Business closure refers to the end-to-end connection, forming a cycle, maximizing efficiency and reducing costs, which is the primary condition for the operation of supply chain finance. The overall activities of the supply chain should be organically linked and run in an orderly manner, including the links of discovering value, producing value, transmitting value and realizing value, forming a complete cycle.
Supply chain operation is the core and premise of supply chain finance. Once the supply chain operation cannot be closed, the value production and realization will deviate, and potential problems and risks will appear. The complete closed loop of the above figure determines the financial basis of the supply chain, that is, the competitiveness and income of the supply chain operation.
Here, it is important to distinguish between closure and closure. The so-called closure means that all value activities and business activities are realized within the enterprise. For example, an enterprise provides financing for small and medium-sized enterprises, but requires small and medium-sized enterprises to use their own production resources and supply their own channels at fixed points. Although closing can control risks, tying other enterprises into their own systems will inevitably lead to conflicts of interest. Closing and making full use of open social resources to realize value can make the platform and risk managers fully coordinate management, which is more conducive to building a supply chain ecology and is easily accepted by other partners.
When designing and operating supply chain finance, we should also consider all factors that may affect business closure, which mainly come from macro-level factors and micro-level factors.
1. Macro instruction level
Macro-level factors mainly refer to macro-system risks. The operation of supply chain may be interrupted due to the uncertainty of economic, political and legal environment, and it is impossible to realize circular closed operation. Under the background of global market, this problem is more likely to occur in supply chain financial activities.
Without a perfect market, in a world where global organizations and national laws and regulations coexist, trade friction is inevitable, and various obstacles will appear in production and operation. Therefore, enterprises should design a fast and flexible supply chain system to cope with the influence of various factors on supply chain closure.
2. Micro level
Micro-level factors refer to industry or regional system risks. The development of supply chain finance must be based on a specific industry or a certain region. The industry and regional characteristics of supply chain financial services will definitely have an impact on the operation of supply chain.
From the perspective of industry influence, supply chain finance should be carried out in industries with sustained and stable development, and for those industries that are restricted or declining, supply chain finance will have great risks.
From the perspective of regional factors, regional economic development prospects, market transparency, government service level, and regional environmental stability may all have an important impact on enterprise closure.
The informatization of transaction is an important factor affecting the financial risk of supply chain, which is mainly manifested in the informatization between enterprises or organizations and the informatization of supply chain operation process management.
1. Informatization between enterprises or organizations
Informatization between enterprises or organizations is also divided into two aspects. One is the cross-functional information communication of enterprises, such as the sales department providing the project implementation feedback form in time, and the production department feeding back the project operation in time. If the enterprise can't realize informationization and digitalization and can't form effective delivery, it will inevitably lead to risks.
The second is the information communication between upstream and downstream enterprises in the supply chain or between financial service organizers, such as the information exchange between core enterprises and related enterprises, and the effective coordination between financial institutions and enterprises. Once there is no standardization and information exchange between different industries, the operation of the supply chain will be an empty shell, and the income of financial institutions will also be affected, thus affecting the whole supply chain.
2. Informatization of supply chain operation process management
The informatization of supply chain operation process involves whether the supply chain operation state and correct information can be grasped in time. This includes many aspects, such as the online approval and management of financial services, the application of internet technologies such as the on-site operation software system of logistics financial services.
Income self-compensation refers to the characteristics of self-compensation trade financing, which refers to providing short-term financing to chain enterprises according to their real trade background, supply chain process and credit strength of upstream and downstream comprehensive operations, and taking the stable cash flow of enterprises in the future as the direct repayment source. Although it belongs to short-term financing of working capital loans, self-compensation trade financing is obviously different from it in credit concept and credit management mode.
In the concept of credit granting, self-compensating trade financing pays attention to the authenticity of trade background, effectively locks in the logistics and capital flow of enterprises, and the term is strictly matched with the trade cycle, which has obvious self-compensating characteristics. In the way of credit management, self-compensating trade financing pays attention to the rating results of customer debt, which is relatively more relaxed when combined with the authorization control of specific products. In addition, from the credit results, working capital loans are mostly single credits, while self-compensated trade financing is a credit line to meet the batch and turnover of trade.
Self-compensating trade financing products contain strong risk control at the beginning of design, and the main risk control measures include the following:
(1) According to the conditions of commodities, the prices and market conditions of commodities with the same quality in the same industry, carefully measure the value of commodities and establish a strict access system for commodities or varieties.
(2) Loans cannot be generalized. Instead, the value of goods should be divided according to the difficulty of realizing the goods and the degree of price stability, and loans should be issued accordingly. At the same time, preventive measures should be agreed when the value of goods declines, such as additional goods or guarantees.
(3) make the shareholders or main management of the client enterprise increase the personal joint and several guarantee and asset guarantee responsibility, so as to be more cautious in the management process and prevent individualism or slack.
(4) Release the controlled goods according to the loan repayment.
(5) Guarantee the financing object through the powerful party in the trading relationship, and restrain its responsibility, thus effectively controlling the risk.
Vertical management, that is, management specialization, refers to the professional management of supply chain activities, with the purpose of clarifying responsibilities and controlling supply chain processes so that all management departments do not repeat and restrict each other. Therefore, the management system should be "four separations".
(1) The separation of business approval and operation can effectively avoid the risks caused by quick success and blind expansion.
(2) The separation of transaction operation and logistics supervision means that the main body engaged in supply chain transactions cannot engage in logistics management at the same time, especially the goods in the transaction cannot accept logistics supervision.
(3) The separation of development, execution and supervision of financial business is called "separation of three powers". The principle of separation of development, operation and inspection is adopted in the organizational structure of business units, and the division of work among departments is clear.
(4) The separation between the business department and the corporate headquarters refers to the two-level collective evaluation system for the approval of supply chain financial business. Set up a review committee to review specific projects, designate special reviewers or the person in charge of the management department to review certain specific businesses, and finally report to the leaders for approval according to the risk level to lead collective decision-making. Through layer-by-layer examination and approval, we can know the operation of supply chain to the maximum extent and avoid financial risks.
In the process of developing supply chain finance business, it is necessary to realize risk structure, which refers to designing business structure reasonably and using various means to resolve possible risks. Risk construction needs to consider the following factors:
1. Insurance
Insurance is a good way to spread business risks. A perfect financial insurance risk diversification scheme should effectively combine customer credit insurance, property insurance, third-party supervision liability insurance, employee integrity insurance and other types of insurance. This combination is common in developed countries with market economy, while China is still in the primary stage of market economy, and the credit economy has not been fully established. This kind of combined insurance still needs to be explored.
2. Pledges and commitments
In the supply chain finance business, we should consider all kinds of guarantees and commitments that different participants or subjects can play, including the guarantee commitments of financing demanders, co-guarantors, general guarantors and other stakeholders.
3. Agreement
In order to carry out the supply chain financial business smoothly and continuously, all participants should bear the business responsibilities fairly, so it is necessary to objectively define the rights and obligations of all parties and the scope and methods of taking risks.
4. Establish risk reserve
Supply chain finance has the characteristics of high risk, which makes financial service providers and regulators involved in supervision under great pressure. In order to effectively avoid the losses caused by risks, we may learn from the risk reserve system in the futures market and extract a certain proportion of risk reserve. In this case, even if there are certain losses, these losses are within the controllable range and have little impact on the business.
Reputation assets are the comprehensive impression that enterprises give to the public, and the sum of intangible assets of enterprises, that is, reputation indicators such as word of mouth, image, reputation, performance, industry status, public opinion response and social responsibility. The credit assets of an enterprise need to be accumulated bit by bit, which can only be obtained through long-term continuous efforts. It can be said that reputation assets are the most powerful soft competitiveness of enterprises, and in the words of kevin jackson, a master of reputation management, they are the most valuable assets of enterprises.
In the innovation of supply chain finance, reputation represents the ability, responsibility and responsibility of enterprises when they engage in or participate in supply chain finance business. Only reputable enterprises can promote the stable and sustainable development of financial business. Once losing credibility, it means that enterprises have relatively high moral hazard, which may lead to malicious destruction and lead to the disorder of supply chain financial ecological environment and market order. At present, there are four typical malicious financing behaviors.
1. Three groups of behaviors
Three sets of behaviors refer to arbitrage, arbitrage and tax hedging. These acts are all aimed at obtaining illegal economic benefits. Arbitrage and arbitrage are behaviors that use interest rate or exchange rate fluctuations to obtain spreads and exchange differences through fictitious trade and logistics.
A set of tariffs refers to keeping invoices that end customers don't need, selling them to other companies or filling out sales orders themselves. In this way, on the one hand, enterprises can obtain tax revenue, on the other hand, they can fill the gap formed by false transactions; There are other forms of taxation, such as falsely reporting the grade of goods and reporting B-class goods as A-class goods, in order to obtain tax refund income.
2. Duplicate or false warehouse receipts
Duplicate or false warehouse receipt means that the borrower colludes with the warehouse to open multiple warehouse receipts for the same goods or other people's goods through false opening or duplicate opening, so that the borrower can repeatedly pledge to different financial institutions to obtain huge benefits.
3. Self-protection and self-integration
Self-protection and conceit means that relatives, friends or people who are closely related to the borrower guarantee the borrower, and the person who supervises the logistics and warehousing is either the same person or a closely related person, thus withdrawing funds.
4. A woman marries more.
Marrying more than one woman means that although borrowers have certain assets, it is difficult for different financial institutions to share information, which makes borrowers maliciously enlarge their credit and extract funds from various channels, especially through irregular private lending.
In order to prevent the above possible behaviors, it is necessary to evaluate and quantify the reputation of supply chain financial participants in the process of risk identification, monitoring and control.