供应链纵向融资下联贷联保与商业信用融资比较

发布时间：2018-01-16 16:07

本文关键词：供应链纵向融资下联贷联保与商业信用融资比较　出处：《华中科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：供应链金融已成为供应链管理研究的重要领域之一。同时，供应链上资金约束是影响供应链绩效的重要因素。目前，供应链上资金约束大多集中在中小企业。中小企业是我国特色社会经济体系的重要组成部分，同时是社会主义市场经济中最具有活力的群体。随着我国经济进入转型时期，中小企业逐渐成为中国经济增长的重要增长点。由于我国金融体系的原因，，金融机构对中小企业的融资设有较高的门槛。因此这一现象逐渐形成中小企业的融资难和融资贵的问题。针对这些问题，联贷联保等一系列新的金融融资模式的产生在很大程度上缓解了中小企业融资问题。商业信用融资是一种广泛运用的短期资金融通形式。在某种程度上联贷联保和商业信用融资有很多相同之处。本文以资金约束的报童模型为基础，从供应链角度上研究两种融资方式对供应链绩效产生的影响。本文研究了由一个供应商和一个零售商组成的供应链中联贷联保和商业信用融资这两种融资方式对供应链上绩效的影响。本文商业信用融资中，供应商根据两种方式来制定利率。一种是供应商根据风险中性对利率进行定价。另一种是根据供应商自身收益最大化来制定利率。通过对两种融资模式的比较，我们可以看出两种融资模式下，零售商的最优订货量与自有资金和银行利率成递减关系。本文研究表明在零售商按照风险中性对利率进行定价时，商业信用融资下零售商和整条链与联贷联保相比能够取得更高收益。在另外一种定价模式下，两种融资模式对供应链的绩效与零售商的自有资金相关。
[Abstract]:Supply chain finance has become one of the important research fields of supply chain management. At the same time, financial constraints on supply chain are the important factors that affect the performance of supply chain. Most of the capital constraints in the supply chain are concentrated in the small and medium-sized enterprises, which are an important part of the social and economic system with Chinese characteristics. At the same time, it is the most dynamic group in the socialist market economy. With China's economy entering the transition period, small and medium-sized enterprises have gradually become an important growth point of China's economic growth. Because of the reasons of China's financial system. Financial institutions have a higher threshold for SME financing. Therefore, this phenomenon is gradually forming the financing difficulties and financing expensive problems of SMEs. The emergence of a series of new financial financing models, such as joint loan protection, has greatly alleviated the financing problem of small and medium enterprises. Commercial credit financing is a widely used form of short-term financing. There are many similarities with commercial credit financing. This paper is based on the financial constraints of newsboy model. The effect of two financing methods on supply chain performance is studied from the point of view of supply chain. In this paper, we study the effects of two financing methods, which are the joint loan guarantee and the commercial credit financing, on the performance of the supply chain, which are composed of a supplier and a retailer. In this paper, we discuss the effect of the two financing methods on the performance of the supply chain. The supplier sets the interest rate according to two ways. One is that the supplier price the interest rate according to the risk neutral, the other is to set the interest rate according to the supplier's own profit maximization. We can see that the optimal order volume of retailers is decreasing with their own capital and bank interest rate under the two financing modes. This study shows that when retailers price interest rates according to risk neutrality. Under commercial credit financing, the retailer and the whole chain can achieve higher returns compared with the joint loan guarantee. In the other pricing mode, the performance of the two financing modes on the supply chain is related to the retailer's own capital.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F274;F832;F224

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