改革开放 40 年来，中小企业发展迅速，但是融资问题一直困扰着中小企业的发 展。供应链金融作为商业银行的一种创新金融产品，可以通过中小企业让渡其在供 应链上与核心企业交易往来所产生的应收账款债权，为中小企业突破融资困境提供 新的思路。当前，我国中小企业应收账款不断增加，然而银行开展应收账款质押融 资业务时却举步维艰，究其原因是银行受理此类业务时，仍以传统的授信风险评价 指标体系衡量中小企业的信用风险，没有客观的从供应链的角度全面衡量中小企业 的信用风险。 基于以上背景，本文提出了供应链金融下应收账款质押融资模式的风险来源， 着重指出信用风险是风险管理中最为关键的一环。基于此，全文以信用风险为研究 重点，构建基于供应链金融下应收账款质押融资业务的信用风险评价指标体系，并 将应收账款债项评级、行业状况、融资主体资质纳入到信用风险控制变量，在构建 该种新的指标体系的基础上，采用模糊综合评价法，从定量角度计算供应链金融下 应收账款质押融资业务的信用水平值。此外，本文引入 M 企业为分析案例，利用模 糊综合评价法从定量的角度计算出 M 企业在供应链金融下的信用水平值高于现行 （传统）授信模式下的信用水平值，说明在供应链金融下由于介入了新的指标，中 小企业的信用水平得到提升。最后，论文针对供应链金融下应收账款质押融资业务 的风险来源，提出了缓解风险的相关措施。本文研究结果可为商业银行开展基于供 应链金融下的应收账款质押业务提供理论支撑。 关键词：中小企业 供应链金融 应收账款质押 信用风险评价 指标体系II 华 中 科 技 大 学 硕 士 学 位 论 文 Abstract Since China’s reform and opening-up policy has been carried out for forty years，our country’s small and medium-sized enterprises have been developing rapidly. However, the problem of difficult and expensive financing has been interfering with SMES. The supply chain finance as a creative financial product of commercial banks, it can provide new ideas for SMES to break through the financing difficulties by transferring the receivables and creditor's rights generated by their transactions with core enterprises in the supply chain. In the current time, with the increase of accounts receivable of small and medium-sized enterprises in China, it is very difficult for banks to carry out this kind of business.The fundamental reason is that banks still use the traditional credit risk evaluation index system to measure the credit risk of small and medium-sized enterprises when they accept such businesses, without measuring the credit risk of small and medium-sized enterprises from objective perspectives and overestimating the risk of such business. Based on the above background, this thesis proposes the risk sources of accounts receivable pledge financing mode under the supply chain finance. Therefore, the paper has focused on credit risk. Credit risk is the most critical link in risk management. This paper puts forward a new credit risk evaluation index system for the financing of accounts receivable pledge under the supply financing chain. Building up the credit risk evaluation index system that is based on the financial accounts receivable pledge in financing business under the supply chain. Meanwhile mixing the accounts receivable debt rating, industry status and financing subject qualification into the credit risk control variables. This thesis adopts fuzzy comprehensive evaluation method on the basis of the new index system and calculates credit level from the perspective of quantitative calculation under the supply chain of financial accounts receivable pledge in financing business. In addition,III 华 中 科 技 大 学 硕 士 学 位 论 文 taking M enterprise as an example, this paper uses the fuzzy comprehensive evaluation method to calculate the credit risk of M enterprise under the supply chain finance from a quantitative perspective, which is obviously lower than that of the traditional design mode. The case of M enterprise illustrates that under the new indicator system, the credit level of SMES has been significantly improved. In the end, the paper puts forward the corresponding risk prevention measures according to the risk sources of developing this kind of business . This study can provide theoretical support for commercial banks to carry out accounts receivable pledge business under the supply chain environment. Key words: Small-and-medium-sized enterprises Supply chain finance Accounts receivable pledge Credit risk evaluation Index systemIV 华 中 科 技 大 学 硕 士 学 位 论 文 目 录 摘要................................................................................................................I Abstract............................................................................................................II 图目录.............................................................................................................VI 表目录............................................................................................................VII 1 绪论..............................................................................................................1 1.1 研究背景.............................................................................................. 1 1.2 研究意义.............................................................................................. 3 1.3 国内外研究现状..................................................................................3 1.4 研究思路与方法..................................................................................7 2 供应链金融理论框架...............................................................................10 2.1 供应链金融概念................................................................................10 2.2 供应链金融的参与主体及特点........................................................11 2.3 供应链金融三种融资模式及风险分析............................................14 2.4 供应链金融潜在优势分析................................................................18 3 供应链金融下的应收账款质押融资及风险来源..................................20 3.1 应收账款质押融资概念及特点........................................................20 3.2 应收账款质押融资业务的流程及授信策略....................................21 3.3 应收账款质押融资现状及成因分析................................................23 3.4 供应链金融下应收账款质押融资业务风险来源........................... 26 4 供应链金融下应收账款质押融资信用风险评价体系..........................29 4.1 信用风险评价指标体系构建原则....................................................29 4.2 信用风险影响因子分析....................................................................29V 华 中 科 技 大 学 硕 士 学 位 论 文 4.3 财务指标的确定................................................................................33 4.4 利用模糊综合评价方法进行企业信用风险评价........................... 38 5 中小企业信用评价分析案例...................................................................43 5.1 M 企业应收账款现状........................................................................43 5.2 基于供应链金融的中小企业信用风险综合评价实例................... 45 5.3 基于现行信贷模式的 M 企业的信用风险评价分析......................54 5.4 基于供应链金融下应收账款质押融资业务风险防范................... 56 结束语..............................................................................................................61 致 谢..............................................................................................................62