基于供应链金融的应收账款保理融资及运作决策研究

发布时间：2018-04-20 10:30

本文选题：供应链金融 + 有追索权保理　；参考：《南京理工大学》2017年硕士论文

【摘要】：当前,在我国经济持续稳定的发展过程中,中小企业发挥了巨大作用,但中小企业的发展却面临重重困难。其中资金短缺,融资困难是其发展道路中最大的阻碍。由于资金约束的限制,中小企业很难快速健康的发展,长期发展下去必将对我国经济发展产生不利的影响。供应链金融的出现,为中小企业的融资难问题带来了新的解决思路。这种新型灵活的金融融资服务大大缓解了中小企业融资难的问题,有助于中小企业获得所需资金。供应链金融融资模式不仅能够有效地解决中小企业资金约束问题,而且能够同时提升供应链整体的效益,增强供应链整体的竞争能力。当供应商受到资金约束,可基于核心零售商的信用担保,售让应收账款进行保理融资。本文将对保理融资的相关问题进行讨论。文章首先研究了有追索权保理融资和无追索权保理融资方式下保理商应收账款保理融资比例的决策问题。然后,对有追索权保理融资和无追索权保理融资两种融资模式下,零售商的订货量和供应商的批发价格进行了详细研究,通过数学建模的方式,对上述问题进行了定量分析;同时,对于两种融资模式下的相关决策进行了对比分析研究。最后,本文研究了基于保理融资的收益共享契约模型。对有追索权保理融资和无追索权保理融资两种融资模式下的收益共享契约进行了探讨。通过研究发现:在无追索权保理融资和有追索权保理融资模式下,保理融资利率和损失补偿率的提高,会使零售商订购量降低,供应商批发价格提高。无追索权保理融资模式下的零售商订购量在一定情况下小于有追索权保理融资模式下的订购量,供应商批发价格在一定情况大于有追索权保理融资模式下的批发价格。这对于金融机构和供应链主体的相关决策具有重要指导意义。另外,基于有追索权保理融资和无追索权保理融资情形下的收益共享契约模型都能够使零售商处于主导地位的两级供应链达到协调,并且核心零售商可利于其优势地位使得供应商只能获得契约约定的最小收益,从而实现供应链收益的最大化。
[Abstract]:At present, in the process of sustained and stable economic development in China, small and medium-sized enterprises (SMEs) have played a great role, but the development of small and medium-sized enterprises (SMEs) is facing many difficulties. Among them, capital shortage, financing difficulty is the biggest obstacle in its development road. Because of the restriction of capital, it is difficult for small and medium-sized enterprises to develop rapidly and healthily, and the long-term development will inevitably have a negative impact on the economic development of our country. The emergence of supply chain finance has brought new solutions to the financing difficulties of small and medium-sized enterprises. This new flexible financial service greatly alleviates the financing difficulties of SMEs and helps them to obtain the required funds. The financial financing model of supply chain can not only effectively solve the problem of financial constraints for small and medium-sized enterprises, but also enhance the efficiency of the whole supply chain and enhance the competitiveness of the whole supply chain at the same time. When suppliers are constrained by funds, factoring financing can be made based on the credit guarantee of the core retailer. This paper will discuss the related problems of factoring financing. This paper first studies the decision of factoring financing proportion of factoring accounts receivable with recourse and factoring without recourse. Then, under the two financing modes of recourse factoring financing and non-recourse factoring financing, the order quantity of retailers and the wholesale price of suppliers are studied in detail, and the above problems are analyzed quantitatively by mathematical modeling. At the same time, the paper makes a comparative analysis and research on the related decision-making under the two financing modes. Finally, this paper studies the profit sharing contract model based on factoring financing. This paper discusses the revenue-sharing contract under the two financing modes of recourse factoring financing and non-recourse factoring financing. Through the research, it is found that the increase of factoring financing interest rate and loss compensation rate in the mode of non-recourse factoring financing and recourse factoring financing will reduce the order quantity of retailers and increase the wholesale price of suppliers. The quantity of retailer ordering under the mode of non-recourse factoring financing is smaller than that under the mode of recourse factoring financing under certain circumstances, and the wholesale price of supplier is larger than the wholesale price under the mode of recourse factoring financing. It is of great significance for financial institutions and supply chain players to make relevant decisions. In addition, the revenue-sharing contract model based on recourse factoring financing and non-recourse factoring financing can make the retailers in the dominant two-level supply chain to achieve coordination. And the core retailer can make the supplier obtain the minimum profit as agreed by the contract so as to maximize the profit of the supply chain.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F274;F832.4

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