应收账款质押融资模式运行风险管理研究

发布时间：2019-03-10 19:08

【摘要】：我国的中小企业是支撑国民经济的重要组成部分,解决中小企业融资问题需要银行等金融机构的支持和供应链内部各个企业的通力合作。然而在合作过程中,参与供应链金融业务的企业往往在自身利益最大化目标的驱使下做出损害其他企业利益的行为。在竞争市场中,开展供应链金融业务模式存在委托代理以及交易成本问题,加之企业间普遍存在的信息不对称使得应收账款质押融资模式的运作风险随时可能发生。如何为应收账款质押融资业务的风险管理制定一个合理的管理方案,使企业能够应对市场环境的变化,进而保证贷款资金的顺利偿还成为企业生存与发展的关键。通过梳理国内外供应链金融风险管理的研究现状,同时结合供应链金融中应收账款质押融资模式的特点,基于信息不对称理论、交易费用理论、委托代理理论以及自偿性理论对其进行经济学分析。从供应链的角度出发,考虑供应链内部合作企业之间的关系结构和交易特点,对应收账款质押融资的具体业务流程进行了详细描述,指出了保证融资资金回流的重要性,运用风险管理方法对业务运作过程中存在的风险进行系统的定性分析,明确了开展该融资模式时进行风险管理的关键环节,由此引出了使供应链上应收账款债务企业的资金能够顺利回流是风险管理中的重要环节。在此基础上,对应收账款质押融资模式运作风险建立逻辑回归分析模型,并判断评估模型预测的准确度。提出了针对应收账款质押融资业务进行风险防范的管理方案,并针对融资资金的回流问题提出了定量的、基于供应链协调的风险管理决策,分别对基本回购契约和市场上存在顾客质量偏好情况下的回购契约协调决策进行研究,进一步得出当市场需求受顾客质量偏好影响时供应链协调的最优决策方案,并引入算例进行数值运算,运用算例结果验证协调决策模型的有效性。在实施应收账款质押融资业务时,基于全面风险管理的视角,通过制定科学、合理、系统的管理方案和供应链协调决策,并合理利用中小企业所在供应链的内部合作企业的实力,能够有效地提高参与供应链金融业务的企业以及金融机构的利润,使供应链可以持续稳定的发展,减少融资风险发生的可能性。
[Abstract]:Small and medium-sized enterprises in China are an important part of supporting the national economy. To solve the problem of financing for small and medium-sized enterprises requires the support of financial institutions such as banks and the cooperation of various enterprises in the supply chain. However, in the process of cooperation, the enterprises involved in the financial business of the supply chain are often driven by the goal of maximizing their own interests to do harm to the interests of other enterprises. In the competitive market, the problems of principal-agent and transaction cost exist in the development of supply chain financial business model. In addition, the information asymmetry between enterprises makes the operation risk of accounts receivable pledge financing model possible at any time. How to make a reasonable management scheme for the risk management of accounts receivable pledge financing business, so that enterprises can cope with the changes in the market environment, and then ensure the smooth repayment of loan funds become the key to the survival and development of enterprises. By combing the current research situation of supply chain financial risk management at home and abroad, combined with the characteristics of the financing mode of accounts receivable pledge in supply chain finance, based on the information asymmetry theory and transaction cost theory, The principal-agent theory and the self-reimbursable theory carry on the economic analysis to it. From the point of view of supply chain, considering the relationship structure and transaction characteristics of cooperative enterprises within the supply chain, this paper describes in detail the specific business process of accounts receivable pledge financing, and points out the importance of ensuring the return of financing funds. The risk management method is used to make a systematic qualitative analysis of the risks existing in the process of business operation, and the key links of risk management in carrying out this financing mode are clearly defined. This leads to the supply chain accounts receivable debt enterprises can smoothly return funds is an important link in risk management. On this basis, the paper establishes a logical regression analysis model for the operation risk of accounts receivable pledge financing model, and judges the accuracy of prediction of the evaluation model. This paper puts forward the management scheme of risk prevention for accounts receivable pledge financing business, and puts forward the quantitative risk management decision-making based on supply chain coordination, aiming at the backflow of financing funds. The coordination decision-making of repurchase contract under the condition of basic repurchase contract and customer quality preference is studied, and the optimal decision-making scheme of supply chain coordination is obtained when the market demand is influenced by customer quality preference. A numerical example is introduced to verify the effectiveness of the coordinated decision-making model. In the implementation of accounts receivable pledge financing business, based on the perspective of comprehensive risk management, through the formulation of scientific, reasonable, systematic management scheme and supply chain coordination decision-making, Reasonable utilization of the strength of the internal cooperative enterprises in the supply chain where SMEs are located can effectively improve the profits of the enterprises and financial institutions involved in the financial business of the supply chain, so that the supply chain can develop steadily and sustainably. Reduce the risk of financing.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.4

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