考虑风险因素下供应链网络捆绑融资模型及分析

发布时间：2018-05-27 18:16

本文选题：中小企业质押融资 + 供应链网络　；参考：《武汉纺织大学》2012年硕士论文

【摘要】：中小企业融资难是限制中小企业发展的重要因素。尽管国家出台一系列相关政策鼓励商业银行开通中小企业融资业务，但由于中小企业资信、规模等因素使银行在融资业务面临巨大风险，故而中小企业融资问题仍无法解决。近年来，存货质押融资这种由银行、第三方物流企业、中小企业三方共同参与的新型融资模式逐步开始在部分商业银行开展起来，有望解决中小企业由于资信问题无法获得融资的难题。质押融资主要通过物流企业在银行与中小企业之间作为中介进行沟通，解决两者之间信息不对称问题，帮助减少融资的风险、降低融资成本。随着国内供应链的迅速发展，供应链网络的中小企业质押融资过程中表现出与普通供应链质押融资不同的特点。本研究通过对普通供应链质押融资业务研究的基础上，对供应链网络内资金流的特点进行定性研究，分析供应链网络质押融资运行模式及业务中存在的风险，并对风险控制提出建议。研究表明，在产业集群下供应链网络的资金流效率高于普通供应链，供应链网络内部的企业之间的协同作用增加了质押融资对于中小企业的发展作用和融资效率，同时也有利于减少银行在融资业务中遭受的风险。为增强整个供应链网络的竞争力，加快供应链网络内部中小企业的发展，需要增加中小企业在质押融资中获得的贷款。本研究在考虑风险的情况下，为提高质押融资的质押率，考虑供应链网络内部核心企业作为中小企业的担保方，与中小企业捆绑为一体形成供应链捆绑模式寻求银行的借贷资金。通过建立数学模型和数值分析研究表明，在库存相等的情况下，捆绑融资可从银行获得更高的质押率和贷款金额；随着库存的增加，捆绑融资质押率逐渐降低；在违约风险下银行确定的质押率要大于不违约风险下的质押率；融资企业零售商、制造商、供应链三方所获得的利润增加，增长的幅度随着库存的增加而减小；当银行为风险中性下，更倾向选择与个体融资企业进行合作；而在风险规避下，会选择与捆绑融资企业合作。除了分析业务内部因素对于质押融资产生影响，外部的国家宏观利率对于融资决策也有重要的影响，本研究在研究供应链网络捆绑融资的基础上，建立数学模型，分析在银行率变化与融资资金有限制下对于融资的影响。研究表明，中小企业无贷款限制且自有资金不变的情况下，随着银行贷款利率的增加，零售商的最佳订购量和所获得的利润都随之减少，银行自身利润随之增加；中小企业存在贷款限制且自有资金不变的情况下，零售商在订购量只能限制在银行最佳利润时的订购量范围内，，期间零售商利润减少，银行的利润增加。
[Abstract]:The difficulty of small and medium-sized enterprises financing is an important factor restricting the development of small and medium enterprises. Although the state has issued a series of relevant policies to encourage commercial banks to open SME financing business, but because of the SMEs' credit, scale and other factors, banks are facing huge risks in financing business, so the financing problem of SMEs can not be solved. In recent years, inventory pledge financing, a new financing model involving banks, third-party logistics enterprises and small and medium-sized enterprises, has gradually begun to develop in some commercial banks. It is expected to solve the problem that SMEs can not get financing due to credit problems. Pledge financing mainly through logistics enterprises between banks and small and medium-sized enterprises as an intermediary to solve the problem of information asymmetry between the two to help reduce the risk of financing and reduce financing costs. With the rapid development of domestic supply chain, the financing process of small and medium-sized enterprises in supply chain network is different from that of common supply chain pledge financing. On the basis of the research on the common supply chain pledge financing business, this paper makes a qualitative study on the characteristics of the capital flow in the supply chain network, and analyzes the operation mode of the supply chain network pledge financing and the risks in the business. And put forward the suggestion to the risk control. The research shows that the efficiency of capital flow in supply chain network is higher than that in common supply chain under industrial cluster, and the synergy among enterprises in supply chain network increases the development effect and financing efficiency of pledge financing for small and medium-sized enterprises. It also helps to reduce the risk banks face in their financing operations. In order to enhance the competitiveness of the whole supply chain network and accelerate the development of SMEs within the supply chain network, it is necessary to increase the loans obtained by SMEs in pledge financing. In order to improve the pledge rate of pledge financing, the core enterprises in the supply chain network are considered as the guarantors of small and medium-sized enterprises under the consideration of risk. Form the supply chain binding mode with the small and medium-sized enterprises as a whole to seek the bank's loan funds. The mathematical model and numerical analysis show that under the condition of equal inventory, the bundled financing can obtain higher pledge rate and loan amount from the bank, and with the increase of inventory, the pledge rate of bundled financing decreases gradually. Under the default risk, the pledge rate determined by the bank is larger than that under the non-default risk, and the profit obtained by the retailer, manufacturer and supply chain of the financing enterprise increases, and the increase decreases with the increase of inventory. When banks are risk-neutral, they tend to cooperate with individual financing enterprises, while under risk aversion, they choose to cooperate with bundled financing enterprises. Besides analyzing the influence of internal business factors on pledge financing, the external national macro interest rate also has an important impact on financing decision. This study establishes a mathematical model based on the study of supply chain network bundled financing. This paper analyzes the influence of the change of the bank rate and the limitation of the financing funds on the financing. The research shows that with the increase of the interest rate of bank loan, the optimal order quantity and profit of the retailer will decrease, and the profit of the bank will increase with the small and medium-sized enterprises having no limit on loan and no change of their own capital. In the case of small and medium-sized enterprises having loan restrictions and their own funds unchanged, the retailer's order quantity can only be limited within the range of the bank's best profit. During this period, the retailer's profit decreases and the bank's profit increases.
【学位授予单位】：武汉纺织大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.3;F832.4

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