Research on Supply Chain Finance of "Specialized and New Enterprises"

DOI: https://doi.org/10.62517/jbm.202509605

Author(s)

Boqiao Cheng

Affiliation(s)

Business Administration, Northwestern Polytechnical University, Xi'an, Shaanxi, China

Abstract

As the core force for breaking through bottleneck technologies and constructing a modern industrial system, specialized and innovative enterprises face financing dilemmas under traditional models-insufficient collateral and difficult credit evaluation-due to their "light assets, high R&D investment, and hard-to-quantify technological value" attributes, which hinder their high-quality development. This study uses a qualitative case study method, taking national-level leader Sany Heavy Industry and provincial-level SME Hubei Kaiwei Polymer as research objects, to explore supply chain finance's empowerment mechanism. Findings show: 1) Sany Heavy Industry adopted an "ABCP asset securitization + cross-border finance" ecological model, leveraging core enterprise credit to penetrate the industrial chain (radiating over 3,000 upstream and downstream enterprises), boosting its own and industrial chain R&D intensity to 8% (4.2 percentage points above the industry average); 2) Hubei Kaiwei relied on a "core enterprise order confirmation + patent pledge" precise model to resolve light-asset financing issues, achieving a 40% increase in R&D investment and 50% in production capacity. Both cases verify that supply chain finance addresses specialized and innovative enterprises' financing pain points through the "credit enhancement - fund release - resource conversion" mechanism, providing empirical reference for financial institutions to innovate service models and governments to optimize support policies, and facilitating the construction of an "industry - finance - technology" collaborative development ecosystem.

Keywords

Specialized and Innovative Enterprises; Sany Heavy Industry; Hubei Kaiwei Polymer; ABCP Asset Securitization; Order Confirmation; Patent Pledge

References

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