非对称信息下供应链融资优化决策研究  

Optimization Decision on Supply Chain Finance under Asymmetric Information

作　　者：窦亚芹[1,2] 朱金福[3] 

机构地区：[1]南京航空航天大学经济管理学院,南京210016 [2]南京工程学院经济管理学院,南京211167 [3]南京航空航天大学民航学院,南京210016

出　　处：《管理评论》2012年第9期170-176,共7页Management Review

基　　金：江苏省高校哲学社会科学基金项目(2011SJD630056);南京工程学院创新基金项目(CKJ2011008)

摘　　要：本文提出供应链融资的概念框架,并对非对称信息条件下供应链内部融资存在的信息优势及其对供应链价值的影响进行分析。基于供应链内部融资的信息优势和收益来源,构建出供应链融资基本模型,并分别考虑信息成本和不考虑信息成本情形建立供应链融资优化决策模型。研究表明,不考虑信息成本情形下,供应链内部融资的价值增加表现为融资主体间的利率套利和融资外部收益;考虑信息成本情形下,受资方向出资方转换信息增加的边际成本与出资方降低的边际报酬相等时的均衡解是出资方信息转换的最优决策点,此时将实现供应链价值最大化。This paper presents the conceptual framework of supply chain finance, and analyzes information advantages within supply chain finance and its impact on supply chain value under asymmetric information. Based on information advantages and benefits sources within supply chain finance, we construct the basic model of supply chain finance. In addition, we analyze the model of opti- mization decision of supply chain finance respectively by neglecting information cost and by considering information cost. Our results show that increase in value within supply chain finance refers to interest rate arbitrage between financing bodies and external finance income if information cost is neglected; and if information cost is considered, increase in marginal cost that the fund-raising party trans- fers information to the investor is equal to reduction of the latter＇s marginal return, which is the optimal decision point. Thus value of the supply chain will be maximized.

关 键 词：供应链融资 信息成本 资金成本 信息不对称 

分 类 号：F274[经济管理—企业管理] F224[经济管理—国民经济]