry in the financial market. In order to avoid loan risks, banks and other financial institutions need corporate assets to mortgage and pay high loan costs for absolute insurance. Supply chain finance constructs a product-based and credit-based financing model in each link of enterprise supply, production, and sales, which has overcome problems such as credit asymmetry. Banks and other financial institutions can establish strategic cooperation with enterprises, With assured loans, enterprises can also obtain low-cost funds, which not only guarantees the interests of banks, but also solves the problem of difficult financing for small and medium-sized enterprises. However, supply chain finance is still in the stage of exploration and development in my country, and the three major models also have certain limitations in practice. How to develop supply chain finance into a healthy, sustainable and stable solution that can solve the problem of financing difficulties and expensive financing for private small and medium-sized enterprises in my country The technical means of this need further research and discussion.
