资金约束下的供应链联合融资研究

发布时间：2018-07-25 12:37

【摘要】：当前，供应链融资业务，无论是在理论研究方面，还是在实践中，均依赖供应链上的核心企业，且有融资需求的中小企业往往直接与核心企业存在贸易往来。当供应链上缺乏资信水平很高的核心企业时，或者中小企业并不直接与供应链上核心企业存在贸易往来时，对于这些中小企业，开展供应链融资业务同样是迫切的。本文在详细分析探讨供应链融资业务的三种主要运作模式基础上，提出了供应链联合融资业务模式，设计了相关的业务流程，定性分析了供应链联合融资业务的风险控制措施，并通过构建博弈模型，定量分析论证了联合融资业务的可行性。分析结果证明，供应链联合融资业务可以突破对供应链上核心企业的依赖。同一个供应链上的上下游中小企业基于他们之间真实的业务往来，通过设计一定的担保契约，可以满足贷款机构对于风险控制的要求，实现联合融资。然后采用Stackelberg博弈模型，建立了供应链联合融资业务的契约模型，通过数学推导，，从理论上分析联合融资业务中各参与方的决策过程。最后通过算例分析，以数值模拟的方法直观展示出联合融资业务的契约参数的设计过程，并分析了相关参数对各参与方期望利润的影响，结果证明联合融资业务可以提高供应链整体效益。
[Abstract]:At present, supply chain financing business, whether in the theoretical research or in practice, all rely on the core enterprises in the supply chain, and SMEs with financing needs often have direct trade with the core enterprises. When the supply chain lacks the core enterprises with high credit level, or the SMEs do not have direct trade with the core enterprises in the supply chain, it is also urgent to carry out the supply chain financing business for these small and medium-sized enterprises. Based on the detailed analysis of three main operation modes of supply chain financing business, this paper puts forward the supply chain joint financing business model, designs the related business process, and qualitatively analyzes the risk control measures of the supply chain joint financing business. And through the construction of game model, the feasibility of joint financing business is demonstrated quantitatively. The results show that the supply chain joint financing business can break the dependence on the core enterprises in the supply chain. The upstream and downstream SMEs in the same supply chain can meet the requirements of risk control and realize co-financing by designing a certain guarantee contract based on their real business transactions. Then the Stackelberg game model is used to establish the contract model of the joint financing business of supply chain. Through mathematical derivation, the decision-making process of each participant in the joint financing business is analyzed theoretically. Finally, the design process of contract parameters of joint financing business is demonstrated by numerical simulation, and the influence of relevant parameters on the expected profit of each participant is analyzed. The results show that the joint financing business can improve the overall efficiency of the supply chain.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.4

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