与传统银行融资业务相比，供应链融资以融资企业真实交易为基础，将核心企业 的信用与上下游中小企业的信用绑定，较大程度上缓解了银行对中小企业信用贷款的 各种风险，大大增加了中小企业获得银行等融资机构提供融资贷款的机会。“供应链 金融”模式中，当供应链上资金紧缺的企业得到融资机构的支持，获得资金注入后， 也就激活了整条“供应链”的顺畅运转。本文以T公司应收账款作为研究案例，研究 了供应链金融应收账款融资业务模式、风险分析评估方法、对策和建议，为中小企业 和金融机构开展供应链金融应收账款业务提供理论支持和方法上的借鉴。 本文介绍了供应链和供应链金融的概念、特点以及存在意义。在此基础上，通过 参考研究国内外相关的文献和著作，整理归纳供应链金融应收账款融资模式的组成及 风险管理方法。从理论层面研究了供应链金融、风险管理的概念，并对供应链金融的 风险点进行梳理，从风险管理的流程、风险识别方法、分析识别与评估等方面进行研 究。以T公司作为供应链金融案例，介绍了该案例公司的基本情况，研究案例相关的 其它主体基本情况；然后设计了包括宏观经济、政策环境、金融环境、经营管理、财 务状况5个一级指标、10个二级指标和26个三级指标因子的风险影响因素计算指标 体系，通过这个指标体系和模型对研究对象进行整体风险分析，梳理风险点和评估风 险等级。对案例T公司所采取的风险管理措施进行具体的梳理和分析评估，并提出了 风险管理所存在的问题，最后从员工思想教育，企业外生风险和内生风险三个层面提 出了对应的建议和解决策略。 本研究创新性的从宏观经济等五个方面构建了指标体系，定量化的开展了风险评 估，系统性的根据结果提出了对策建议，有效补充T公司原有风险管理方法的缺漏， 进一步预防和减少风险的发生，也为金融机构更准确地评估业务风险、提升风险管理 的能力做了对应的理论研究。 关键词：供应链；供应链金融；应收账款；风险分析；风险管理 供应链金融T公司应收账款风险管理研究 I Abstract Compared with traditional bank financing services, supply chain financing which is based on true trade of financing enterprises ties credit of core enterprises and credit of upstream and downstream firms. To a large extent, it mitigates various risks of unsecured loan that banks provide to small and medium-sized enterprises, and offers more opportunities for the enterprises to get a loan offered by financial institutions like banks. In the “supply chain financing” mode, when a firm lacking funds for its supply chain gains support of financial institutions and funds are injected, the supply chain is activated and functions smoothly. Taking receivables of T as a study case, this paper studies financing service mode of receivables of supply chain finance and methods of risk analysis and assessment, and provides some countermeasures and suggestions. Provide theoretical support and methodological reference for SMEs and financial institutions to develop supply chain financial receivables. The paper starts with current difficulties of financing of small and medium-sized enterprises and expounds the concept, characteristics and significance of supply chain and supply chain finance. Based on that, it summarizes composition of financing service mode of receivables of supply chain finance and risk management methods. Then, a theoretical study is given about concept of supply chain finance and related theories of risk management. Integrating project risk management into financial risk management of supply chain, the paper sorts out and analyzes risks of supply chain finance to research concept of risks, risk management process, risk identification methods, the analysis and evaluation of risk identification and so on. Taking T as the case of supply chain finance, the paper introduces basic information of the company and studies basic information of other entities related to the case; then, a calculating index system of risk factors is designed which includes 5 grade Ⅰindexes, 10 grade Ⅱ and 26 grade Ⅲ indexes with regard to macro economy, policy environment, operating management and financial situation. The paper analyzes overall risks, sorts out risks and evaluates risk level through the index system and the mode. Risk management measures that are carries by T are sorted out, analyzed and evaluated in detail, and problems of risk management are put forward. At the end, the paper offers corresponding advice and solutions on the basis of external and internal risks. This research innovatively builds an indicator system from five aspects such as macroeconomics, quantitatively carries out risk assessment, and systematically proposes countermeasures and suggestions based on the results, effectively supplementing the deficiencies of T ’s original risk management method, and Reducing the occurrence of risks has also made corresponding theoretical research for financial institutions to more accurately assess business risks and improve their risk management capabilities. THAT公司应收账款风险管理研究 II Key words：Supply chain; Supply chain finance; Receivables; Risk analysis; Risk management 供应链金融T公司应收账款风险管理研究 1 目录 导论 ··················································································· 1 一、选题背景和研究意义 ····································································· 1 二、供应链金融国内外研究发展历程和现状 ············································· 2 三、研究内容与方法 ··········································································· 4 四、创新与不足 ················································································· 5 第一章供应链金融风险管理理论研究 ·········································· 6 第一节供应链金融及风险管理相关概念 ······················································ 6 一、供应链金融概念和融资模式分类 ······················································ 6 二、供应链金融风险管理相关理论 ························································· 7 第二节风险管理方法和流程 ····································································· 9 一、风险控制方法 ·············································································· 9 二、风险控制流程 ·············································································10 第二章 T公司的基础概况和应收账款风险分析 ··························· 12 第一节 T公司基础情况 ········································································12 一、T公司概况 ················································································12 二、T公司相关主体 ··········································································13 第二节 T公司应收账款风险分析 ····························································15 一、风险影响因子分析 ·······································································15 二、风险评估指标体系构建 ·································································16 三、风险评估及计算 ··········································································20 第三章 T公司应收账款风险管理现状与