基于回购契约的农产品质押融资研究  

Analysis on Farm Produce-Based Financing Under Buy-back Contract

作　　者：赵天天[1] 王东[1] 

机构地区：[1]上海交通大学中美物流研究院,上海200030

出　　处：《贵州农业科学》2013年第3期192-196,共5页Guizhou Agricultural Sciences

基　　金：国家自然科学基金(青年)项目(71001063)

摘　　要：为了分析面临资金约束的农产品需求方和采用回购契约的农产品供应商组成的供应链的融资和运营决策问题,在市场需求随机、完全信息环境下,通过设计一个由银行、农产品需求方和供应商组成的供应链金融系统,探究了农产品需求方的最优订货数量、银行的最优贷款利率和供应商的最优回购率。在此基础上算例验证了各决策变量间的关系,并验证了理论分析的结果。结果表明:供应商回购契约的引入降低了农产品需求方的违约风险,可以为整个系统创造新价值。In order to study the financing and operational strategies for supply chain that is composed of a farm produce demander facing financial constraints and a supplier with buy-back contract, the author designed a supply chain financial system with banks, farm produce demanders and suppliers and researched the optimal financing interest of the commercial bank, the optimal order quantities of the farm produce demander and the optimal buy-back ratio of the supplier respectively. Based on this study, and further analyzed the relationships between different factors through the numerical examples and validated the theoretical analysis. The research results showed that the introduction of buyback contract could reduce the default risk of farm produce demander and create new values to the entire supply chain financial system.

关 键 词：农产品 存货质押融资 期望收益 回购契约 资金约束 

分 类 号：S-9[农业科学]