基于供应链金融的企业信用风险评价研究——以跨境贸易企业为例外文翻译资料

基于供应链金融的企业信用风险评价研究——以跨境贸易企业为例

摘要：自改革开放以来，在对外经济开放的巨大浪潮推动之下，国内外宽松自由的市场环境给我国中小企业提供了无限机遇的同时，一些无可避免的挑战也在随时冲击着我国中小企业的生存环境，其中阻碍我国中小企业发展的最主要因素就是中小企业的融资问题。而供应链金融作为一种新型融资模式，对缓解中小企业融资问题做出了巨大的贡献。论文将以我国的跨境电商中小企业作为研究对象，用信用风险评价模型来探讨供应链金融对我国跨境电商中小企业融资问题的解决作用。

关键词：供应链金融；跨境贸易企业；融资问题；信用风险评价

引用文献一：Supply Chain Finance: some conceptual insights

外文文献题目（中文翻译）：供应链金融：一些概念性见解

原文作者 Eric Hofmann 单位Kuuml;hne-Institut fuuml;r Logistik (KLOG-HSG) Universitauml;t St.Gallen Dufourstrasse 40a CH-9000 St.Gallen

一、介绍

虽然在实践中已经讨论和测试了供应链内材料和信息流的整合，但财务资源的流动正日益成为关注的焦点（Pfohl/Hofmann/Elbert (2003)）。似乎需要解决更多的经济和财务问题，因为物流不仅考虑货物流动和相关信息。供应链管理还应考虑现金流以及业务活动财务方面的影响。这些发展带来的挑战带来了对供应链参与者及其关系的新理解和角色。金融和物流交汇处的新的跨职能和跨组织任务开启了新的供应链机会。

但后勤人员和供应链经理是否理解并会说董事会成员的财务语言？他们是否了解引导供应链活动的经济产出的所有内部和外部财务挑战？他们是否对供应链环境中使用融资组件的所有杠杆有深刻的理解？他们是否已经开始建立跨职能能力，以克服运营和财务方面的公司特定和组织间孤岛？

供应链金融 (SCF) 是一种从协作的角度关注这些问题的方法。以下讨论基于物流/供应链管理的概念基础和金融理论。本文旨在通过研究相关文献，为读者提供对供应链金融的一些见解。在涵盖了周边管理领域的基础知识和相关方面之后，读者将准备好遵循供应链金融的定义和特征。制度、供应链和功能分析超越了定义的表面，并提供了对相关要素的深入覆盖。为了总结理论阐释，本文以说明性示例结束。

二、供应链金融的特征和构成要素

虽然物流、供应链管理、协作和金融等研究领域多年来一直在讨论，但供应链金融被认为是一门相对年轻的学科。图表 1 说明了组织及其一级供应链环境（包括潜在服务提供商）的供应链融资方法。如图底部所示，理想情况下，合作还可以扩展到覆盖二级供应链成员，如果需要，则最终覆盖整个供应链。一个组织的财务和经营活动是紧密相连和相互依存的。因此，在箭头的上半部分（“财务方面”）或在箭头的下半部分（“运营方面”）进行协作仅代表次优化，可能会放弃可以从包容性协作方法中获得的收益。因此，我们应该记住，即使协作仅关注供应链的金融功能、机构和工具，但不应将其理解为一个孤立的概念，而应将其理解为更复杂系统的一个方面。为了降低这个系统的一些复杂性，公司会选择整合和管理不同业务流程的不同供应链环节，这意味着它将与一些供应链成员在所有领域进行合作，同时只在财务上、运营上或不进行合作。所有与其他人（Timme/Williams-Timme (2000)）。

从图中还可以看出，金融服务或物流服务提供商不是供应链的真正成员。他只是通过为供应链成员之一提供服务来参与。因此，供应链金融不仅仅是两家或更多公司财务部门之间的合作。相反，供应链金融的特点是关注财务方面或金融工具的使用，这可能适用于组织的任何部门。请注意，财务合作是否为成立与否，是在功能维度上决定的，而我们所说的“普通”合作还是供应链合作的标准是制度上决定的。例如，工业公司和金融服务提供商之间的合作始终是金融合作，因为金融服务提供商提供金融支持或知识。因此，如果关系集中在供应链对象上，考虑到所有流程、流程、流动和固定资产以及参与供应链的人员，我们只会谈论SCF（Timme/Williams-Timme (2000)，第 33 页）。

根据这里提出的特征，供应链金融的工作定义最终可以如下：位于物流、供应链管理、协作和金融的交叉点，供应链金融是一种适用于两个或多个组织的方法。包括外部服务提供商在内的供应链，通过在组织间层面上规划、引导和控制财务资源的流动，共同创造价值。在保持其法律和经济独立性的同时，合作伙伴致力于在中长期合同基础上共享相关资源、能力、信息和风险。 SCF 的工具性贡献基于三个构成要素：(1) 机构参与者，(2) 供应链管理特征，以及 (3) 财务功能。这些元素，可以理解为一个供应链金融框架被考虑在内，同时以金融方式做出价值链决策。

四、供应链金融中的协作特征

典型的金融活动是为单个企业或其子单位设计的。这些任务在供应链环境中的应用需要进行修改以考虑组织间方面。设计一个供应链范围的绩效系统所需的调整与覆盖供应链金融特殊方面的影响叠加在一起。

除了供应链绩效指标对公司财务目标的间接影响之外，还必须考虑 FSC 成员之间的直接支付。这是必要的，因为供应链合作受合同规定的影响，不仅涉及商品或服务的数量和交付时间，还涉及价格和付款政策（Holten/Schultz（2001），第 579 页）。供应链参与者合作中的资金流动取决于已形成的合作中的战略决策。有关付款条件的合同协议将这些战略决策付诸行动。因此，付款的跟踪和控制是供应链协作日常业务的重要组成部分。

在供应链合作中，不再有同质的投资者群体。相反，不同成员的股东对风险和回报有个人偏好。换言之，必须考虑不同合作实体的特定折扣率。合作公司仍然是法律上独立的实体，最终只负责为自己的投资者创造价值。因此，必须为每个成员单独证明推进供应链金融的优势。为了确定参与合作是否有利，每个实体都将考虑预期的现金流入和流出。这些包括与创建必要的组织和技术先决条件相关的现金流出、与日常流程相关的现金流入和流出，以及从合作中获得的潜在超额现金流入。可以通过实体之间的转移支付来提供旨在使合作的整体目标和每个成员的个人目标保持一致的激励措施。理想情况下，这些转移支付是基于客观可衡量的标准。否则参与者将不会被诱使透露真实数字，以获得更高的转移支付。

基于股东价值创建这样一个系统的两种本质不同的方法是可以想象的：直接或自下而上的方法，第一步测量每个协作成员的供应链相关数据并将其组合为“供应链股东“价值”，以及间接或其他条件不变的方法，根据每个公司的整体股东推导出通过供应链合作增加的股东价值。这两种方法的一个重要假设是创建标准。只有被广泛接受的标准才允许结果的可比性。

五、供应链金融的功能视角

财务和物流/供应链管理交叉的职能是财务侧的投融资和会计职能，以及经营侧的采购、生产和销售职能。在协作供应链环境中，一方的采购方通常至少是另一方的销售方。因此，连续检查采购、生产和销售可能会造成混淆。因此，我们更愿意指出在 SCF 环境中提到的金融功能的特殊方面。请注意，我们谈论的是协作供应链功能，而不是单个组织的功能。这种看似微小的差异有一个有趣的见解：严格来说，当从协作的角度看待财务时，我们对外部和内部融资的理解发生了变化。传统上，财务资源从外部流入公司被视为外部融资。在这里，来自合作伙伴的资金流入不被视为外部资金，因为我们将合作视为一个实体。只有该合作实体之外的组织才能提供外部融资。乍一看，这种观点似乎与传统智慧相矛盾。但实际上，外部融资的机构和工具并没有改变。在供应链金融的背景下，只有内部融资的替代方案得到了扩展。

外文文献出处：[1]Erik, Hofmann. Supply Chain Finance: Some Conceptual Insights, Logistic Management-Innovative Logistikkonzepte, Wiesbaden 2005, 203-214.

附外文文献原文

1 Introduction

While the integration of material and information flows within the supply chain has been discussed and tested in practice, the flow of financial resources is increasingly taking centre stage of attention (Pfohl/Hofmann/Elbert (2003)). There seems to be the need to address more economical and financial problems as logistics consider not only the flow of goods and related information. Supply chain management should also bear in mind cash flows as well as the implications of the financial side of business activities. The challenges arising with these developments bring along a new understanding and role of the supply chain actors and their relationships. New inter-functional and inter-organizational tasks at the intersection of finance and logistics open new supply chain opportunities.

But do logisticians and supply chain manager understand and speak the financial language of the board members? Do they know all the internal and external financial challenges to guide the economic output of supply chain activities? Do they have a profound understanding of all the levers laying in use of financing components in the supply chain context? Did they already begin to build up cross-functional competences to surmount the firm-specific and interorganisational silos between the operational and the financial side?

Supply Chain Finance (SCF) is an approach that focuses upon theses questions from a collaborative viewpoint. The following discussion is based on the conceptual ground of logistics/supply chain management and the finance theory. By studying the relevant literature, this paper aims to provide the reader some insights into Supply Chain Finance. After covering the basics and relevant aspects of the surrounding management fields, the reader will be prepared to follow the definition and characterization of Supply Chain Finance. The institutional, supply chain, and functional analyses look beyond the definitional surface and provide an in-depth coverage of the relevant elements. To round up the theoretical elucidations, this paper closes with illustrative examples.

2 Characterization and constituent elements of Supply Chain Finance

While the research areas of logistics, supply chain management, collaboration, and finance have been discussed throughout the

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基于供应链金融的企业信用风险评价研究——以跨境贸易企业为例

摘要：自改革开放以来，在对外经济开放的巨大浪潮推动之下，国内外宽松自由的市场环境给我国中小企业提供了无限机遇的同时，一些无可避免的挑战也在随时冲击着我国中小企业的生存环境，其中阻碍我国中小企业发展的最主要因素就是中小企业的融资问题。而供应链金融作为一种新型融资模式，对缓解中小企业融资问题做出了巨大的贡献。论文将以我国的跨境电商中小企业作为研究对象，用信用风险评价模型来探讨供应链金融对我国跨境电商中小企业融资问题的解决作用。

关键词：供应链金融；跨境贸易企业；融资问题；信用风险评价

引用文献一：Supply Chain Finance: some conceptual insights

1 Introduction

While the integration of material and information flows within the supply chain has been discussed and tested in practice, the flow of financial resources is increasingly taking centre stage of attention (Pfohl/Hofmann/Elbert (2003)). There seems to be the need to address more economical and financial problems as logistics consider not only the flow of goods and related information. Supply chain management should also bear in mind cash flows as well as the implications of the financial side of business activities. The challenges arising with these developments bring along a new understanding and role of the supply chain actors and their relationships. New inter-functional and inter-organizational tasks at the intersection of finance and logistics open new supply chain opportunities.

But do logisticians and supply chain manager understand and speak the financial language of the board members? Do they know all the internal and external financial challenges to guide the economic output of supply chain activities? Do they have a profound understanding of all the levers laying in use of financing components in the supply chain context? Did they already begin to build up cross-functional competences to surmount the firm-specific and interorganisational silos between the operational and the financial side?

Supply Chain Finance (SCF) is an approach that focuses upon theses questions from a collaborative viewpoint. The following discussion is based on the conceptual ground of logistics/supply chain management and the finance theory. By studying the relevant literature, this paper aims to provide the reader some insights into Supply Chain Finance. After covering the basics and relevant aspects of the surrounding management fields, the reader will be prepared to follow the definition and characterization of Supply Chain Finance. The institutional, supply chain, and functional analyses look beyond the definitional surface and provide an in-depth coverage of the relevant elements. To round up the theoretical elucidations, this paper closes with illustrative examples.

2 Characterization and constituent elements of Supply Chain Finance

While the research areas of logistics, supply chain management, collaboration, and finance have been discussed throughout the years, Supply Chain Finance is considered a relatively young discipline. Exhibit 1 illustrates the Supply Chain Finance approach for an organization and its tier one supply chain environment, including potential service providers. As indicated at the bottom of the figure, the collaboration is ideally extended also to cover the tier two supply chain members and if it is required finally the whole supply chain. The financial and operating activities of an organization are closely connected and interdependent. Collaborating in the upper half (“financial side”) or in the lower half of the arrow (“operating side”) therefore only represents a sub-optimization, potentially forgoing benefits that can be reaped from an encompassing collaboration approach. Consequently, we should keep in mind that even though collaboration focuses on financial functions, institutions, and instruments of supply chains only, it should not be understood as an isolated concept but rather as an aspect of a more complex system. To reduce some of the complexity of this system, a company will choose to integrate and manage different supply chain links for different business processes, meaning it will collaborate on all areas with some supply chain members, while only collaborating financially, operatively, or not at all with others (Timme/Williams-Timme (2000)).

As also can be seen in the figure, a financial services or logistics services provider is not a genuine member of a supply chain. He only get involved by providing services for one of the supply chain members. Thereby Supply Chain Finance is more than just collaborations between the finance departments of two or more companies. Instead, SCF is marked by the focus on financial aspects or the usage of financial instruments, which might apply to any department of an organization. Note that the categorization whether a financial collaboration is established or not, is determined in the functional dimension while the criteria whether we are talking about a “plain” cooperation or supply chain collaboration is determined institutionally. For example, collaborations between an industrial company and a financial service provider are always a financial collaboration since the financial service provider offers financial support or knowledge. So, we only speak about SCF if the relationship is focused on the supply chain objects, considering all flows, processes, current and fixed assets, as well as personnel that are involved in the supply chain (Timme/Williams-Timme (2000), p. 33).

In line with the characterization presented here, a working definition of Supply Chain Finance can finally be put as follows: Located at the intersection of logistics, supply chain management, collaboration, and finance, Supply Chain Finance is an approach for two or more organizations in a supply chain, including external service providers, to jointly create value through means of planning, steering, and controlling the flow of financial resources on an interorganizational level. While preserving their legal and economical independence, the collaboration partners are commi

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