债券市场供应链金融应用研究——基于证券化创新助力供应链中小企业融资的视角

Research on Supply Chain Finance in the Bond Market-- From the perspective of securitization innovation to assist in providing financing for small and medium-sized enterprises in the supplychain

随着我国产业结构不断完善、分工不断细化,基于供应链的生产经营成为经济发展的重要形态,供应链上下游尤其是中小企业的融资情况备受关注。本文由供应链金融理论框架着手,回顾国内外供应链金融内涵和模式相关研究。在此基础上,结合实践场景梳理供应链金融证券化主流模式和创新运用,分析目前债券市场中供应链融资的优势和障碍,从中小企业供应链金融证券化发行效率、风险控制、线上化程度等方面提出新的思路,为解决实体经济融资难、融资贵、融资慢等问题提供理论支持。

With the continuous improvement of China's industrial structure and the refinement of the division of labor,supply chain-based production and operation have become an important form of economic development.The financing situation of supply chains,especially for small and medium-sized enterprises,has attracted much attention.This article starts with the theoretical framework of supply chain finance and reviews research on the connotation and models of supply chain finance at home and abroad.On this basis,the paper makes an in-depth analysis of the advantages and obstacles of supply chain financing in the current bond market and examines the mainstream modes and innovative applications of supply chain securitization in practice.It also attempts to present new ideas from the perspective of SME supply chain securitization eficiency,risk control,and the degree of online accessibility.It also provides theoretical support for solving problems for the real economy such as difficulties in obtaining financing,slow responses to financing requests and high borrowing costs.