保兑仓融资下数量折扣契约研究

发布时间：2018-04-02 13:37

本文选题：资金约束　切入点：保兑仓融资　出处：《天津大学》2014年硕士论文

【摘要】：随着全球经济一体化的步步推进，企业之间的竞争不再局限于同行之间，竞争焦点正逐步向供应链之间的竞争转移。要实现供应链的高效运作，必须以供应链中的“信息流”、“物流”、“资金流”三流的共同协调为前提。在供应链中，核心企业一直居于主导地位，上下游企业居于从属地位。由于账期拉长，采购现金预付等的问题普遍存在使很多企业出现资金短缺的问题。上下游企业因自身规模、信用等级等约束，融资较为困难，被资金不足问题困扰的情况日益严重，进而也导致了整个供应链的效率低下。在众多解决中小企业困境的手段中，银行参与的供应链金融是最行之有效的方法之一，能够切实帮助中小企业解决资金约束问题。供应链契约是使得供应链的协调的重要手段和方法。因此，供应链契约在供应链运营中有了较为广泛的运用。根据我国实际情况，更多的学者开始关注供应链契约和融资契约的协调问题。当今社会保兑仓融资模式虽然被众多企业广泛应用，但现有的研究多以定性分析为主，鲜有探讨该融资契约与运用契约相结合定量分析的研究。所以本文首次尝试保兑仓融资考虑进数量折扣契约的参数设计问题。针对中小企业面临资金约束问题的具体情况，考虑中小企业的运营决策才与实际情况更相符。文章选择资金约束的供应链下游为研究对象，以零售商自有资金不足作为前提条件，构建基于保兑仓模式的供应链融资模型，研究采用数量折扣契约时供应链的协调情况。首先结合国内企业的实际，构建保兑仓模式下银行利率模型，再应用Stackelberg博弈模型求解出银行、制造商、零售商各自决策的最优参数，通过供应链的集中决策与分散决策对比发现：无数量折扣时，，分散决策不能实现供应链的完美协调；有数量折扣时，制造商选取的折扣点和折扣量在一定条件下，可以使零售商和制造商的收益同时增加，达到供应链的完美协调，最后本文对实际案例进行分析验证模型的正确性。
[Abstract]:With the development of global economic integration, the competition among enterprises is no longer confined to peers, and the focus of competition is gradually shifting to the competition between supply chains.In order to realize the efficient operation of supply chain, the common coordination of "information flow", "logistics" and "capital flow" in supply chain must be the premise.In the supply chain, the core enterprises always occupy the leading position, the upstream and downstream enterprises occupy the subordinate position.Due to the drawback of the account period, the problem of purchasing cash prepayment makes many enterprises face the problem of capital shortage.Because of its own scale, credit rating and other constraints, the upstream and downstream enterprises are more difficult to finance, and are increasingly troubled by the problem of insufficient funds, which leads to the inefficiency of the whole supply chain.Among the many ways to solve the difficulties of SMEs, the supply chain finance in which banks participate is one of the most effective methods, which can effectively help SMEs to solve the problem of capital constraint.Supply chain contract is an important means and method to coordinate supply chain.Therefore, supply chain contract has been widely used in supply chain operation.According to the actual situation of our country, more scholars begin to pay attention to the coordination of supply chain contract and financing contract.Nowadays, although the financing mode of confirmed warehouse is widely used by many enterprises, most of the existing researches are based on qualitative analysis, and there are few quantitative studies on the combination of the financing contract and the application contract.Therefore, this paper first tries to consider the parameter design of quantity discount contract in confirmed position financing.In view of the specific situation that SMEs are facing the problem of capital constraint, it is more consistent with the actual situation to consider the operational decision of small and medium-sized enterprises.In this paper, the downstream supply chain with capital constraints is selected as the research object, and the supply chain financing model based on the confirmed warehouse model is constructed to study the supply chain coordination when the quantity discount contract is adopted.First of all, according to the actual situation of domestic enterprises, the bank interest rate model under the confirmed position model is constructed, and then the Stackelberg game model is applied to solve the optimal decision parameters of the banks, manufacturers and retailers.Through the comparison of centralized decision and decentralized decision of supply chain, it is found that when there is no quantity discount, decentralized decision can not realize the perfect coordination of supply chain, and when there is quantity discount, the discount point and quantity chosen by manufacturer are under certain conditions.It can increase the profit of retailer and manufacturer at the same time and achieve the perfect coordination of supply chain. Finally, this paper analyzes and verifies the correctness of the model in practical cases.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F274

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