不对称信息下成长期科技型中小企业保理融资模式研究

发布时间：2018-04-20 12:33

本文选题：成长期科技型中小企业 + 保理融资　；参考：《天津大学》2014年硕士论文

【摘要】：科技型中小企业作为我国实现科技创新的有效载体，能够加速技术成果转化、缩短新产品研发周期，在我国建设创新型国家的进程中起着不可替代的作用。但由于科技型中小企业的原始创新及核心技术攻关等能力仍较弱，需要大量的资金投入以维持企业的生存和发展。然而，在科技型中小企业成长的各个时期普遍存在着信息不对称、融资渠道相对狭窄且成本过高等问题，使得大多数科技型中小企业都存在实质性的金融缺口。尤其是处于成长期的科技型中小企业，由于要完成向成熟期的过渡，存在更大的金融缺口。但目前已有的融资模式均不适合处于成长期的科技型中小企业。因此，本文首次提出了基于供应链的应收账款保理融资模式，旨在解决成长期科技型中小企业的融资困境。在信息不对称条件下，首次尝试将保理融资模式与批发价格契约以及委托代理模型相结合，探讨了资金约束的二级供应链(中小供应商—核心制造商)系统中运营契约参数的设计及其变化规律问题。同时研究了保理融资模式对供应链绩效的影响，通过将供应商采取保理融资时的供应链总利润与其采取银行直接贷款模式时的供应链总利润进行比较，得到较优的融资模式。本文在不对称信息下分别构建了供应商直接贷款模式以及保理融资模式的委托代理模型。通过对模型进行分析，得到两种模式下供应商的最优批发价格、制造商的最优订货量和支付给供应商的转移支付（利润分成）以及供应链的总利润与制造商加工成本（不对称信息）之间的函数关系；通过引入案例，分析保理融资的过程，，验证上述模型的有效性，从而得到相应的研究结论。研究发现：供应商的最优批发价格随制造商加工成本的增加而递增，最优订货量、转移支付及供应链总收益均随制造商的加工成本增加而递减。同时，通过对比看出，保理融资模式下制造商的最优订货量和供应链总利润均大于直接贷款模式下，且制造商支付给供应商的转移支付也高于直接贷款模式下。因此在考虑供应链系统总利润的条件下，保理融资模式好于直接贷款模式。另外，保理融资模式下制造商的总利润大于直接贷款模式下，且当制造商向供应商所报成本为其真实成本时，制造商获利最大。
[Abstract]:As an effective carrier of scientific and technological innovation in China, small and medium-sized technological enterprises can accelerate the transformation of technological achievements, shorten the cycle of research and development of new products, and play an irreplaceable role in the process of building an innovative country in China. However, the original innovation and core technology of small and medium-sized technological enterprises are still weak, so a large amount of capital investment is needed to maintain the survival and development of enterprises. However, the problems of information asymmetry, narrow financing channels and high cost exist in every period of the growth of science and technology small and medium-sized enterprises, which make most of them have substantial financial gap. Especially in the growing stage, there is a bigger financial gap due to the transition to maturity. However, the existing financing models are not suitable for the growth of science and technology small and medium-sized enterprises. Therefore, this paper for the first time puts forward the financing mode of receivables factoring based on supply chain, aiming at solving the financing dilemma of small and medium-sized technological enterprises in the growing period. Under the condition of asymmetric information, it is the first time to combine factoring financing model with wholesale price contract and principal-agent model. This paper discusses the design and variation of operating contract parameters in a two-level supply chain (medium and small supplier-core manufacturer) system with financial constraints. At the same time, the influence of factoring financing mode on supply chain performance is studied. By comparing the total profit of supply chain when supplier adopts factoring financing mode and the total profit of supply chain with bank direct loan mode, a better financing model is obtained. In this paper, the principal-agent models of supplier direct loan and factoring financing are constructed under asymmetric information. Through the analysis of the model, the optimal wholesale price of the supplier under two modes is obtained. The optimal order quantity of the manufacturer and the transfer payment (profit share) paid to the supplier and the functional relationship between the total profit of the supply chain and the manufacturer's processing cost (asymmetric information). The validity of the model is verified and the corresponding conclusions are obtained. It is found that the optimal wholesale price of supplier increases with the increase of manufacturer's processing cost, and the optimal order quantity, transfer payment and total profit of supply chain decrease with the increase of manufacturer's processing cost. At the same time, it can be seen that the optimal order quantity and total profit of supply chain in factoring financing model are higher than those in direct loan mode, and the transfer payment from manufacturer to supplier is higher than that under direct loan mode. Therefore, factoring financing mode is better than direct loan mode considering the total profit of supply chain system. In addition, under factoring financing mode, the total profit of the manufacturer is higher than that of the direct loan mode, and when the manufacturer reports the cost to the supplier as its true cost, the manufacturer makes the biggest profit.
【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】：F276.3;F832.4

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