The Research on Influence Facts of Supply Chain Finance Operation Rui ZHANG

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1 International Conerence on Management Engineering and Management Innovation (ICMEMI 015) The Research on Inluence Facts o Supply Chain Finance Operation Rui ZHANG Faculty o management Wuhan University o Technology Wuhan, P. R. China lx_zr@163.com Keywords: Inluence acts, Supply, Operation. Abstract. This paper irstly raised our groups o hypothesis based on previous studies and practices, which are operation level, were inluenced by external environment, the overall perormance positive aect operation level, the input o inancial institute positive aect supply chain operation level, the input rom the enterprise on supply chain positive aect operation level, secondly, via investigation, we collected and consolidated inluence acts o operation level, thirdly, to do preliminary test based on investigation, and inally selected 19 topics based on preliminary investigation results about reliability and FEA, ater parameter estimation and hypothesis test or ormal research results, we inally veriied ours groups o hypothesis, and in the last part o this paper, we analyzed these our groups o hypothesis. Introduction Because there are a lot o participants in and many actors can impact them, which lead to some uncertainty to implement business, I we can tease out the main actors that inluence the supply chain inancing among the complex inluence actors, it will be able to help core enterprise in business operation, This chapter will analysis the inluence actors o supply chain inancing, irst o all, we will raise our groups o research hypotheses according to the theory and experience, then through questionnaire, interview, structural equation model to determine the inluence actors o supply chain inancing. Literature review Supply business practice is earlier than the development o theory, Supply chain inancing in domestic practice was established in 1999, and ater 000, Supply chain inancing along with the practice o the relevant concept o experience gradually ormed and slowly mature. In 00,Lidao, Zhu and others put orward the concept and operation model o -transportation; In 004, Allen Berger, preliminarily discussed the application o supply ramework and ideas; Wang Chan put orward the concept o rom the perspective o bank in 006.Zhou Xiaopeng and Tang Yuanqi Put orward the similar "inancial" logistics and concept in 004.Guo Tao Discussed the principle o accounts receivable inancing and inancing advantages in 005.Li Bizhen Illustrated the meaning o -transportation and unction in 005. Michael Lamoureux deined the supply chain is a core enterprise leading enterprise ecosystem, the availability o unds and the cost o a system optimization process in 008.Wang Fuqian and Yang Bing Discussed the status and role o commercial Banks in the supply chain inancing in 006. Chu Xuejian discussed the status and role o logistic enterprises in the supply chain inancing in 006. Determination and analysis or the inluential actors in Based on the previous literature and investigation, this paper puts orward the supply chain inancial main inluence actor in below our aspects. The external environment aects the operation o supply chain inancing level Supply business implements under the background o the macro economy, politics, 015. The authors - Published by Atlantis Press 88

2 technology, culture and other speciic environment implementing, which inevitably aected by the external environment, Macroeconomic conditions directly aect the core enterprise's marketing strategy and decision-making such as investment and inancing, also can impact the credit allocation and supply chain inancing business o core enterprises such as participate in the repo and mortgage. due to the involvement o Banks and other inancial institutions, the country's relevant laws and regulations and inancial monetary policy will also impact on the supply chain inancing business, Supply chain inancing belong to inancial services, the China banking regulatory commission and other agencies o the bank regulation and inancial institutions, Groups such as the China banking regulatory commission also plays an important role on supply chain inancing business. Supply chain perormance aects the operation level o supply chain inancing Supply is inished under the background o the certain trade between core enterprise and Upstream and downstream small and medium-sized enterprises, thereore, the trade situation between core enterprises and upstream and downstream small and medium-sized enterprises directly inluence the operation o supply chain inancing, Trade between core enterprise and upstream and downstream small and medium-sized enterprises involved in logistics, inormation low, cash low, etc, I the coordination level between core enterprise and upstream and downstream enterprises is high, can promote the core enterprise and upstream and downstream trade stability o small and medium-sized enterprises, which could guarantee the stability o trade between core enterprises and small and middle size enterprise and aect the operation o supply chain inancing. Enterprises on the supply chain aect supply chain inancing operation One o the key actors or the Implementation o supply chain inancing is the credit o core enterprises committed allocate to upstream and downstream enterprises, When the core enterprise's with a strong and comprehensive strength, Banks will grand more credit to them, and the line o credit can be allocated to the inancing enterprises will increase as well, meanwhile, the strength o the core enterprise risk prevention ability is one o the actors o i it is willing to participate in o business, When the core enterprise risk prevention ability strong, the motivation to participate in the business will increase, the evaluation and selection rom Core enterprise to supply chain inancing coordinate members is one o the important part o the core enterprise supply chain inancing operation, relatively big sized upstream and downstream enterprises not also is the supporting actors, but also will decide the supply chain inancing operation level, the trade relationship between core enterprises and upstream and downstream enterprises is an important measurements or bank to judge i small and middle sized inancing enterprise with qualiication. So the close relationship o inancing enterprises and the core enterprise is an important guarantee or the implementation o business. The investment level o inancial institutions aects the operation o supply chain inancing level The capital source o Small and medium-sized inancing enterprises is Banks and other inancial institutions, so the attitude o senior management in inancial institutions has a larger inluence on supply chain inancing business structure, at present, SDB which was purchased by Ping An Insurance Co is the earliest bank engaged in supply chain inancing, the their investments on supply chain inancing business is bigger than the other banks, thereore, the implementation o supply chain inancing business is better than the others, the establishment o risk prevention system by SDB is the sae guard to ensure the smoothly implementation o supply chain inancing. Data research This research embarks rom the research on supply chain inancing at home and abroad, and analyze, sort and induce this materials as the oundation o our research. At the same time, based on 89

3 the study o previous literature related, we ind entry point o this paper; in general, the empirical research hypothesis and variables design borrowed the research results o scholars at home and abroad to a large extent, In this paper, in the process o designing and modiying the questionnaire, we had many times communication with interviews object to understand their opinions and ideas and they corrected many potential misunderstanding which ensure the scientiic, practical and operability o this paper, we did a preliminary test beore the ormal questionnaire, we collected 98 preliminary test via on-site ill out and , and inally selected the ormal questionnaire eectively based on the Research on the reliability and exploratory actor analysis. Variable E1 E E3 E4 P1 P P3 P4 C1 C C3 C4 F1 F F3 F4 L1 L L3 Table Scale o actors on supply chain inancing Questions Good macroeconomic condition when implementing Completely related laws and regulations when implementing supply chain Supply technology developed when implementing supply chain Electronic and inormation technology developed when implementing supply High level o coordination o supply chain logistics when implementing High level o coordination in supply chain inormation low when implementing High level o coordination in supply chain business streams when implementing High level o capital low coordination in supply chain when implementing Strong overall strength o core enterprise when implementing supply chain High risk prevention capability o Core enterprise when implementing supply Good prospects o core enterprise when implementing Financing enterprise Trading closely with the core business when implementing Senior inancial institutions holds a supportive attitude when implementing High degree o application in technology when implementing Risk prevention system construction is perect when implementing supply Organizational structure o commercial banks is perect when implementing A high level o business eiciency in the supply chain when implementing A high level o overall supply chain eiciency when implementing supply High levels o or inancial institutions, when implementing In this paper, a ormal research will use SPSS16.0 statistical analysis sotware and AMOS structural equation model sotware 7.0 as the main analytical tools, ormal investigation via on-site ill out and to collect data required or empirical study, and or the study, 198 questionnaires were issued, the last received 186 valid questionnaires in months. (1)The reliability and validity test Using SPSS16.0 reliability analysis to analyze the reliability o questionnaire. 90

4 Table 3 Reliability actors on operation level o Supply chain inancing Variable number o items Cronbach s α The external environment Supply chain perormance aects the operation Enterprises on the supply chain The investment level o inancial institutions The operation level o supply chain inancing () Conirmatory actor analysis With AMOS7.0 sotware on the ormal questionnaire, 186 questionnaires were collected,ive variables, 19 item conirmatory actor analysis, the inal result as shown in table 4. Table 4 Conirmatory actor on inluencing actors o Supply chain inancing operation level SFL SR CR AVE The external environment E E E E Supply chain perormance aects the operation P1 P P3 P4 C1 C C3 C4 F1 F F3 F Enterprises on the supply chain The investment level o inancial institutions The operation level o supply chain inancing L L L ()Parameter estimation and hypothesis testing Figure parameter estimation model on actors o Supply chain inancing operation level 91

5 Using Amos 7.0 sotware, the it the parameters o the model shown in the ollowing table: d x Table 5 Model itting evaluation indicators x / d P RMSEA GFI PNFI PGFI AGFI NFI IFI CFI From the itting indicators, x / d < RMSEA<0.08 AGFI NFI>0.8;IFI CFI>0.9.PNFI PGFI>0.5.Thereore, rom the whole, a better model it the parameters o the model can be accepted. Inspection standards established in this study assumed that the relationship is: path coeicients greater than 0.5, the signiicance level o 0.05 or more is considered a positive correlation between variables; through structural equation modeling path coeicient estimates ound our sets o relationships established, so H1: The external environment positively aects the supply chain inancing operation level H: overall supply chain perormance positively aects the supply chain inancing operation level H3: the investment level o enterprises on supply chain positive aects the supply chain inancing operation level H4: Financial institutions positive aect the operation o supply chain inancing level Conclusion Because many parties involved in supply chain inancing operation, and involved in industry which direct supervised by national government, which leads to complex inluence actors or its operation level, In this paper, based on literature review, clariy the inluence actors o supply chain inancing operation level. Environment positively aects the supply chain inancing operation level; the inal credit provider in is the bank, which involves the bank loan interest rates, credit lines and a series o actors, these actors will inevitably be aected by the country's macroeconomic policy, overall supply chain perormance positively aects the supply chain inancing operation level, the trade relationship between core enterprises and upstream and downstream enterprises is an important measurements or bank to judge i small and middle sized inancing enterprise with qualiication. When inormation, capital, business between the supply chain coordination is good, the bank will increase the conidence o the credit, the investment level o enterprises on supply chain positive aects the supply chain inancing operation level, smoothly implementation o supply chain inancing depends on the strength o the core enterprise, When the core enterprise investment level is higher, the whole supply chain level and competitiveness will improve as well, Supply chain inancing risk management, and supply chain business implementation level is one o the key actors decide whether the inancial institutions involved in the supply chain inancing operation or not, When inancial institutions investment level is high, the business with strong risk control and advanced technology will drive supply chain inancing to a higher level. Reerences [1] Jason Busch.Live Dispatch:Ariva and Orbian Partner to Take on the Banks[J],Spend Matters,006, [] Demica.Steady Supply,The growing role o Supply Chain Finance in a changing world[j],demica Report Seris,January,007,13-3. [3] Demica.Demand and Supply: Supply [J], Demica Report Seris, May, 008,