伴随着我国国民经济发展的快速增长，人民生活水平的提高，汽车已成为家家户户 的“步行工具”。自改革开放以来，中国汽车行业已经历了二十多年的快速发展，其中衍 生出来的供应链金融为越来越多的消费者或供应商所接纳。社会消费行为从传统的现金 消费逐步转向信贷消费，这为汽车金融市场打开了一个新的局面。在国家政策的鼓励支 持下，中国的汽车金融行业在2004年开始萌芽，目前正在经历一个快速成长的阶段。 从零售汽车金融到库存融资，金融服务的经济利益已成为汽车销售行业的重要来源之一。 由于汽车金融行业目前还处于初级发展阶段，我国的汽车信贷消费水平仍远低于发达国 家的平均水平。且，由于法律保障的缺失，汽车金融市场次序较为混乱，汽车金融公司 面对的风险敞口较大。如何在业务发展的同时保障资产安全、提高风险管理水平，是每 个汽车金融公司长远的发展战略目标。 本文以N汽车金融公司作为研究对象，理论结合实践经验，发现公司库存融资业务 在贷前、贷中、贷后存在的风险管理问题及缺陷，研究导致其问题及缺陷的根本原因， 同时提出解决问题或改善缺陷的优化管控方案。文章首先通过了解N汽车金融公司业 务环境、汽车金融行业环境，为后续研究导致公司风险管理问题的原因提供充足的信息 源。其次，通过实践经验并结合风险管理知识，发现公司信贷库存业务链中各环节出现 的问题及缺陷，主要包括三大类问题：库存信贷业务风险评估及管理政策问题、库存信 贷业务操作及主机厂信息沟通问题、员工资质问题。随后，通过分析导致问题或缺陷的 根本原因，提出信贷管理优化策略，其中包括信贷风险评估及管理政策调整策略、库存 业务程序风险管理优化策略及员工背景专业化策略。最后针对上述优化策略提出全方面 的策略保障措施，确保优化策略的可实践性。本文的研究目的旨在帮助N汽车金融公司 改善库存信贷业务的风险管理环境，提高风险管理水平。通过实际案例研究，发现问题， 分析优化策略，提出策略保障措施，为中国汽车金融行业的库存信贷业务发展贡献实践 性的学术研究。 关键词：汽车金融；库存融资；信贷风险管理 III Abstract Being along with the rapid development of Chinese economic, the autos, as the replacement of public transportation, become a signal of the improvement of the people’s living quality. Since China open up his market to the world, the Chinese auto industry has experienced a rocky growth within the last twenty years. More and more consumers and suppliers accept the financing products which are derived from supply chain finance. The consuming behaviour of the society are gradually changing from the traditional cash payment to the current credit payment, which opens a whole new market for the auto financing industry. Encourage by the policy, Chinese auto financing industry appeared since 2004, and it is developing rapidly right now. From the individual auto financing to the auto dealer financing, the economic profit of the financing service has become one of the biggest income sources in auto sales area. Nevertheless, as the Chinese auto financing industry is still in the primary status, the level of the auto credit consumption is lower than the one of the developed country. Besides, the auto financing companies could not keep itself from the huge financing risk, since there is not a completed law to constrain the bad behaviour from other companies. How to assure the safety of company’s asset, reduce the financing risk and develop the business at the same time? All the auto financing companies are devoted themselves to achieve their long-term strategy. This study finds the risk management problems or weaknesses of the whole dealer’s financing of the N auto financing company from the beginning to the end of the whole business process. The study combine the practice and theories to analysis the reasons which cause the problems and the weaknesses and propose the Optimized management resolutions to solve the problems or improve the weaknesses. First of all, the study analysis the business environment of the N auto financing company and the whole auto industry environment, which provide sufficient information source for the causes for the company’s risk management problems. Then, by using the practice and risk management knowledge find out the potential problems or weaknesses of the dealer financing process, which includes the problems of credit risk evaluation and policy, the problem of business operation and IV communication with auto manufacturer, the problems of qualification of the employees. After analysing the essential causes to the problems and the weaknesses, the study proposes the optimised management resolutions to the credit business, which contains adjusting strategy to the credit risk evaluation and policy, optimising the operation of the dealer financing business, specialising the employees’ background. Finally, the study suggests comprehensive measure to ensure that all optimised resolution is practicable. The target of the study is to improve the risk management environment of the N auto financing company. the study aim to contribute academic effort to the development of the dealer financing area by studying the practical study, finding out the potential problems, analysing the optimised resolution and proposing the assurance measures. Keywords: Auto Financing; Inventory Financing; Credit Risk Management 目录 致谢.......................... I 摘要......................... II Abstract ................. III 第1章 绪论........... 1 1.1研究背景 ...... 1 1.2 研究意义 ..... 2 1.3 国内外汽车金融库存融资信贷风险研究与文献述评 .......................... 3 1.3.1 国内研究文献...................... 3 1.3.2 国外研究文献...................... 5 1.3.3 国内外文献综合述评.......... 6 1.4 研究内容与思路 ........................ 7 1.4.1 研究内容.............................. 7 1.4.2 研究思路.............................. 8 1.5 研究方法与创新点 .................... 9 1.5.1 研究方法.............................. 9 1.5.2 创新点. 10 第2章 汽车金融库存融资业务概述和相关理论........... 11 2.1 汽车金融库存融资业务概述 .. 11 2.1.1 业务概念............................ 11 2.1.2 业务模式及特点................ 11 2.2 相关理论 ... 12 2.2.1 委托代理理论.................... 12 2.2.2 机制设计理论.................... 13 2.2.3 信用风险管理理论............ 13 第3章 N汽车金融公司业务环境和行业环境分析 ....... 15 3.1 N公司概况 . 15 3.2 N公司SWOT分析 .................. 15 3.2.1 机会..... 16 3.2.2 威胁..... 18 3.2.3 优势..... 19 3.2.4 弱势..... 20 3.3 汽车金融行业波特五力分析 .. 21 3.3.1 行业环境............................ 21 3.3.2 供应商——资金供应商.... 22 3.3.3 客户——资金需求方........ 22 3.3.4 现有竞争对手.................... 24 3.3.5 替代品威胁........................ 25 第4章 N汽车金融公司库存融资信贷风险管理现状和问题 ...................... 26 4.1 N公司库存融资业务概况 ........ 26 4.1.1 N公司库存融资业务现状 . 26 4.1.2 N公司库存融资业务的相关组织结构 ............ 29 4.2 N公司库存融资信贷风险管理存在的问题 ........... 29 4.2.1 信贷风险评估及管理政策问题....................... 29 4.2.2 业务操作及主机厂信息沟通问题................... 30 4.2.3 员工资质问题.................... 33 第5章 N汽车金融公司库存融资信贷风险管理问题优化策略 .................. 35 5.1 信贷风险评估及管理政策调整策略 ..................... 35 5.1.1 改善风险打分卡机制........ 35 5.1.2 制定部门联动高风险情况应急措施政策....... 37 5.1.3 设置大数据风险预判机制 38 5.2 业务程序风险管理优化策略 .. 39 5.2.1 业务数据和流程系统化.... 39 5.2.2 协助经销商管理长库龄融资车....................... 40 5.2.3 获取主机厂支持................ 41 5.3 员工背景专业化策略 .............. 41 5.3.1 注重员工专业背景............ 41 5.3.2 加强风险管理培训............ 41 第6章 N汽车金融公司信贷风险管理优化策略实施方案 .......................... 42 6.1 实施计划 ... 42 6.2 保障措施 ... 43 6.2.1 制度保障............................ 43 6.2.2 技术保障............................ 44 6.2.3 业务操作保障.................... 46 6.2.4 人力资源保障.................... 46 第7章 总结和展望............................ 48 7.1总结 ............ 48 7.2研究不足和展望 ....................... 50 7.2.1 研究不足............................ 50 7.2.2 研究展望............................ 50