基于应收账款保理融资的供应链金融决策研究

发布时间：2018-04-11 18:06

本文选题：供应链金融 + 应收账款保理融资　；参考：《上海交通大学》2014年硕士论文

【摘要】：当前我国的中小企业普遍陷入融资难的困境，银行间的竞争也愈演愈烈，在这种情况下供应链金融应运而生并得到了大力发展。其中应收账款保理融资是一种重要的供应链融资模式，已得到广泛应用。它可解决银行、中小企业、核心企业等面临的诸多问题，实现多方共赢，提升整个供应链的效益和竞争力。尽管国内外学术界对应收账款保理的研究并不少，然而主要集中在定性研究，而且较少考虑供应链与该业务结合的情况。本文在现有文献的基础上，将应收账款保理融资引入到供应链系统中，综合考虑各参与方的收益和决策，通过建立数学模型的定量分析方法探究了融资企业的最优应收账款转让策略、核心企业的最优订购量和违约概率、银行的最优保理融资比率问题。本文首先简要介绍了供应链金融，在此基础上总结了应收账款融资的模式及保理融资在我国的发展历程。其次，通过构建两阶段供应链中的各方期望利润模型，分析了在追求供应链整体利益最大化的条件下，融资企业在保理融资时的最优应收账款转让决策和核心企业在保理项下的最优订货量及违约概率问题，并运用数值算例验证了保理融资的相关因素对企业决策的影响。接着，构建了在跨国供应链中，保理银行面临汇率风险和信用风险时的期望利润模型，探讨了在汇率固定和随机的情况下银行的最优融资比率，并用数值算例验证了各相关变量与最优融资比率间的关系。然后，通过一则保理的案例分析了保理业务与供应链结合的必要性。最后，，对全文做出总结，并提出了后续研究方向。
[Abstract]:At present, the small and medium-sized enterprises in our country generally fall into the predicament of financing difficulty, and the competition among banks is becoming more and more intense. In this case, the supply chain finance emerges as the times require and has been vigorously developed.The factoring financing of accounts receivable is an important mode of supply chain financing, which has been widely used.It can solve many problems faced by banks, small and medium-sized enterprises, core enterprises and so on, realize the win-win situation and enhance the efficiency and competitiveness of the whole supply chain.Although the research on the factoring of accounts receivable is not rare in the academic circles at home and abroad, it is mainly focused on qualitative research, and the combination of supply chain and this business is seldom considered.In this paper, based on the existing literature, the factoring financing of accounts receivable is introduced into the supply chain system, and the benefits and decisions of the participants are considered synthetically.Through the quantitative analysis method of establishing mathematical model, this paper probes into the optimal account receivable transfer strategy of financing enterprises, the optimal order quantity and default probability of core enterprises, and the optimal factoring financing ratio of banks.This paper first briefly introduces supply chain finance, and then summarizes the mode of accounts receivable financing and the development of factoring financing in China.Secondly, by constructing the expected profit model of the parties in the two-stage supply chain, the paper analyzes the condition of maximizing the overall benefit of the supply chain.The optimal account receivable transfer decision in factoring financing and the optimal order quantity and default probability of core enterprises under factoring are discussed, and the influence of factoring financing factors on enterprise decision is verified by numerical examples.Then, the paper constructs the expected profit model of factoring bank when it faces exchange rate risk and credit risk in multinational supply chain, and discusses the optimal financing ratio of bank under the condition of fixed and random exchange rate.Numerical examples are used to verify the relationship between the relevant variables and the optimal financing ratio.Then, the necessity of combining factoring business with supply chain is analyzed by a factoring case.Finally, the paper summarizes the full text and puts forward the direction of follow-up research.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F274;F832.4;F275

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