Supply chain finance, the crisis and opportunity of 20 trillion industry
""core enterprise"" curse
"" Finance is essentially risk trafficking, supply chain finance is the flow of credit and the transfer of funds "". Chen Yufei, partner of China Investor Center and vice chairman of the presidium of Zheshang Economic Development Council, bluntly said that finance itself is a matter of risk pricing. Supply chain for the financial industry precisely provides a nuclear weapon, so that investment and financing parties better understand the risk.
supply chain finance, refers to the management through the core enterprise to ""business flow, logistics, cash flow, information flow"" to control, To provide financial services support for suppliers and distributors in the entire industrial chain.
At the same time, based on the structure of the enterprise's internal production process, we can also define a narrow supply chain, including order, purchase, warehousing, production, packaging, sales, transportation, settlement and other links. In the past, the financial products of banks are mainly to solve the problems of the narrow supply chain, and the means used are trade finance products.
Simply put, supply chain finance is to use the credit of core enterprises to increase the credit of small and medium-sized enterprises, revitalize the assets of small and medium-sized enterprises, and accelerate the flow of credit, capital and other economic factors. In other words, the capital as a solvent in the supply chain, increase its liquidity.
the key to financial, supply chain is the core enterprise. The core enterprise has almost mastered the transaction data of all the upstream and downstream enterprises, and holds all the receivables and payables in hand. It is in the right place and both at the right time.
For example, Haier Group, DiXintong and other industry giants, have set up their own supply chain finance companies, and try to use the Internet to improve efficiency and transform the industry. The limitations of this model are also obvious. Core enterprises can only target their own industry, or even only in their own industrial chain, the ceiling is too low.
Even so, because of the unprecedented power of the core enterprises' voice and bargaining power, many platforms would rather abandon these industry giants and instead cooperate with small companies or factoring companies.""curse"" of the core enterprise, the shackles of the development of numerous platforms. Only by continuously improving the ability of big data and the Internet, and using these new technologies as the ""bottom card"", can the platform have the right to negotiate with the core enterprises.
The problem of risk control is also of concern. Due to the risk of fraud, the accounts receivable business of big banks is shrinking, but the market demand is still there, conservative estimates, the future supply chain finance market size can reach 20 trillion, the current accounts receivable business scale is only 1 trillion.Partner of China Investor Center Chen Yufei proposed that the risk control of supply chain finance is relatively concentrated in core enterprises, rather than small and medium-sized enterprises that borrow money. Therefore, in the ""N-1-N"" mode of the core enterprise, it is only necessary to grasp the ""1"" of the core enterprise, and the ""N"" of the upstream and downstream will be successfully won.
however, the core enterprise won't fail? Wouldn't it be insolvent? In fact, in China, where the credit information system has not yet been established, the risk control of core enterprises is still a difficult problem.
financial supply chain ""spring song""
Under the background of the high corporate debt ratio and the difficult financing of small and medium-sized enterprises, the relevant state departments have put on the agenda the construction of accounts receivable financing system to crack the financing problem of small and medium-sized enterprises.
, according to data from the National Bureau of Statistics in late July 2016, China's rules on industrial enterprises accounts receivable RMB 10.8 trillion, up 7.6% from a year earlier. That's up from 7.03 trillion yuan at the end of 2011, an average annual increase of 1.1 trillion yuan over the four years, or 63% in total.
""have according to the survey, small and medium-sized enterprise accounts receivable accounts for about 30% of the proportion of total assets."" Chen Yufei, a partner at the China Investor Center, said the total size of accounts receivable is more than 10 trillion yuan, which should be the highest point in history. The growth rate of 7.6 percent year-on-year is also much higher than the 1.3 percent growth rate of main business revenue and negative profit growth of enterprises in the same period. This shows that enterprise receivables continue to rise, and the situation of capital turnover has not eased.
Recently, the central bank, the National Development and Reform Commission, the Ministry of Industry and Information Technology and other eight ministries and commissions jointly issued the ""Several Opinions on Financial Support for Stable Industrial Growth, Structural Adjustment and Efficiency Increase"", specifically mentioned ""vigorously develop accounts receivable financing"", It also mentioned ""promoting more supply chains to join the accounts receivable pledge financing service platform"", ""promoting large enterprises and government procurement entities to actively recognize accounts receivable, and helping small and medium-sized enterprise suppliers to finance"" and other contents.
Insiders pointed out that the management method is first to encourage and support commercial banks to further expand the scale of accounts receivable pledge financing, including the establishment of a unified registration system, improve the accounts receivable pledge financing service platform, The establishment of accounts receivable trading mechanism and other content is expected to be included in the management measures. In addition, accounts receivable financing will be further standardized.
Senior expert in the investment and finance industry, Wu Yewei said that it is important to improve and improve registration services such as pledge and transfer of accounts receivable, and share related information within commercial banks. In this way, the bank can better understand the credit status of the accounts receivable payer and facilitate the bank's monitoring. In addition, we can innovate the means of credit enhancement and provide appropriate guarantees.
Some people in the industry suggest that the management measures should expand the coverage, should not only be limited to the level of commercial banks' accounts receivable pledge financing, but also should include the factoring business of accounts receivable transfer financing.