近年来，经济下行压力凸显，国内金融市场出现了以下现象：一方面是国有大型企业负债较高 需要去杠杆，另一方面是中小企业融资难融资贵，银行等金融机构则偏爱向大型国有企业提供廉价 资金而不愿向中小企业提供融资，如何解决这种矛盾成为学术界和实务界进行金融创新的重要课题。 供应链金融可使中小企业通过供应链的传导作用得到大型企业增信而获取融资，为解决这一矛盾提 供了一种途径。Z公司是一家从事供应链金融创新的互联网平台公司，为对其供应链金融创新进行 全面深入地研究，首先，对Z公司的供应链金融创新基础即供应链金融的各种业务模式进行了分析 研究；其次，重点分析了Z公司供应链金融创新的产品设计、业务模式、逻辑架构及存在的问题； 再次，选取应用此创新的实际案例进行了全面展现和探讨；最后，针对此类供应链金融创新构建了 评价指标体系，并对评价指标进行了解析；在上述基础上对Z公司提出了的建议，得出了研究结论。 （1）Z公司供应链金融创新能够将大型核心企业闲置授信通过Y信流转给上游供应链节点的 中小企业，中小企业可以将Y信转让给授信金融机构保理融资，从而解决大型国有企业去杠杆和中 小企业融资难的问题。 （2）通过评价指标分析，上游中小企业可以较低的融资成本获得经营所需的流动资金提高效 益，同时降低了核心企业有息负债并可带来供应链管理的效益，金融机构获取融资收益及平台公司 获得服务费收益。接收此类电子信用凭证的供应商通过其流转可以解决三角债问题。 （3）运用大数据、区块链、电子签章技术可以降低信息不对称程度，线上化操作可使资金供应 方和需求方实现及时的信息交互及第三方核查验证，提高了数据的安全性和融资效率，便于金融机 构和供应链所属企业接受及推广。 论文通过研究Z公司供应链金融创新的特点，引入了与此类创新相适应的评价指标体系：对资 金方和平台公司的影响建立了评价模型；对供应商接受此类创新的程度建立了评价模型；围绕核心 企业供应链金融创新业务，引入了传统财务指标与EVA评价指标相互印证，并对营运能力指标采用 新旧指标对比分析的方法；对供应商流转电子信用凭证引入会计业务逻辑分析评价。 关键词：供应链金融，金融创新，评价体系 ii Abstract In recent years, the downward pressure of the economy has become prominent, and the following phenomena have appeared in the domestic financial market: on the one hand, large state-owned enterprises have high debt and need to deleverage; on the other hand, financing for small and medium-sized enterprises is difficult and high cost; financial institutions such as banks prefer to provide cheap funds to large state- owned enterprises rather than financing for small and medium-sized enterprises. How to solve this contradiction has become an important issue of financial innovation in academic and practical circles. Through the transmission function of the supply chain，supply chain finance can enable small and medium- sized enterprises to receive the credit enhancement of large enterprises to obtain financing, which provides a channel to solve this conflict. Z company is an Internet platform company engaged in supply chain finance innovation. In order to conduct a study of comprehensive and in-depth on its supply chain finance innovation, firstly, various business models of supply chain finance, which is the foundation of supply chain finance innovation of Z company, are analyzed and studied. Secondly, the product design, business model, logical structure and existing problems of supply chain finance innovation of Z company are analyzed. Thirdly, the practical cases of applying this innovation are selected to fully emerge and discuss. Finally, the evaluation index system is designed for this kind of supply chain financial innovation, and the assessment system is analyzed. On the basis of the above, some suggestions are put forward to Z company and the research conclusion is drawn. (1) Through the Y of credit voucher, the supply chain finance innovation of Z company can transfer the idle credit of large core enterprises to the small and medium-sized companies at the upstream supply chain node. and the SMEs can transfer the Y letter to the credit granting financial institutions for factoring financing, so as to solve the problem of deleveraging of large state-owned enterprises and financing difficulties of small and medium-sized enterprises. (2) Through the analysis of evaluation indicators, upstream SMEs can obtain the working capital needed for operation with a lower financing cost, which improves the efficiency, reduces the interest-bearing liabilities of core enterprises and brings benefits of supply chain management. Financial institutions can obtain financing income and platform companies can obtain fees. Suppliers who receive such electronic certificates of credit can also solve the triangular debt problem through their circulation. (3) The use of big data, block chain, electronic signature technology can reduce the degree of iii information asymmetry, the online operation can make together suppliers and demanders of funds to achieve timely information interaction and third-party verification and validation. These also improve the security of data and financing efficiency, facilitating the acceptance and promotion of financial institutions and enterprises belonging to the supply chain. By studying the characteristics of supply chain finance innovation of Z company, this paper introduces an evaluation index system suitable for such innovation. Firstly, an evaluation model was established for the impact of it on fund providers and platform companies. Secondly, a model is established for the degree to which the supplier accepts innovation of this kind. Thirdly, centering on the innovation business of supply chain finance of core enterprises, the method of mutual verification between traditional financial indicators and EVA evaluation indicators is introduced. At the same time, the new and old operating capacity indicators are compared and analyzed. Finally, the way of accounting business logic analysis is introduced to evaluate the electronic credit certificate transferred by the supplier. Key words: Supply chain finance, Financial innovation，Evaluation system iv 目 录 第一章 绪论 .............................................................................................................................. 1 1.1 研究背景 .................................................................................................................... 1 1.2 研究意义 .................................................................................................................... 3 1.2.1 理论意义 .......................................................................................................... 3 1.2.2 实践意义 .......................................................................................................... 3 1.3 文献综述 .................................................................................................................... 4 1.3.1 国外文献综述 .................................................................................................. 4 1.3.2 国内文献综述 .................................................................................................. 5 1.3.3 文献评述 .......................................................................................................... 7 1.4 研究的内容、方法及思路 ........................................................................................ 8 1.4.1 研究的内容 ...................................................................................................... 8 1.4.2 研究的方法 ...................................................................................................... 9 1.4.3 研究的思路及技术路线图 .............................................................................. 9 第二章 供应链金融现状 ........................................................................................................ 11 2.1 线下供应链金融业务模式 ...................................................................................... 11 2.1.1 存货类业务模式 ............................................................................................ 12 2.1.2 应收账款类业务模式 .................................................................................... 12 2.1.3 预付账款类业务模式 .........................................