摘要
中小微企业占据着我国企业总数的绝大多数，近年来受全球流行的新冠肺炎
疫情影响，这些企业由于规模小、成立时间短、资金不充足等原因难以维持经营，
如何解决中小微企业融资难的问题是全社会所关注的焦点。供应链金融通过银行
或者内部核心企业以应收账款、预付账款、存货等作质押为供应链上下游中小微
企业提供更便捷、利率更低的资金，这在一定程度上缓解了此难题。
在各行业开展的供应链金融中，以京东、阿里巴巴等为主的电商平台凭借
其庞大物流、数据流的优势，成为供应链金融发展的一支有生力量，近些年发展
迅猛。电商平台推出以平台为主要资金提供方的供应链金融产品，利用供应链内
部数据、物流等优势更有针对性的为中小微企业提供融资支持。
本文比较了传统供应链金融与电商平台供应链金融模式，电商平台开展的供
应链金融可根据资金来源和质押物不同而有不同的模式，本文以京东集团的供应
链金融为例，发现其在数据及个性化方面存在着较大优势，并且在缓解链条内部
资金流动、提升自身运营能力等方面取得了很好的效果。在风险防范方面，主要
的风险是信用风险，本文分析了京东供应链金融业务的信用风险影响因素，并选
取 10家中小企业作为样本，分析京东开展供应链金融业务上下游企业的信用风
险，由于信用风险的传递性，还对京东企业本身的信用风险进行了研究。针对目
前包括京东在内的电商平台供应链金融业务存在的问题，本文建议平台应该更加
注重体系的规范性、平台服务的创新性，同时也要注意加强与银行间的业务合作，
共同促进供应链金融业务的发展。
关键词：供应链金融电商平台信用风险

Abstract
In China, small and medium-sized enterprises occupy the vast majority of the total
number of enterprises. In recent years, affected by the global epidemic of the Covid-19,
these enterprises are difficult to maintain operations due to small scale, short
establishment time, insufficient funds and other reasons. How to solve the financing
difficulties of small and medium-sized enterprises? The problem is the focus of attention
of the whole society. Supply chain finance provides more convenient and lower interest
rate funds for in the supply chain through banks or internal core enterprises with accounts
receivable, prepaid accounts and inventory as pledges, which alleviates this problem to a
certain extent.
In the supply chain finance carried out in various industries, e-commerce platforms
such as JD and Alibaba have become a vital force in the development of supply chain
finance because of their huge logistics-data flow advantages, and have developed rapidly
in recent years. The e-commerce platform has launched supply chain financial products
with the platform as the main fund provider, and used the advantages of internal data and
logistics in the supply chain to provide financing support for enterprises in a more targeted
manner.
This paper compares traditional supply chain finance and e-commerce platform
supply chain finance models. The supply chain finance carried out by e-commerce
platforms can have different models according to different sources of funds and pledges.
This paper takes JD as an example and finds that JD has great advantages in data
and personalization in providing supply chain finance products, and has achieved good
results in alleviating the flow of funds within the chain and improving its own operational
capabilities. In terms of risk prevention, the main one is credit risk. This paper analyzes
the credit risk factors of JD’s supply chain finance, and selects 10 small and
medium-sized enterprises as samples to analyze the credit risk of in JD’s supply chain
finance business. The transitivity of credit risk, and the credit risk of JD itself is also
studied.
In view of the current problems in the supply chain finance of E-commerce platforms

including JD, this paper suggests that the platform should pay more attention to the
standardization of the system and the innovation of platform services. At the same time, it
should also pay attention to strengthening business cooperation with banks to jointly
promote supply. Chain financial business development.
Key Words: Supply Chain Finance
E-commerce Platform
Credit Risk
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