Supply chain finance is an important means to build a new development pattern of double cycle
Reading times:1119 Update time:2021-03-25
This year's "government work report" puts forward that "this year, we must make it more convenient for small and micro enterprises to finance, and the comprehensive financing cost will be reduced steadily." Specifically, it is necessary to "continue the policy of deferred repayment of principal and interest of inclusive small and micro enterprises loans, increase the intensity of refinancing and rediscount to support Inclusive Finance... Optimize the supervision of deposit interest rate, promote the further reduction of real loan interest rate, and continue to guide the financial system to yield profits to the real economy." Among them, "innovative supply chain financial service mode" is mentioned for the first time, which means that the role of supply chain finance in solving small and medium-sized micro financing has been affirmed and supported by the national level. In view of the development trend and risk management of supply chain finance, the reporter of Financial Times interviewed Mr. Song Hua, professor and doctoral supervisor of Business School of Renmin University of China.
Financial Times: what is the logical relationship among the new development pattern of double circulation, supply chain economy and supply chain finance? What is the role of supply chain finance in building a new development pattern?
Song Hua: the new development pattern of double cycle is not only the definition of China's future economic development direction, but also the new requirement of China's industrial development mode. The core of these two cycles is to innovate a brand-new value stream, that is, to form a spiral system in the three stages of value innovation, value transmission and value realization. In the process of realizing this state, it is necessary to highly coordinate and integrate different participants, operation links and resources of domestic and international parties, so as to effectively connect the supply side and demand side, To achieve high quality, stability and sustainability of industrial development.
The new development pattern of double circulation requires the industry to achieve three goals: first, high quality, that is, industrial layout optimization, reasonable structure, significant benefits, and continuous improvement of competitiveness; Second, high efficiency, that is, high quality operation can be realized at the lowest cost; The third is high agility and high resilience, that is, it can quickly deal with the uncertainty caused by various factors, ensure the continuity and stability of the domestic and international economic cycle, effectively prevent the potential risks faced by the industrial chain, and prevent industrial interruption.
To achieve the "triangle" goal of the above-mentioned double cycle new development pattern, supply chain is needed as a means and support. Supply chain is originally a management system at the level of micro enterprises, which refers to the planning and management of supply procurement, transformation (processing and production) and all logistics activities, especially the coordination and cooperation of channel members, including suppliers, middlemen, third-party providers and customers. In essence, supply chain management is the comprehensive integration of internal and external supply and demand. Obviously, although the supply chain begins to focus on improving the competitiveness of micro enterprises, it emphasizes the cooperation between organizations and the integrated management of the whole process. Therefore, with the continuous development of supply chain management practice, supply chain affects not only micro enterprises, but the whole industry. Nowadays, the understanding of supply chain is more on the industrial level, that is, supply chain economy. Strictly speaking, this economic state is a collaborative organizational form among enterprises in the whole process of product design, procurement, production, sales and delivery, which is guided by customer demand or industrial value, aimed at improving efficiency and efficiency, and enabled by modern information and communication technology and by means of integrating resources. It integrates various subjects, links and resources in the industry, which is a new organization mode with integrated innovation, value creation, win-win sharing, cross-border integration, and highly professional division of labor. It can be said that the new development pattern of double cycle is the direction and goal of economic and industrial development, and the supply chain is the means to achieve this direction and goal.
As far as supply chain is concerned, whether it is in the micro sense or in the industrial level, what they have in common is that they all emphasize the combination of four flows, namely, transaction flow (transaction process or value creation process formed between organizations and industrial links), logistics (value transmission process formed between organizations and industrial links), information flow (transaction process or value creation process formed between organizations and industrial links), and so on The process of value discovery between industrial links) and capital flow (the process of value realization between organizations and industrial links). Among them, capital flow is an important dimension and element in the supply chain, which determines the health of the supply chain operation, and ultimately has an impact on the realization of industrial value. Supply chain finance is an important way to ensure good capital flow. It is a kind of management behavior and process integrating logistics operation, commercial operation and financial management. It closely links all participants in the industry, including buyers, sellers, third-party logistics and financial institutions, and realizes the functions of revitalizing capital, improving the efficiency of supply chain At the same time, we should use the funds to promote the development of the supply chain. From this we can see that the supply chain is the foundation of financial activities. Without a solid industrial supply chain, there will be no supply chain finance. At the same time, supply chain finance can contribute to the construction and development of supply chain, and good and healthy capital flow can contribute to the stable and sustainable development of supply chain. The combination of supply chain and finance can ultimately promote the realization of the new development pattern of double cycle.
Financial Times: China's supply chain finance has experienced nearly 20 years of development. At present, it has made some achievements, but it also faces some problems. What factors do you think hinder the development of supply chain finance?
Song Hua: as an important form of combination of industry and finance, supply chain finance has been widely recognized by all walks of life. However, it is undeniable that supply chain finance has entered a bottleneck period of development. The main performance is that all parties of the supply chain finance are working hard to actively promote the supply chain finance, but they can't form synergy, which makes the supply chain finance stay in the concept or slogan, and can't be implemented all the time.
From the industrial point of view, first, because supply chain finance is related to financial activities, many industrial enterprises focus on finance and think that this field is a good way to achieve excess profits, ignoring that the purpose of supply chain finance is not financial activities themselves, but to help upstream and downstream enterprises speed up capital flow, stabilize supply and demand, and form the coordinated operation of industrial supply chain. Second, some enterprises are difficult to show the quality of business and the stability of supply chain operation, which makes the premise of supply chain finance lost. Supply chain finance must be based on good supply chain quality and operational stability. Without these elements, finance will inevitably turn into a huge risk. Objectively speaking, many enterprises lack of core competitiveness, or are in the process of transformation. In this situation, supply chain finance will face challenges and can not relieve the pressure of capital. Third, there is no strong collaborative network between organizations, which makes the docking and integration of resources have obstacles, and also delays the development of supply chain finance. This is mainly due to the fact that enterprises can't share information and cooperate with each other efficiently, and fail to establish a real sense of supply chain.
From the financial side, first, financial institutions pay too much attention to capital lending, ignoring that supply chain finance is not only a financing service, but also helps the industry optimize capital flow through a series of means and leverage; Second, most financial institutions lack in-depth understanding and Research on the industry, especially commercial banks always treat supply chain finance from the perspective of traditional risk control, and always want to engage in supply chain finance with traditional standardized products (such as reverse factoring, warehouse receipt inventory pledge, etc.); Third, because of inertia, financial institutions pay too much attention to the so-called industrial core enterprises in promoting supply chain finance, and still stay in the main credit control.
Financial Times: what are the development trends and innovation directions of supply chain finance?
Song Hua: first, the improvement and innovation of the institutional environment will guarantee the development of supply chain finance. The key to improve the system is to establish a fair trading environment and improve the laws and regulations, especially to regulate some powerful enterprises to use the status of supply chain to promote financial lending. In recent years, all ministries and commissions of the state have issued corresponding policies to restrict enterprises from extending the payment period. In particular, in September 2019, the State Council promulgated the regulations on guaranteeing the payment of small and medium-sized enterprises. However, because supply chain finance involves a series of elements such as the establishment of transaction facts, delivery, and product use, simply requiring payment regulations of large enterprises will only cause enterprises to further squeeze suppliers and adopt the situation of not signing contracts, not confirming rights, and not recognizing the fact of transfer of goods rights. Therefore, to fundamentally solve these problems, we need to improve the system from the perspective of the whole cycle and the whole supply chain.
Second, strengthening infrastructure construction will be the cornerstone of the development of supply chain finance. The infrastructure here does not refer to the hard technology or system construction, but the construction of the underlying elements of supply chain finance operation, including: first, the standard construction of information and technology in supply chain finance. For example, the Internet of things is used to obtain and transfer the corresponding data, and the blockchain is used to achieve distributed and tamperable records. The second is the standard construction of basic elements of supply chain finance. For example, in the transaction process, in addition to a / R and a / P, it also involves a large number of letters; In the process of logistics, it involves warehouse, warehouse receipt, waybill, bill of lading and so on. Third, the construction of public information integration platform. For example, how can customs, commodity inspection, industry and commerce, taxation and other data around supply chain operations be effectively integrated? How to effectively support supply chain financial services? Fourth, the basic norms of supply chain finance business and products, especially the ability to carry out the supply chain finance process and some operational norms need to have standards and management system.
Third, promoting the quality of industrial supply chain will be the premise of the development of supply chain finance. The construction of industrial supply chain and the improvement of operation quality can not only rely on the city or core enterprises, but also need to take the industry or industry as the incision, combining the macro and micro to seek the way of development. The supply chain system of a single enterprise is only a local operation coordination, so it is difficult to realize the structural adjustment and effective docking of the supply side and demand side of the whole economy. Therefore, to promote the development of supply chain modernization, we need to start from the industry or industry to seek the focus and key factors of high-quality development. From the current situation, there are two development directions to realize the construction of supply chain from the industry or industry level: one is to create an industrial ecology around industry services, through the formation of industrial enterprises' agglomeration and interaction on the network platform, and at the same time, ecological builders provide all-round supply chain services around non core business, so as to create an industrial supply chain operation scene, And then promote the supply chain finance; The second is to enable the local industrial platform or industrial cluster, by helping the local industrial platform or industrial cluster to form an efficient operation system, especially to assist the transformation of the industrial cluster with insufficient competitiveness, to promote the cross regional industrial cluster cooperation and the construction of the industrial chain, to help or even reshape the supply chain to create the industrial scene, and to promote the implementation of the supply chain finance.
Fourth, service scenario and financial technology dual wheel drive will be the driving force for the development of supply chain finance. The sustainable development of supply chain finance depends on the establishment of digital trust. Digital trust refers to the objective and comprehensive reflection of the quality and business status of organizations in the supply chain with the help of non-human factors, so as to establish the trust relationship between organizations. The key of digital trust is to realize the real-time, transparent, mutual verification and traceability of information and data in supply chain operation and financial activities. To achieve this goal, we must have the blessing of financial technology. However, the role of technology can neither be magnified nor underestimated. The key to the development of supply chain finance is to treat and apply ICT rationally. The solution to this problem is to combine the service scenario with financial technology. The development and application of technology need to have the service content, the service breadth and depth to make demands. Only in this way can technology have a definite aim.
Fifth, the construction of digital security governance in operation and financial services will be the core of the development of supply chain finance. In the process of supply chain digitization and the development of financial technology, we are faced with great challenges and crises, which are mainly reflected in two aspects: one is digital monopoly; the other is digital monopoly; Second, digital security. Digital monopoly poses a serious threat to the sustainable development of industrial chain supply chain, and also leads many enterprises to refuse to join the network even though they think that the platform and network can provide supply chain services, including financial services. Digital security involves information leakage, digital divide, information pollution, digital tampering and other issues. In particular, the supply chain often involves a large number of stakeholders and complex trading activities. Once the information and data in the supply chain are leaked and tampered, it not only poses a threat to the normal production and operation of the participating enterprises, but also directly challenges the security and stability of the industrial chain supply chain. The above problems of digital monopoly and digital security need to be formulated and improved at the national and industrial levels, that is, from the aspects of organization, management system, operation process and tools, to comprehensively comb, construct, manage and continuously improve the data acquisition, data architecture, data application and data life cycle of the industrial chain supply chain. At present, the urgent problems to be solved are as follows: on the one hand, improve the multi subjects and cooperation and sharing mechanism of digital governance, promote the circulation and exchange of digital information among the government, enterprises and social organizations, and make the regulator become a node in the digital blockchain network; On the other hand, strengthen the system design and planning of digital governance, which is not only reflected in the management of network, system, platform and other systems, but also in the construction of governance standards, management systems, laws and regulations.
Sixth, the development of financial supply chain will be the future of supply chain finance. At present, the biggest obstacle to the development of supply chain finance is the difficulty of docking with financial institutions, which is also the main complaint of many industrial entities, that is, the industrial entities have a strong willingness to carry out supply chain finance, but they can not find the funds to actively cooperate with it. The reasons for this problem are very complex, including the subjective problems such as the traditional financial institutions can not adapt to the development needs of the industrial supply chain, the risk control management system can not keep pace with the times, and the objective problems such as the single financial institution can not cope with the complex supply chain scenarios, providing sufficient funds and systematic risk control. Therefore, to deal with these problems, the construction of financial supply chain is an important aspect that needs to be expanded in the future.
Financial Times: what suggestions do you have for effective control of supply chain financial risks?
Song Hua: the risk of supply chain finance has two levels: one is environmental risk or overall risk. This kind of risk is not caused by improper operation or operational failure of supply chain finance, but by sudden change or periodic fluctuation of external environment, or by problems in the overall situation of the industry. The second is operational risk, which is caused by organizational problems and management problems, and belongs to the relatively micro level risk. The reason why we want to distinguish different levels of risk is to effectively control the supply chain financial risk. We need to start from these two levels. A single level of management can not effectively form the supply chain financial risk control system and framework.
For macro and overall risks, the main body of risk management should be the regulator. The dimensions of risk management and control are mainly three aspects: first, the standardization and improvement of the system, good financial order and fair trading environment are the cornerstone of preventing risks fundamentally; The second is the establishment of intelligent supervision system, that is, how to establish a management system that can effectively grasp the financial operation of the supply chain, but can not interfere too much in the market; The third is to establish the system of information security and governance.
In view of the risks at the medium and micro levels, the main body of risk management is the participants of supply chain finance. Effective risk management is mainly to establish three types of credit: one is the supply chain transaction structure credit, that is, the credit system formed around the supply chain operation and exchange. To do supply chain finance, we should not only look at a certain element, but also grasp the transaction relationship, transaction form, transaction structure and various kinds of letters in the transaction process of the whole supply chain operation. Only by comprehensively grasping these factors can we avoid risks. The second is the supply chain digital subject credit, that is, the credit of specific participants is confirmed by multi-dimensional digital description. Need to refer to.
