基于回购担保模式和返利契约的汽车供应链金融研究

发布时间：2018-05-03 07:10

本文选题：回购担保模式 + 目标返利契约　；参考：《西南交通大学》2017年硕士论文

【摘要】：汽车供应链是物流、信息流以及资金流的有机组成,其成员非常广泛,典型代表如制造商和经销商。如今,汽车供应链上的资金流问题特别是资金约束问题日益受到研究机构和企业的关注。由于汽车供应链上强大的核心企业(如制造商)对其中下游企业(如经销商)普遍存在采购预付现金、延长供应商账单之类的问题,以及中小企业一般资信水平较低、固定资产有限、可抵押资产偏少、财务系统与制度不健全,极易造成经销商面临资金短缺问题,影响其正常顺利经营,并且不利于整个汽车供应链效率的提升。为有针对性的解决此类问题,银行参与供应链融资下的回购担保模式应运而生,给受资金约束的企业带来了福音。而供应链契约作为协调供应链常用的优化手段,早已在供应链中得到广泛应用,考虑在供应链融资背景下的供应链契约研究也引起越来越多的专家学者的兴趣。而目标返利契约是在汽车供应链中应用较广泛的契约。本文以新型融资模式——回购担保模式为研究对象,主要研究由单个银行、单个汽车制造商和单个受资金约束的汽车经销商组成的汽车供应链系统,分析银行融资利率模型以及不同风险规避程度的银行质押率;利用Stackelberg博弈方法研究传统贷款融资模式、单一回购担保模式、回购担保与返利契约联合契约模式下的汽车供应链最优参数设定,分析供应链协调情况,并对三种模型下的最优订购量和回购价进行了对比。在本文研究假设的基础上,研究发现:1)银行的融资利率是银行无风险贷款利率的增函数,是回购价的减函数;2)汽车制造商的回购价越高,银行质押率也越高;3)与传统贷款融资模式相比,单一回购担保模式、回购担保与返利契约联合模式下可以有效激励供应链系统最优订购量增加,可以有效激励汽车经销商增加订购量,供应链通过契约参数设定可实现帕累托优化,并通过数值分析进行了验证。
[Abstract]:Automobile supply chain is an organic component of logistics, information flow and capital flow. Its members are very extensive, such as manufacturers and dealers. Nowadays, the problem of capital flow in automobile supply chain, especially the problem of financial constraint, has been paid more and more attention by research institutions and enterprises. As strong core firms in the automotive supply chain (such as manufacturers) generally procure cash in advance to downstream firms (such as dealers), such as extending supplier bills, and small and medium-sized enterprises generally have low credit levels, The fixed assets are limited, the mortgage assets are on the low side, the financial system and system are not perfect, it is easy to cause the dealers to face the problem of capital shortage, which affects their normal and smooth operation, and is not conducive to the improvement of the efficiency of the whole automobile supply chain. In order to solve this kind of problem, the repurchase guarantee mode of banks participating in supply chain financing arises at the historic moment, which brings good news to the enterprises constrained by capital. Supply chain contract has been widely used in supply chain as a common optimization method in coordination supply chain. The research of supply chain contract under the background of supply chain financing has attracted more and more experts and scholars' interest. The target return contract is widely used in automobile supply chain. In this paper, a new financing model, the repurchase guarantee model, is used as the research object, and the automobile supply chain system which is composed of single bank, single automobile manufacturer and single automobile dealer is studied. This paper analyzes the interest rate model of bank financing and the bank pledge rate with different degree of risk aversion, and studies the traditional loan financing mode and the single repurchase guarantee model by using Stackelberg game method. The optimal parameters of automobile supply chain under the model of repurchase guarantee and repurchase contract are set, the coordination of supply chain is analyzed, and the optimal order quantity and repurchase price under three models are compared. On the basis of the hypothesis of this paper, it is found that the financing interest rate of the bank is an increasing function of the risk-free loan rate of the bank and a minus function of the repo price) the higher the repo price of the automobile manufacturer, the higher the repurchase price. Compared with the traditional loan financing mode, the single repurchase guarantee model, the combined repurchase guarantee and rebate contract model can effectively encourage the supply chain system to increase the optimal order volume. The supply chain can realize Pareto optimization by setting contract parameters, and it is verified by numerical analysis.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F274;F426.471;F832.4

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