供应链金融是有效解决中小企业融资难的重要战略举措。顺丰作为物流行业互联网供应链金融的企业标杆，具有典型研究意义。本文首先介绍供应链金融理论在国内外的发展概况，将供应链金融分成三个发展不同阶段，列举我国互联网供应链金融发展的六种主要模式，并重点研究以顺丰为代表的大型物流企业主导的供应链金融模式，剖析物流企业发展供应链金融的先天优势和行业特质，总结物流企业参与供应链金融运作的四种商业模式，并对本文的主要理论分析框架——魏朱商业模式描述模型及设计原理进行简要说明。之后，本文展示了顺丰供应链金融商业模式的演变历程，从产生背景到商业模式调整过程，再到调整后当前顺丰供应链金融的产品定位。顺丰开展供应链金融是顺丰进行产融结合、增收转型的重要战略举措，其商业模式从最初的代收货款模式和融资中介模式逐渐调整为自营模式，目前正在朝“自营模式+智慧物流金融生态圈”供应链金融专业服务科技平台转型。接下来，从交易主体及资源能力、交易方式、交易盈利模式和交易风险管理四个部分，对顺丰供应链金融商业模式进行了详细描述，并在最后简要分析了该商业模式产生的投资价值。自营模式下，顺丰和中小企业融资方是核心交易主体，本文总结了顺丰“基于物流、商流和信息流的风控资源能力、客户资源能力以及行业专业资源能力”三类关键资源能力，介绍了“保理融资、仓储融资、融资租赁、订单融资以及信用贷款”五类主要供应链金融交易方式，之后分析了顺丰供应链金融的主要收入来源、成本结构以及利润分配情况及其影响因素。同时，剖析顺丰如何发挥独特的物流优势，降低各类交易风险。综上，评估该模式具备良好的投资价值。最后，基于上述分析，识别顺丰供应链金融存在的三大问题：一是当前定位和资金来源无法满足长远发展需要；二是物流行业非优质金融场景，现有数据维度与金融风控相关性不足；三是金融与物流协同增值机制尚不成熟，智慧物流资源尚未充分利用。再结合阿里、京东、UPS、鲜易供应链和等行业领先实践经验，提出了商业模式优化设计的五个方向：一是建议业务定位应逐渐由“配合主业的从属业务”上升至“和仓配一体的第二主业”；二是针对不同场景、不同行业提出定制化的综合解决方案，搭建提升供应链效能的平台生态；三是补齐资源短板，打造物流金融核心风控能力；四是契合顺丰主业发展方向，优化产品结构和利润分配模式；五是设计多元化资金结构，提前布局上市准备，提升企业投资价值。

Supply chain finance is an important strategic measure to effectively solve the financing difficulties of SMEs. As one of the best practice for Internet supply chain finance of logistics industry, S.F. Group has the typical research significance. This article first introduces the development of supply chain finance theory at home and abroad. It divides the supply chain finance into three stages and summarizes six main types of the China's Internet supply chain finance modes, focuses on the supply chain finance mode dominated by large logistics companies, and analyzes the industrial advantages and four business modes for logistic companies to develop supply chain finance, and then briefly explains the main theoretical framework of the article—Wei Zhu business model. Then, the article shows the evolution process of the financial business model for the supply chain of S.F., including the beginning of the business, the adjustment process of the business model, and the product positioning of the current supply chain finance business after the adjustment. The S.F. supply chain finance begins due to an essential strategic layout for the combination of production and finance and the transformation to increase revenue. The business model of S.F. supply chain finance has been gradually adjusted from the collection on delivery model and the financing intermediary model to self-operating model, and now is developing to be a professional and technological supply chain finance platform with the self-operating model and the intelligent logistics and finance ecosystem.Next, the financial business model of the supply chain of S.F. is described in detail in four parts : transaction subjects and resource capacity, transaction mode, profit model and risk management. The investment value of the business model is briefly analyzed in the end. Under the mode of self-management, S.F. and the medium-sized and small enterprises are the core trading bodies. This article summarizes three key resource abilities based on logistics, business flow and information flow of S.F.: the resource and ability of risk control,customer and professionality of industry. Five main financial transaction methods of supply chain are introduced, including factoring financing, warehousing financing, financial leasing service, order financing, and credit loans. Then the main source of revenue, cost structure, profit distribution and the factors that influence it are analyzed. It also analyzes how to develop the unique logistics advantages of SF and reduce the risks of various transactions. To sum up, this model has good investment value.Finally, based on the above analysis, there are three major problems in financial supply chain of S.F.: first, the current positioning and funding sources cannot meet the needs of long-term development; second, the logistics industry doesn’t meet a financial scenario because the relevance of the existing data dimension and financial risk control is not enough; third, the synergistic value-added mechanism of financial and logistics is not yet mature and the resources of the smart logistics have not been fully utilized. With the experience of Ali, JD, UPS and fresh supply chain, this article puts forward five directions for the optimal design of business model: first, it suggests that the business orientation should be gradually switched from "subordinate business with the main industry" to "the second main industry with the logistics"; second, for different scenes and different industries, it should give a comprehensive solution to build a platform ecology to improve the efficiency of supply chain; third, it should make up the short board of resources to build the core risk control ability of the logistics finance; fourth,optimize the product structure and profit distribution pattern to match SF’s main business; fifth, it shoud develop a diversified capital structure, prepare to be listed in advance, and improve the investment value of enterprise.