基于应收票据的物流金融模式研究

发布时间：2018-01-11 04:17

本文关键词：基于应收票据的物流金融模式研究　出处：《北京交通大学》2015年硕士论文　论文类型：学位论文

【摘要】：摘要：随着我国经济的高速发展,中小企业在数量上已经成为了我国企业构成的主体,在一定程度上也成为了我国最大的就业载体。然而传统银行信用贷款业务的限制,中小企业在获得金融资源支持方面的地位却截然不同与其在国民经济中的地位。随着物流企业的蓬勃发展和银行服务创新需求,出现了许多以物流企业为核心的物流金融融资模式。本文基于交易成本、委托代理、信息不对称三大理论,通过融资企业资产结构分析,提出流动性弱的问题资产可行性分析,以问题资产设计物流金融模式。以产权渠道中小企业为例,提出问题资产可行性分析,设计仓单质押、保兑仓等模式。针对物流渠道中小物流企业无存货、少量固定资产、大量应收票据的资产结构状况提出了以大型物流企业为“代理人”的应收票据物流金融NRLF (Notes Rceivable Logistics Finance)的融资模式。通过大型物流企业对中小物流企业的业务、营业状况做评价并给予一定的担保,以降低银行的风险,并盘活物流渠道中的沉淀资金。以应收票据为研究对象,定量分析在有大型物流企业参与下NRLF模式对参与主体三方的运作决策和成本收益的影响。首先,构建NRLF运作决策模型,通过模型求解,并用MATLAB得到,大型物流企业的努力系数不但能影响中小物流企业违约概率,也能帮助银行规避贷款风险,从而影响银行贷款决策。同时中小物流企业努力系数也可以直接影响大型物流企业的收益和决策。一方面大型物流企业要付出一定的努力监管票据和中小物流企业业务。当努力系数超过一定的范围,努力系数边际成本将急剧上升,因此另一方面大型物流企业又需要控制努力系数。其次,建立大型物流企业和中小型物流企业NRLF融资频率博弈模型,通过模型成本收益求解得到,大型物流企业是融资次数的减函数,中小物流企业是融资次数的增函数,通过博弈论可得融资可行域。当双方采用合作联合优化的模式,可获得系统最优解,通过卡尔多-希克斯改进理论确定补偿方案使得各方收益都大于非合作模式收益。最后,在上述模型分析的基础上,进行实证分析,给出参数结果并进行数值分析,对模型的应用进行验证。并与传统贷款模式计算结果作比较,证明了NRLF模式的可实践性和可操作性。
[Abstract]:Absrtact: with the rapid development of economy in our country, small and medium-sized enterprises have become the main body of enterprises in our country in quantity. To some extent, it has also become the largest employment carrier in China. However, the traditional bank credit loan business is limited. The status of small and medium-sized enterprises in obtaining financial resources support is quite different from their position in the national economy. With the vigorous development of logistics enterprises and the innovative demand of banking services. There are many logistics financial financing models with logistics enterprises as the core. Based on the transaction cost, principal-agent theory and asymmetric information theory, this paper analyzes the asset structure of financing enterprises. The feasibility analysis of the problem assets with weak liquidity is put forward, the logistics financial model is designed with the problem assets, and the feasibility analysis of the problem assets is put forward with the example of the small and medium-sized enterprises in the property right channel, and the warehouse receipt pledge is designed. Confirmation warehouse and other models. For logistics channels, small and medium-sized logistics enterprises do not have inventory, a small number of fixed assets. A large number of notes receivable assets structure of the proposed large logistics enterprises as "agents" of bill receivable logistics finance NRLF (. The financing mode of Notes Rceivable Logistics Finance. The business of small and medium-sized logistics enterprises through large logistics enterprises. In order to reduce the risk of the bank and activate the deposit fund in the logistics channel, the paper makes the evaluation of the business status and gives certain guarantee. Take the bill receivable as the object of study. Quantitative analysis of the impact of the NRLF model on the decision making and cost-benefit of the three parties involved with the participation of large logistics enterprises. First of all, the NRLF operational decision-making model is constructed, solved by the model, and obtained by MATLAB, the effort coefficient of large logistics enterprises can not only affect the probability of small and medium-sized logistics enterprises defaulting. It can also help banks avoid lending risks. At the same time, the coefficient of effort of small and medium logistics enterprises can also directly affect the income and decision of large logistics enterprises. On the one hand, large logistics enterprises have to pay a certain amount of effort to supervise bills and small and medium-sized logistics enterprises. Business. When the coefficient of effort exceeds a certain range. The marginal cost of the coefficient of effort will rise sharply, on the other hand, large logistics enterprises need to control the coefficient of effort. Secondly, establish large logistics enterprises and small and medium logistics enterprises NRLF financing frequency game model, through the model cost and income solution, large logistics enterprises is the reduction function of financing times. Small and medium-sized logistics enterprises are the increasing function of financing times, and the feasible region of financing can be obtained by game theory. When both sides adopt the mode of cooperative and joint optimization, the optimal solution of the system can be obtained. The compensation scheme is determined by the Cardox-Hicks improvement theory, which makes the income of all parties greater than that of the non-cooperative mode. Finally, on the basis of the above model analysis, the empirical analysis is carried out, the parameter results and numerical analysis are given, the application of the model is verified, and the results are compared with the traditional loan model. The practicability and maneuverability of NRLF model are proved.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F259.23;F832.4

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