嵌入衍生工具的供应链金融中小企业应收账款融资研究

发布时间：2018-03-15 05:25

本文选题：供应链金融　切入点：中小企业　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：供应链金融对物流服务和金融产品进行了有效的组合，为解决中小企业融资难问题提供了新的思路。通过将核心企业和独立的第三方物流企业引入原有的体系，极大地解决了银企之间信息不对称问题。应收账款融资是供应链金融的基本形式之一，在我国虽然已经有了一定的发展，但发展的程度远远不够。在这种情况下，不断完善和改进应收账款融资是解决中小企业融资的有效手段之一。本文首先介绍了供应链金融相关理论、金融衍生工具相关理论、信息经济学相关理论和供应链金融融资模式等基础内容，为后文的分析提供理论基础，并回顾了供应链金融、中小企业融资和应收账款融资等的研究现状，对现有文献进行评述，提出本文研究方向；然后在此基础上从定性和定量两个角度分析了当前供应链金融中小企业应收账款融资所存在的问题，定性角度主要从应收账款融资模式和风险识别角度分析，定量角度通过分别构建银企的融资收益博弈模型来进行分析，得出信用问题依旧是供应链金融应收账款融资有待改进的方面之一；最后，本文在分析金融衍生工具引入供应链金融的可行性和实用性的基础上，，通过嵌入信用衍生互换机制的方式对传统的应收账款融资模式进行了改进，使用博弈模型对改进前后的融资模式进行了对比，分析结果表明改进模式要明显优于传统模式。
[Abstract]:The supply chain finance has carried on the effective combination to the logistics service and the financial product, has provided the new thought for solving the financing difficulty of the small and medium-sized enterprises. By introducing the core enterprise and the independent third party logistics enterprise into the original system, Accounts receivable financing is one of the basic forms of supply chain finance. Although there has been some development in our country, the degree of development is far from enough. Improving and improving accounts receivable financing is one of the effective means to solve the financing of small and medium enterprises. This paper first introduces the related theories of supply chain finance, financial derivatives theory, information economics theory and supply chain finance financing model, which provides the theoretical basis for the following analysis, and reviews the supply chain finance. The current situation of the research on SME financing and accounts receivable financing is reviewed, and the research direction of this paper is put forward. Then it analyzes the problems existing in the financing of accounts receivable of small and medium-sized enterprises in supply chain finance from both qualitative and quantitative perspectives, and mainly analyzes the financing mode of accounts receivable and the risk identification from the qualitative point of view. Quantitative analysis through the establishment of a game model of financing income of banks and enterprises, the conclusion is that the credit problem is still one of the aspects of the supply chain financial accounts receivable financing to be improved; finally, On the basis of analyzing the feasibility and practicability of introducing financial derivatives into supply chain finance, this paper improves the traditional accounts receivable financing mode by embedding credit derivative swap mechanism. The game model is used to compare the financing mode before and after the improvement, and the results show that the improved model is obviously superior to the traditional one.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.4

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