研究生签名人、师签名日期: 丨,
3 供应链金融业务创新及风险管理
_Ws公司为例
研究生:刘靖涛导师:管驰明东南大学
摘要
随着全球一体化的推进,“中国制造”带动更多的中国企业加入了全球竞争,成为跨国公司供应
链上的重要一环,甚至自身成长为跨国集团,打造属于自己的全球供应链。国际企业间的竞争已逐
渐演变成为供应链之间的竞争。由于供应链是产品流、资金流和信息流的集成,国际贸易中,客户
对于产品质量、采购价格、交付期及客户服务等方面要求不断地提升,对融资成本、资金效率和运
转速度更是日益关注。现金流作为企业运营的血液,对大小企业的生存和发展都至关重要。大企业
资金效率低、中小企业融资难却是长期困扰企业家们的难题。而供应链金融作为新经济形势下一种
创新的金融模式,给这个难题提供了一个解决方案,逐步成为企业成本战略中的重要一环

本研究从供应链金融的产生、发展及演化趋势入手,借鉴相关领域研究成果,对目前主流的供
应链金融运作模式做了全面梳理和总结,并从风险控制的角度出发,归纳了各类运作模式的优劣及
其潜在风险。进而从业务创新的角度,探讨了开拓全新的风险可控的运作模式的可行性。最后以s
公司作为案例,剖析其与欧洲商业银行合作打造的供应链金融创新业务模式。本研究通过对S公司的
案例剖析,在肯定其创新性地结合应收账款融资和保兑仓融资模式二者之优点形成崭新业务模式的
同时,也指出了该创新模式的潜在风险与存在于各环节的短板,并针对该模式的各类潜在风险提出
了相应的解决方案,进而对国内企业进行供应链金融的探索给出了中肯的参考意见

论文作者从实际出发,在梳理和总结国内外相关研究的基础上,结合自身多年从事500强跨国企
业全球供应链管理的实践,打造的S公司供应链金融项目,截止目前,己经实现了可观的经济效益

希望借助本论文的传播,让更多的供应链金融研究者和实践者分享其成功经验与失败教训,使该金
融项目在国内企业得到复制和发展,并借助本研究提出的创新思路继续前行,真正解决企业融资难
的问题

关键词:供应链金融;成本战略;运作模式;风险管理
I THE BUSINESS INNOVATION AND RISK
MANAGEMENT OFSUPPLY CHAIN FINANCE
-TOOK S-COMPANY S PRACTICEAS AN
EXAMPLE
Graduate: LIU Jing-tao Supervisor: GUAN Chi-ming Southeast University
ABSTRACT
With the progress of global integration, Made in China has led more and more Chinese
enterprises join in the global competition, become an important part of the multinational
supply chain, and some of them even developed into a multinational group, to create their
own global supply chain. Competition among international firms has evolved into competition
among supply chains. Being an integration of product flow, capital flow and information flow,
customers took more attention in supply chain operation. In international trade, customers
require for continuous improvement of product quality, purchase price, on-time-delivery and
customer service, the financing costs, capital efficiency and operating speed is also growing
concern. As the blood of business operation, cash flow is essential to a company’s survival
and development, low capital efficiency for big companies, financing difficulties for small
and medium companies has plagued entrepreneurs for a long time. Under this new economic
situation and innovative financial model, supply chain finance has provided a possible
solution to those problems, and gradually become an important part of the enterprise cost
strategy.
This thesis starts from the emergence, development and evolution of supply chain
finance, draws lessons from relevant research results, makes a comprehensive analysis and
summarizes the current financial model of supply chain financing, and sums up all kinds of
operations from the point of view of risk control the pros and cons of the model and its
potential risks. And then from the perspective of business innovation, to explore the feasibility
of opening up a new risk control mode of operation. Finally, S company as a case, to analyze
its cooperation with the European commercial banks to build the supply chain financial
innovation business model. Based on the case analysis of S Company, this research also
points out the potential risk and existence of the innovation model while confirming its
innovative combination of the advantages of both the accounts receivable financing and the
creditworthiness financing model. In the shortcomings of the various links, and for the
ii various types of potential risks of the model put forward a corresponding solution,and then
the domestic enterprises to supply chain finance exploration gives a fair reference.
On the basis of combing and summarizing the relevant research at home and abroad, this
thesis, based on the practice of domestic and foreign research, combines with the practice of
global supply chain management of Fortune 500 multinational corporations for many years,
and S company^ supply chain finance project has been proved successful with great
economic benefits. We hope that with the spread of this thesis, let more supply chain financial
researchers and practitioners share thdr successful experiences and failures, so that the
financial projects in the domestic enterprises to be copied and developed, and with the study
of innovative ideas to move forward, to solve the practical financial problem of Chinese
enterprises.
Key words: Supply chain finance; Cost strategy; Operating pattern; Risk management
hi 目录
m w i
ABSTRACT II
胃一f 職 1
1.1选题龍 1
1.2本研究的理论和现实意义1.2.1供应链金融存在的意义1.2.2 本文研究的意义1.3研究的目的、方法和思路1.3.1 研究目的 3
1.3.2研究方法和思路第二章文献综述 5
2.1相关理论研究 5
2.1.1供应链金融概念2.1.2供应链金融理论2.1.3风险管理相关理论2.2研究评述 7
第三章供应链金融业务模式3.1供应链金融业务的发展历程3.1.1 国际方面 9
3.1.2 国rt方面 12
3.1.3中国供应链金融发展历程及趋势3.2现阶段供应链金融的主要业务运作模式3.2.1运作模式的分类原则3.2.2按运营主体横向划分的运作模式3.2.3按融资方式纵向划分的运作模式
22
3.2.4 S公司业务模式创新之思路
26
第四章供应链金融业务的风险管理
34
4.1风险管理的影响因素
34
4.1.1 交易风险 34
4.1.2信用风险评价体系
36
4.1.3供应链结构风险及贸易自偿性融资
38
4.2不同类型业务模式下的风险识别
39
4.2.1按照运营主体划分
39
IV 4.2.2按照融资方式划分
42
4.3不同类型业务模式下的风险防范与对策
44
4.3.1按照运营主体划分
44
4.3.2 按照融资方式划分
46
第五章S公司的供应链金融创新模式和风险管理
49
5.1 S公司融资新业务简评
49
5.2 S公司创新业务的必要性和价值
50
5.2.1 对S公司的价值
50
5.2.2对价值链上其它环节的价值
50
5.3局限性分析 51
5.3.1覆盖范围有限
51
5.3.2受限于物流发展环境
52
5.3.3 顺众 52
5.4 S公司创新业务模式下各个环节的风险识别
52
5.4.1 核心企业环节
52
5.4.2供应商环节 53
5.4.3商业银行环节
53
5.5 S公司创新业务模式下的风险防范与控制
54
第六章结论及策略性建议
56
6.1研究结论 56
6.2歸性舰 57
6.2.1健全法律法规,培育良好的社会环境
57
6.2.2加快硬件投入,推动业务流程的再造
58
6.2.3鼓励更多的企业参与实践
58
6.2.4加快人才培养和引进,做好梯队建设工作
59
6.2.5建立多重动态监管,做好风险防范
59
6.2.6进一步挖掘业务创新的潜力
60
S m 61
62
V 东南大学硕士学位论文
第一萆绪论
第一章绪论
1.1选题背景
随着世界-体化和经济全球化的进程,市场竞争日益激烈,已由单个欧亿·体育（中国）有限公司、企业之间的竞争转
为全球供应链之间的竞争。自2008年全球金融危机以来,各国信贷紧缩,导致供应链资金紧张,屮
小企业融资难问题越发突出,各欧亿·体育（中国）有限公司供应链稳定性也受到威胁

英国供应链管理专家马丁 克里斯多夫,在其著名的《物流竞争:后勤与供应链管理》(2001)
一书中提出:“真正竞争的核心己经不是企业与企业之间的竞争,而是供应链与供应链之间的竞争”,
供应链是否具有竞争优势成为了关键内容。而体现供应链的竞争优势,则是通过对供应链的有效管
理,保证供应链的灵活高效、反应敏捷,保证链条上各企业能够获得相应的利益,达到整条链条的
成本最小化

作为一种新的金融服务模式,供应链金融近年来在国际贸易中应运而生。该服务正是利用低成
本融资、担保、杠杆调节、大额授信等使供应链所有成员享受及时有效的资金保证和灵活方便的金
融工具,提升链条的竞争效率,使核心企业获得有利的竞争