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论文编号：	10268
作者编号：	2220160573
上传时间：	2018/12/5 14:54:21
中文题目：	鑫银保理公司发展策略研究
英文题目：	Xin Yin Factoring Company Development Strategy Research
指导老师：	张耀伟
中文关键字：	保理；供应链；中小企业；融资工具
英文关键字：	Factoring；supply chain；Small and medium enterprises（SME）；Financing tools
中文摘要：	在我国，由于金融机构对中小企业存在信用歧视，加之中小企业自身也存在管理不规范、财务报表不完整、缺乏可抵押的资产等使得信用评级较低的问题，导致中小企业融资难一直是困扰金融机构、政府、中小企业的一个老大难的问题。 而保理业务的核心是受让企业的应收账款，保理与其他供应链金融工具的区别在于，保理商主要不是关注融资人自身的信用，更关注融资人下游客户的信用，因此保理具有的“信用替代机制”，即用融资人下游客户的信用替代融资人的信用，可以将高风险卖方的信用风险转嫁给高质量买家，放在中国独特的市场环境下，保理具有让政府项目、国有企业、大型企业的信用，替代中小企业的信用之功效，这将大大化解中小企业与生俱来的信用风险这一难题，从而成为中小企业重要的融资工具，在整个供应链中发挥着独特的作用。 随着信用经济信用化程度越来越高，各国保理市场的需求日益扩大，全球保理行业发展前景广阔。随着现代供应链的创新发展和广泛应用，目前产融结合趋势深入发展，保理业务的市场空间也在不断扩展。目前，数字技术应用日益深入，已经渗透到供应链交易、支付、物流、融资等各环节和全过程，经济社会逐渐走向“万物互联、高度智能”的新阶段，推动保理业务呈现出“平台化、场景化、数据化和闭环化”的新趋势。随着数字化进程的推进，供应链金融更加成熟，较之传统的供应链金融，“互联网+”时代下的供应链金融可以利用成熟的互联网技术和IT技术构建平台，金融机构与核心企业密切合作，运用大数据、云平台等技术实现资源共享，并且通过对相关各方经营活动中产生的商流、物流、资金流、信息流的归集和整合，提供适应供应链全链条的在线融资、结算等综合性服务。这就由原来的链逐渐扩大为“网”，这张“网”的覆盖范围更大，参与主体更多，在互联网技术的支持下，供应链金融变得更复杂和高效，保理作为供应链金融的一种工具，应用场景和范围也将越来越广，其效率也会越来越高。就全球而言，保理正在成为中小企业重要的融资工具，保理与其他融资方式相比具备其特殊优势。保理的特别之处在于其风险判断依据并不是融资人的信用，而是应收账款的价值，风险要素是应收账款本身的风险，不是融资人的信用风险。因此，保理具有的“信用替代机制”，即用应付账款人（买方）的信用替代应收账款人（卖方）的信用，将高风险供应商的信用风险转嫁给高质量买家。同样保理可以解决信用信息不完善环境下的借款者财务不透明问题，因为保理商叙做业务的应收账款都针对高质量买家，在信用信息不完善的高风险商业环境里，唯有保理能够成为这些信息不透明的高风险企业唯一的融资途径。放在中国独特的市场环境下，保理行业具有让政府项目、国有企业、大型企业与传统行业的信用，替代民营企业、中小企业与新兴行业的信用之功效，这将大大化解民营企业、中小企业与新兴行业与生俱来的信用风险这一难题。随着社会总需求不断下行，赊销愈演愈烈，而中小企业应对外部环境变化能力较弱，更需加快收回应收账款兑现收益。在这样的大环境下，保理业务前景广阔，有较大的发展空间，保理将成为我国贸易融资和风险管理领域不可或缺的重要产业，其所具有的优势将会成为中小企业融资的重要工具。
英文摘要：	In China, due to the credit discrimination of SMEs in financial institutions, and the fact that SMEs themselves have irregular management, incomplete financial statements, and lack of collateralized assets, the credit rating is low. A major problem for financial institutions, governments, and small and medium-sized enterprises. The core of the factoring business is the receivables of the transferee. The difference between factoring and other supply chain financial instruments is that the factor is mainly concerned with the credit of the financier and the credit of the downstream customers of the financier. Factoring has a natural “credit substitution mechanism”, which means that the credit of the downstream customer of the financier can replace the credit of the financier, and the credit risk of the high-risk seller can be passed on to the high-quality buyer in the unique market environment of China. It has the power to make government projects, state-owned enterprises, and large enterprises credit to replace the credit of small and medium-sized enterprises. This will greatly solve the problem of the inherent credit risk of SMEs, and thus become an important financing tool for SMEs. The supply chain plays a unique role. With the increasing credit credit economy, the demand for the factoring market in various countries is expanding, and the global factoring industry has broad prospects for development. With the innovative development and wide application of modern supply chain, the current integration trend of industry and finance has developed in depth, and the market space of factoring business is also expanding. At present, the application of digital technology is becoming more and more in-depth, and it has penetrated into all aspects of the supply chain transaction, payment, logistics, financing, etc., and the economic society has gradually moved toward a new stage of “all things connected, highly intelligent”, and promoted the “business platform”. New trends in visualization, visualization, data and closed loop. With the advancement of the digitalization process, supply chain finance is more mature. Compared with traditional supply chain finance, supply chain finance in the era of “Internet+” can use mature Internet technology and IT technology to build a platform. Financial institutions work closely with core enterprises. Use big data, cloud platform and other technologies to achieve resource sharing, and provide online financing to adapt to the entire chain of supply chain by collecting and integrating business flows, logistics, capital flows, and information flows generated by related parties' business activities. Comprehensive services such as settlement. This gradually expanded from the original chain to the "net". This "net" has a larger coverage and more participants. With the support of Internet technology, supply chain finance becomes more complicated and efficient, and factoring as a supply. A tool for chain finance, the application scenarios and scope will be wider and wider, and its efficiency will be higher and higher. Globally, factoring is becoming an important financing tool for SMEs, and factoring has its special advantages over other financing methods. The special feature of factoring is that the risk judgment basis is not the credit of the financier, but the value of the accounts receivable. The risk factor is the risk of the accounts receivable itself, not the credit risk of the financier. Therefore, factoring has a natural “credit substitution mechanism”, which replaces the credit of the payee (seller) with the credit of the payee (buyer), and passes the credit risk of the high-risk supplier to the high quality buyer. The same factoring can solve the problem of financial opacity of borrowers in the environment of imperfect credit information, because the accounts receivable of the factoring business are aimed at high-quality buyers, in the high-risk business environment with imperfect credit information. The fact that factoring can be the only way to finance this high-risk company with opaque information. In China's unique market environment, the factoring industry has the credit for government projects, state-owned enterprises, large enterprises and traditional industries, replacing the credit of private enterprises, small and medium-sized enterprises and emerging industries, which will greatly reduce private enterprises, small and medium-sized enterprises. The problem of the inherent credit risk of enterprises and emerging industries. As the total demand of the society continues to decline, the sales of credit are intensifying, and the ability of small and medium-sized enterprises to respond to external environmental changes is weak, and it is necessary to speed up the recovery of accounts receivable cashing income. In such a large environment, the factoring business has broad prospects and a large space for development. Factoring will become an indispensable and important industry in China's trade finance and risk management fields, and its natural advantages will become SME financing An important tool.
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