低碳环境下考虑资金约束的供应链融资研究

发布时间：2018-01-02 18:23

本文关键词：低碳环境下考虑资金约束的供应链融资研究　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：推行低碳经济已经成为全球各国共识,也是我国现代化建设的重要目标。但中小企业在节能减排的过程中往往由于自有资金不足,制约了减排项目的研发与运作,且受限于自身实力与信用,难以单独从贷款机构获得融资支持,因此有必要发展低碳联合融资,帮助中小企业克服减排过程中的资金约束。本文论述了国内外发展低碳融资的的实践基础,认为碳交易市场需求广阔且资金缺口较大,为低碳融资提供了实践基础。然后在分析国内现有供应链融资的基础上,设计了中小企业低碳联合融资机制,从参与方动机的角度分析了该机制的运行特点与运行条件。为了进一步分析低碳融资各方的决策行为,以单一制造商与零售商组成的两级供应链为研究对象,首先引入回购契约建立基本模型,推导得到了低碳供应链在资金约束下实现协调的基本条件,即回购契约要能够协调零售商与制造商的利润函数,使之成为供应链系统利润函数的仿射函数,并分析了此时零售商与制造商的最优决策。然后建立中小企业低碳联合融资模型,分析供应链各方及银行的决策。研究表明,在融资模式下,通过修改回购契约,可以使分散决策下零售商与制造商的订货量与集中决策的订货量相一致,且融资模式下的供应链系统最优订货量要大于无融资支持的订货量;确定了融资模式下零售商的最优订货量与制造商的最优减排量、批发价格与减排成本分担系数,认为最优减排量将随银行利率、减排成本分担系数、批发价格以及零售商订货量上升而下降;证明了零售商破产风险将随着回购价格与减排成本分担系数的上升而下降,随着银行利率的上升而上升,给出了零制双方愿意贷款和银行愿意放贷的利率区间,可以为相关实践提供参考。本文的研究丰富了低碳供应链与供应链融资的相关理论,对中小企业融资模式进行了创新,有利于解决中小企业节能减排工作存在的资金约束,推动我国低碳社会的建设与发展,具有较好的学术价值与现实意义。
[Abstract]:The implementation of low carbon economy has become a global consensus, is also an important goal of China's modernization construction. But the small and medium-sized enterprises in the process of energy saving and emission reduction is often due to the lack of own funds, restricting the development and operation of emission reduction projects, and limited by their own strength and credit, it is difficult to separate from the lending institutions to obtain financing support, so it is necessary to develop low carbon financing, to help SMEs to overcome financial constraints in the process of reduction. This paper discusses the practice of low carbon development based financing at home and abroad, the demand that the carbon market is broad and the funding gap is relatively large, provide a practical basis for the low carbon finance. Then based on the analysis of the existing domestic supply chain financing, design the small and medium-sized enterprises with low carbon financing mechanism, from the perspective of participant motivation analysis of operating characteristics and operation conditions of the mechanism. In order to further analysis of low carbon financing parties The decision-making behavior of two level supply chain composed of a single manufacturer and retailer as the research object, first introduced the buyback contract to establish the basic model, deduced the low carbon supply chain basic condition to realize the coordination in the capital constraints, namely the profit function of buyback contract can coordinate to retailers and manufacturers, the supply chain has become an affine function the system of profit function, and analyzes the manufacturer and the retailer's optimal decision. Then the establishment of small and medium-sized enterprises in low carbon co financing model, analysis of all parties in the supply chain and the bank's decision. The results show that in the financing mode, by modifying the buyback contract, can make the order quantity under decentralized decision and centralized decision makers and retailers the consistent system, the optimal order quantity and supply chain financing mode is greater than the quantity without financial support; to determine the financing mode of the retail business The optimal ordering quantity and the manufacturer's wholesale price reductions, emission reduction and cost sharing coefficient, the optimal reduction with the reduction of bank interest rates, cost sharing coefficient, the wholesale price and the retailer's order quantity rise and decline; that the bankruptcy risk will increase with the retailer and the repurchase price reduction cost sharing coefficient decreased, increased with the rise of interest rates are zero and both sides are willing to loan the bank is willing to lend interest rate range, can provide reference for relevant practice. This study enriches the theory of low carbon supply chain and supply chain financing for small and medium-sized enterprises, financing mode innovation, to solve the funding constraints and energy saving and emission reduction work the enterprise, promoting the construction and development of low-carbon society in China, has a good academic value and practical significance.

【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F274;F832.4;F275

【参考文献】