预付账款融资模式中核心企业操作策略研究

发布时间：2018-11-03 13:40

【摘要】：预付账款融资是供应链金融的重要模式之一，能够帮助企业解决采购过程中遇到的资金瓶颈问题，给各参与方增加利润，因而得到广泛关注和应用。本文主要做了供应链金融预付账款融资模式中核心企业的操作策略研究，力图找到一种能够持续实现核心企业利润最大化的操作方案，来为企业经营决策提供理论参考。为了实现上述目的，本文首先系统地阐述了供应链金融概念，介绍了委托代理、交易成本、自偿性贸易相关基础理论，分析比较了预付账款、存货类和应收账款三类供应链金融融资模式，为全文的研究奠定了理论基础。其次，基于预付账款融资三方参与模式，在分析各参与方期望利润的基础上，建立了基于随机市场需求的基础模型、考虑回购违约的特殊模型和保证回购条件下的改进模型；通过对模型的对比分析，发现了供应链总利润的大小最终取决于回购率的大小。然后，基于期望利润模型，分系统决策和单独决策，分别求出了利润最大化时各种模型中参数表达式；通过对预付账款融资与传统供应链贸易的利润比较，，得出了运作预付账款融资的参与约束；在预付账款融资中，给出了解决出现大量回购产品的参考策略，即回购违约策略和避免出现大量回购产品的方案，即激励、促销和组建战略联盟三种方案。这为预付账款融资模式的理论研究提供了思路，也为实际操提了供决策参考。最后，基于前文的理论研究，做了案例分析。在分析各参与方风险的基础上，结合所建立的模型，提出一般、特殊和改进三种操作方案；再带入仿真数据，得到以下结论：无论是系统决策还是单独决策，改进方案中的供应链总利润、核心企业期望利润和供应商总利润都是大于基础方案的；核心企业会选择改进方案中的单独决策作为最优操作策略。同时说明改进模型相对基础模型具有优化作用；对于特殊模型具有替代作用；验证了改进方案能够作为预付账款融资操作参考的通用方案。
[Abstract]:Pre-payment financing is one of the important models of supply chain finance, which can help enterprises solve the problem of capital bottleneck in purchasing process, increase profits for each participant, and thus get wide attention and application. This paper mainly studies the operation strategy of the core enterprise in the financing mode of supply chain finance prepaid account, and tries to find a kind of operation plan which can continuously realize the profit maximization of the core enterprise, to provide the theory reference for the enterprise management decision. In order to achieve the above purpose, this paper firstly introduces the concept of supply chain finance, introduces the basic theories of principal-agent, transaction cost, self-compensation trade, and analyzes and compares the prepaid accounts. Inventory and accounts receivable three types of supply chain financial financing model, for the full study of the theoretical basis. Secondly, based on the three-party participation model of pre-payment financing, based on the analysis of the expected profits of the participants, the paper establishes the basic model based on the demand of random market, considering the special model of repurchase default and the improved model under the condition of guaranteed repurchase. Through the comparison and analysis of the model, it is found that the total profit of the supply chain depends on the repurchase rate. Then, based on the expected profit model, sub-system decision and individual decision, the parametric expressions of each model are obtained respectively when the profit is maximized. By comparing the prepaid account financing with the profit of the traditional supply chain trade, the participation constraints of the operation prepaid account financing are obtained. In the financing of prepaid accounts, the paper gives the reference strategy to solve the problem of repurchase products, that is, the strategy of repurchase breach of contract and the scheme of avoiding a large number of repurchase products, which are incentive, promotion and forming strategic alliance. This provides a theoretical approach for the research of prepayment financing mode, and also provides a reference for decision-making. Finally, based on the previous theoretical research, a case study is made. On the basis of analyzing the risks of each participant, combined with the established model, three kinds of operation schemes, general, special and improved, are put forward. Then bring the simulation data into the simulation data and get the following conclusions: the total profit of the supply chain in the improved scheme, the expected profit of the core enterprise and the total profit of the supplier are all larger than that of the basic scheme, regardless of the system decision or the individual decision; The core enterprise chooses the individual decision in the improvement scheme as the optimal operation strategy. At the same time, it shows that the improved model can optimize the basic model, replace the special model, and verify that the improved model can be used as a general reference for the prepayment financing operation.
【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F831

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