供应链预付账款融资决策研究

发布时间：2018-03-17 11:06

本文选题：保兑仓融资　切入点：先款后货担保融资　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：在中国,中小企业一直受到融资问题的困扰,缺少资金一直是局限其发展的瓶颈。主要是因为中小企业自身信誉度低、信息不透明、财务不健全以及未来的发展前景不明确。因此,银行等金融机构对其授信的门槛高,贷前需要耗费大量的人力、物力去调查企业的背景,来规避其“逆向选择”风险。授信之后银行的审查人员通常需要去企业进行检查,来规避企业“道德风险”的发生。这些都使得银行信贷流程复杂以及审贷环节冗长。尤其是当银行的贷款风险和监督成本过高、交易不经济时,银行会选择不贷。因此,在现实情况中,中小企业一般不能够通过金融机构贷款融资。如果核心企业是上游生产企业,核心企业的下游企业为获得更有利于自己的生产条件,通常会提前预付货款给供应链中的核心企业或者较为强势的核心企业会要求其预付货款。这样会占用中小企业的资金,使其本来不宽裕的资金链条更为紧张。银行等金融机构通过开展供应链金融,利用供应链中与中小企业有业务来往的核心企业的信用,给供应链中的中小企业提供授信,给中小企业融资带来了新的契机。实践中,银行通过对供应链中企业在贸易运作流程的各个环节所需的金融服务需求提出具有针对性的融资服务类别,例如:预付款融资、存货融资、应收账款融资等多种产品和服务,旨在供应链的框架下,给供应链上的节点企业,尤其是缺乏资金的中小企业提供融资服务。供应链金融作为一类操作性强的融资模式,在学术界已经有众多的文献对其相关问题进行了研究,引起了学者们广泛关注和重视。本文在前两章对供应链金融的四种模式及其一般的操作流程进行了阐述。后面章节从供应链中资金短缺的下游中小企业的融资需求和金融机构提供融资服务所面临违约风险的角度出发来对供应链金融中的预付账款进行研究。面临资金短缺且需要预付货款的下游中小企业(零售商)和供应链上的核心企业(供应商)组成的二级供应链中,以预付账款中的保兑仓融资模式和先款后货融资模式为研究对象,比较了两种方式对零售商订购量的影响。最后基于供应链信用和银行风险规避,给出了银行的初始保证金决策。并依次建立了相关的融资决策模型。第一,给出了保兑仓融资模型,分析了银行的初始保证金决策、银行的利率决策。建立供应商、核心企业和银行的收益函数模型。研究表明:(1)银行在开展保兑仓融资时,愿意收取较少的保证金,开展保兑仓融资的风险主要来自于核心企业的信用。(2)零售商存在最优订货量,在满足一定条件下等于无资金约束供应链最优订购量。(3)在保兑仓下,供应链中各参与主体的收益增加,实现了帕累托改进,保兑仓融资增加了供应链的收益。第二,给出了供应商、核心企业和银行三方合作先款后货融资模型。研究表明:(1)在先款后货融资下,零售商的最优订货量大于单独融资时的订货量,在满足一定条件下等于无资金约束零售商的最优订购量,但是达不到无资金约束供应链的最优订购量。第三,基于供应链信用进行了扩展研究,建立银行初始保证金比例决策模型。研究表明:(1)在开展预付款融资前,银行可以根据供应链的信用度来制定初始保证金比例,来限制其贷款量,规避风险。(2)银行初始保证金比例与供应链信用度、产品价值稳定性呈负相关关系;与银行风险厌恶程度呈正相关关系。在中国贷款利率受到国家相应的管制下,银行通过保证金的决策来调节贷款以规避风险,具有一定的现实意义。第四,分别分析在保兑仓和先款后货融资模型下,主体融资决策、和融资前后主体收益,研究结果表明保兑仓的协调订货的能力高于先款后货模式。银行初始保证金决策也在我国利率管制下,降低了银行的贷款风险。第五,通过本文的分析为供应链预付账款融资提出一定程度的建议。
[Abstract]:In Chinese, small and medium-sized enterprises has been plagued by financing problems, lack of funds has been limited to its development bottleneck. Mainly because of the small and medium-sized enterprises credibility is low, financial information opaque, imperfect as well as the future prospects are not clear. Therefore, the threshold of banks and other financial institutions, the credit is high, need to spend a lot of manpower before the loan, material resources to investigate the background of the enterprise, to avoid the risk of "adverse selection". After the bank credit review personnel often need to check to avoid the occurrence of the enterprise, the enterprise of "moral hazard". All these make the flow of credit bank lending and complex part of a lengthy. Especially when the loan risk and the cost of bank supervision the transaction is not too high, the economy, the bank will choose not to loan. Therefore, in reality, small and medium-sized enterprises generally can not through loan financing institutions. If the core enterprise is on Tour production enterprises, the core enterprise for downstream enterprises more conducive to their own production conditions, usually prepaid in advance to the core enterprise in supply chain or strong core enterprise will require the payment in advance. It will take up the small and medium-sized enterprise funds, to make it to the off the chain of funds banks more nervous. Other financial institutions through the development of financial supply chain, the supply chain of small and medium enterprises is the core enterprise business of the credit, the supply chain in small and medium-sized enterprises to provide credit to the financing of small and medium-sized enterprises has brought new opportunities. In practice, the bank needed for the enterprises in the supply chain of each link in the trade operation process the demand for financial services to propose targeted financing service categories, such as: advance financing, inventory financing, accounts receivable financing and other products and services to the supply chain framework Next, to the node enterprises in the supply chain, especially the lack of funds to provide financing services for small and medium-sized enterprises. Supply chain finance as a kind of financing mode of operation is strong, in the academic circles there have been many literatures on the researches on the relevant problems, aroused widespread concern and attention. The first two chapters the four modes of supply chain finance and general operating procedures are discussed. In later chapters, funds from the supply chain downstream of the shortage of the financing needs of SMEs and financial institutions to provide financing services face the risk of default on the point of the research on Supply Chain Finance in prepayments. Facing a shortage of funds and the need to advance for the small and medium-sized enterprises (downstream retailers) and the core enterprise of the supply chain (Supplier) two level supply chain composed of the prepayments in the confirming warehouse financing mode and financing after the first shipment Model as the research object, analyzed the two ways of retailers ordering quantity. Finally, based on the supply chain and the bank credit risk aversion, the bank gives the initial margin decision. And in order to establish the financing decision-making model. First, given the confirming warehouse financing model, analysis of the bank's initial margin decision, the bank the interest rate decision. The establishment of supplier, revenue function model of core enterprise and bank. The research showed that: (1) banks in the confirming warehouse financing, willing to charge less to carry out risk margin, confirming warehouse financing mainly comes from the core business of credit. (2) the existence of the optimal order quantity is equal to the retailer, without capital constrained supply chain optimal order quantity under certain conditions. (3) in the warehouse, increase the income of participants in the supply chain, to achieve a Pareto improvement, confirming warehouse financing to increase the profit of supply chain Second, given the core suppliers, enterprises and banks to three parties after the first shipment financing model. The results show that: (1) the first paragraph after the goods financing under the optimal quantity of the retailer's order quantity is greater than the individual financing, is equal to the optimal order quantity of the retailer without capital constraint under certain conditions, but not without capital constrained supply chain optimal order quantity. Third, supply chain credit based on the expansion of research, establish bank initial margin ratio decision model. The results show that: (1) in advance before financing, banks can be formulated according to the initial margin ratio of supply chain credit, to limit the amount of loans. To avoid the risk of the bank. (2) the initial margin and the proportion of supply chain credit, there was a negative correlation between the value of the product stability; positively correlated with bank risk aversion. By the corresponding national regulation in the Chinese loan interest rate Under the bank through the decision to adjust the loan deposit in order to avoid the risk, has a certain practical significance. Fourth, respectively in the analysis after the first shipment and confirming warehouse financing model, financing decision, financing and return the results of the study show that before and after the subject, ability to coordinate the confirming warehouse orders higher than that after the first shipment. The initial margin decision in bank interest rate control in China, to reduce the risk of bank loans. Fifth, this paper puts forward some suggestions for the supply chain of prepayment financing.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F274;F832.4

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