如何根据供应链金融业务模式的变化选取佳方案？

In response to the changing operational models, various supply chain finance service models and dominant models have made corresponding adjustments, resulting in a diverse trend for supply chain finance business models. The application of supply chain finance covers a broad scope from procurement to production and sales. Hence, it involves various parties, including core enterprises, suppliers, distributors, logistics companies, and third-party service providers. Based on the different dominant participants, three main business models can be identified.

1. Business Models Based on Different Dominant Enterprises

There are three major business models of supply chain finance based on different dominant enterprises:

(a) Core Enterprise-Led Model

The most common supply chain finance model is the core enterprise-led model. It is typically adopted by heavy asset industries with strong control over upstream and downstream industrial chains, such as automobiles and heavy machinery, using an "M 1 N" mode. Financial institutions provide funding support to supply chain up- and downstream based on their recognition of the core enterprise's credit.

(b) Third-Party Supply Chain Service Provider-Led Model

With the development of supply chain finance, the third-party supply chain service provider-led model has gradually matured. It is called the one-stop supply chain finance services platform, integrating information flows in the supply chain and providing businesses including international settlement, logistics, tax rebate, and fund financing. Under this model, credit risk control primarily relies on these service providers' integrated business capabilities and their creditworthiness. Yatong is a representative of this model. Some trading and logistics enterprises also participate in this model, which means that third-party supply chain service providers may have multiple overlapping roles.

(c) E-commerce Platform-Led Model

The e-commerce platform-led supply chain finance is a new trend; for example, Ant Group/Alipay mainly utilizes the complete e-commerce sales and logistics service information in the Alibaba ecosystem to become a cash flow closed-loop system. It establishes the authenticity of the transaction background, the certainty of flow direction, operation closure, and self-compensation of funds. In this model, there is no core enterprise or collateral process for goods. Through appropriate analysis and assessment of these three models regarding their strengths and weaknesses, one can choose the optimal supply chain finance program.