基于采购执行的物流金融收益与风险研究

发布时间：2018-08-23 11:51

【摘要】：近年来，供应链上下游的中小企业因其为主导企业提供外包服务得到了迅速发展。但主导企业将资金占用和财务成本转移给中小企业使中小企业资金链紧张，又由于中小企业可用作抵押担保的固定资产有限，且没有良好的信用评级和健全的财务制度，银行很少对中小企业发放贷款，造成中小企业融资难的现状。物流金融作为一种新的金融服务，为中小企业提供了有效的融资方式，依据融资企业所处的生产经营周期和资金缺口的阶段各不相同，分为基于预付账款融资、基于存货融资和基于应收账款融资三种模式。采购执行融资作为预付款融资的创新模式，是指物流企业凭借其贸易业务能力和资金实力，代融资企业向供应商采购货物并拥有货物所有权，提供基础物流服务和融资结算等服务，参与产品交易获得贸易利差，同时承担交易风险的一种融资模式。通过整理相关文献可知，目前，对于基于采购执行融资的物流金融模式研究很少。本文以分析采购执行融资模式的收益和风险为研究目的，分析了采购执行融资模式的结构、特点和参与主体的作用，并与其他物流金融模式进行对比，，为采购执行融资模式的理论研究奠定了理论基础。针对采购执行融资模式，分别分析了价格波动和需求随机两种情况下物流企业的收益和风险。认为物流企业虽然增加了利润，但因承担融资企业违约所造成的损失风险，使其面临的风险较大。基于以上研究结论，本文按价格波动和需求随机两种情况分别优化了采购执行融资模式，分析了银行的收益和风险，研究下侧风险控制模式下银行的贷款价值比决策。在需求随机模式中，将回购契约引入由供应商、物流企业和融资企业组成的三级供应链中，研究物流企业的回购决策如何影响物流企业和银行的收益和风险。并对比分析了优化前后物流企业的收益，得出结论为优化后物流企业的期望收益更大。并用案例证实了以上结论，对采购执行融资的实践发展具有理论指导意义。
[Abstract]:In recent years, SMEs in upstream and downstream supply chains have developed rapidly because of their outsourcing services to leading enterprises. However, the transfer of capital occupation and financial costs by leading enterprises to small and medium-sized enterprises has strained the financial chain of small and medium-sized enterprises, and because of the limited fixed assets that SMEs can use as collateral, and because they do not have a good credit rating and a sound financial system, Small and medium-sized enterprises are rarely granted loans by banks, resulting in financing difficulties for small and medium-sized enterprises. Logistics finance, as a new financial service, provides an effective financing method for small and medium-sized enterprises. According to the different stages of production and operation cycle and fund gap of financing enterprises, it can be divided into prepaid accounts financing. There are three models based on inventory financing and accounts receivable financing. Procurement execution financing as an innovative mode of advance financing refers to the logistics enterprises purchasing goods from suppliers and owning the ownership of goods on behalf of the financing enterprises by virtue of their trade business ability and financial strength. Providing basic logistics services and financing settlement services, participating in product trading to obtain trade spreads, while taking the transaction risk of a financing model. According to the related literature, there are few researches on the logistics finance model based on purchasing execution financing. The purpose of this paper is to analyze the profit and risk of the purchasing execution financing model, analyze the structure, characteristics and the role of the participants, and compare it with other logistics finance models. It lays a theoretical foundation for the theoretical research on the financing mode of purchasing execution. Aiming at the financing mode of purchasing execution, the paper analyzes the profit and risk of logistics enterprises under the condition of price fluctuation and stochastic demand. It is considered that although logistics enterprises increase their profits, they face greater risks because they bear the risk of losses caused by the default of financing enterprises. Based on the above conclusions, this paper optimizes the purchasing execution financing model according to the price fluctuation and the stochastic demand, analyzes the bank's income and risk, and studies the decision of the bank's loan value ratio under the lower risk control mode. In the model of stochastic demand, the repurchase contract is introduced into the three-level supply chain composed of suppliers, logistics enterprises and financing enterprises, and how the repurchase decisions of logistics enterprises affect the profits and risks of logistics enterprises and banks are studied. The results show that the expected income of logistics enterprises is higher after optimization. The above conclusion is confirmed by case study, which is of theoretical significance to the practice and development of purchasing execution financing.
【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】：F253;F274;F830.5

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