考虑外汇风险的保理融资研究

发布时间：2018-06-04 06:25

本文选题：保理融资 + 外汇风险管理　；参考：《中国管理科学》2017年09期

【摘要】：随着国际贸易中卖方市场向买方市场的转变,赊销使中小外贸商外汇应收账款数额急剧提高,加重企业资金不足问题;另一方面,汇率波动引起的外汇应收账款贬值成为新的风险要素,保理融资为解决以上两个问题提供了新的思路。保理融资能否完全消除企业面临的资金不足及外汇风险问题,是否总可以为企业创造价值仍需理论上的探讨。本文使用均值—方差方法刻画企业的风险态度,求解并分析了中小外贸商的最优生产与保理联合决策,最优的保理比率与应收账款额度成正比,随着最优生产量的提高而升高。通过进一步分析,本文发现,虽然一方面保理融资通过增大生产可行域,缓解外贸中小企业的资金不足问题,提升企业的利润水平,但同时保理融资在降低了外汇风险的同时增大了需求相关风险,可能提高企业面临的总体风险水平,这在需求极具波动的市场中尤其显著。因此,保理融资并不能总为企业增加价值,管理者需要根据实际情况确定最优的生产与保理决策。
[Abstract]:With the change from seller's market to buyer's market in international trade, credit sale makes the amount of foreign exchange receivable of small and medium-sized foreign trade companies increase sharply, which aggravate the shortage of funds in enterprises; on the other hand, The depreciation of foreign exchange receivable caused by exchange rate fluctuation becomes a new risk factor. Factoring financing provides a new way to solve the above two problems. Whether factoring financing can completely eliminate the shortage of capital and foreign exchange risk, whether it can always create value for enterprises still needs to be discussed theoretically. In this paper, the Mean-Variance method is used to describe the enterprise's risk attitude. The optimal factoring ratio is proportional to the amount of accounts receivable, and the optimal factoring ratio increases with the increase of the optimal production. Through further analysis, this paper finds that, although factoring financing, on the one hand, alleviates the problem of insufficient funds for small and medium-sized foreign trade enterprises by increasing the feasible region of production, and promotes the level of profits of enterprises, At the same time factoring not only reduces the foreign exchange risk but also increases the demand-related risk which may improve the overall risk level which is especially significant in the market with volatile demand. Therefore, factoring financing can not always add value to the enterprise, managers need to determine the optimal production and factoring decision according to the actual situation.
【作者单位】：教育部人文社会科学重点研究基地清华大学现代管理研究中心;清华大学经济管理学院;清华大学社会科学学院经济学研究所;
【基金】：国家自然科学基金资助项目(71490723)
【分类号】：F832

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