大宗商品供应链金融运作模式及风险控制研究

发布时间：2018-06-03 02:32

本文选题：供应链金融 + 大宗商品　；参考：《吉林大学》2015年硕士论文

【摘要】：物流是涉及国计民生的基础性生产服务业。2009年国务院出台的物流产业振兴计划在全国掀起了物流业发展的浪潮，第三方物流企业借力发展，纷纷以各种形式参与或开展了供应链金融业务。此举在一定程度上解决了中小企业融资难的问题，，迎合了金融机构拓展业务、降低风险的需要，物流企业发展增值业务的需要以及大宗商品电子商务发展的需要。本文通过对国内外研究及其发展现状和供应链金融模式中适用于大宗商品的模式的充分研究，着眼于当前基于电子交易的大宗商品交易发展迅猛，但第三方物流企业缺乏竞争力、服务单一，中小企业融资困难的大背景，基于第三方物流企业，提出创新的供应链金融运作模式，使其可以贯穿于整个供应链，并研究了相关的风险管理内容。本文首先分析了供应链金融中金融机构、第三方物流企业、担保公司或代偿主体、保险公司、核心企业与授信主体等参与方的作用和角色。进而分析了应收账款融资、未来货权融资以及仓单质押融资三种基本的大宗商品供应链金融运作模式，并对大宗商品供应链金融运作模式的四个基本特点进行了详细阐述。最后本文对大宗商品供应链金融运作模式下的风险控制进行了研究，在分析了大宗商品供应链金融运作模式风险特征后，建立了一套风险评价指标体系，并利用现代VAR模型分析其风险水平。本文创新性地提出大宗商品供应链金融运作模式的四大基本特点，更为深入地剖析了大宗商品供应链金融融资体系的运作重点，并将VAR模型引入大宗商品供应链金融的风险控制中，为核心企业、授信企业、物流企业、商业银行的风险控制和预警方面提供量化指标，更直观的反映资金的风险状况，克服传统的依赖财务报表和主观判断的风险管理模式。随着宏观经济环境、法律法规以及客户的要求等因素的变化，大宗商品的供应链金融运作模式一直不断地发展和创新，在此发展之路上必定会有种种课题需要探讨和研究。本研究经过充分调查和研究，对各类型企业开展供应链金融的不同业务模式进行了分析和探讨，第三方物流企业所要实施的供应链金融运作模式贯穿整个供应链，其运行过程中必然会出现事前无法预料的新的风险，它们的出现可能会涉及到供应链上下游相关企业，第三方物流企业在实践当中需要对这些风险和相关影响进行研究和应对，例如建立科学的甄别方法予以识别，同时规划相应的风险管理措施。本文对大宗商品供应链金融的运作原理和模式的尝试构建，局限于作者的研究能力，模型的构建存在考虑因素无法全部纳入模型构建，模型需要不断完善和发展。在风险量化模型中，只分析计算单一因子的市场价格指数变动因素引起的市场风险防范指标—质押率的计算分析，并基于此基础上只利用专家判断法对质押率权重进行修正，如果将供应链整体信用指标体系的影响因素纳入模型中，将使模型更加可行合理。未来的研究方向还可以集中在大宗商品供应链金融的收益分析及供应链整体的优势分析等方面。
[Abstract]:Logistics is the basic production service industry involving the national economy and the people's livelihood in.2009. The logistics industry revitalization plan issued by the State Council has set off the development of logistics industry in the whole country. The third party logistics enterprises have participated in or carried out the supply chain financial business in various forms. This has solved the difficulty of financing for small and medium-sized enterprises to a certain extent. The problem meets the needs of the financial institutions to expand their business, reduce the risk, the need for the development of value-added services by the logistics enterprises and the needs of the development of the commodity electronic commerce. The easy commodity trading is developing rapidly, but the third party logistics enterprises are lack of competitiveness, the service is single, the big background of the financing difficulties of small and medium enterprises, based on the third party logistics enterprises, the innovative supply chain financial operation mode is put forward, which can run through the whole supply chain, and study the related risk management content.
This paper first analyzes the role and role of the financial institutions, third party logistics enterprises, the Guarantee corporation or the compensatory main body, the insurance company, the core enterprise and the credit main body in the supply chain finance, and then analyses the financial operation of the three basic commodity supply chains: the accounts receivable financing, the future goods right financing and the warehouse receipt pledge financing. The four basic characteristics of the financial operation mode of the commodity supply chain are expounded in detail. Finally, this paper studies the risk control under the financial operation mode of the bulk commodity supply chain. After analyzing the risk characteristics of the financial operation mode of the commodity supply chain, a set of risk evaluation index system is set up, and the use of the risk evaluation system is established. The modern VAR model analyzes its risk level.
In this paper, the four basic characteristics of the financial operation mode of the commodity supply chain are put forward innovatively. The operation emphasis of the financial financing system of the commodity supply chain is deeply analyzed, and the VAR model is introduced into the risk control of the commodity supply chain finance, which is the risk control of the core enterprise, the credit enterprise, the logistics enterprise and the commercial bank. Provide quantitative indicators for system and early warning, which can reflect the risk situation of funds more directly and overcome the traditional risk management models which rely on financial statements and subjective judgments.
With the change of macroeconomic environment, laws and regulations and the requirements of customers, the financial operation mode of supply chain of commodities has been developing and innovating continuously. There must be a variety of topics to be discussed and studied on the way of development. The same business model is analyzed and discussed. The supply chain financial operation mode of the third party logistics enterprises will run through the whole supply chain, and the new risk will inevitably appear in the process of its operation. Their appearance may involve the upstream and downstream related enterprises in the supply chain, and the third party logistics enterprises need to be in practice. We should study and respond to these risks and related effects, such as establishing a scientific screening method to identify them, and planning corresponding risk management measures.
This paper tries to construct the operation principle and model of the commodity supply chain finance, which is limited to the author's research ability. The construction of the model can not be fully incorporated into the model construction, and the model needs to be perfected and developed. In the risk quantification model, only the market price index change factors of the single factor are analyzed. On the basis of this, we only use expert judgment method to modify the weight of pledge rate. If the factors of the overall credit index system of the supply chain are included in the model, the model will be more feasible and reasonable. The future research direction can also be concentrated on the commodity supply chain finance. Analysis of revenue and advantages of supply chain.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F274;F832.4

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