考虑风险因素的供应链捆绑融资模型及分析  

Analysis of Financing Model Based on Supply Chain with Risk Factor

作　　者：刘春玲[1] 黎继子[1] 肖位春[1] 陈成[1] 黄纯辉[1] 曹晓刚[1] 

机构地区：[1]武汉纺织大学供应链金融系统研究中心

出　　处：《投资研究》2013年第5期17-27,共11页Review of Investment Studies

基　　金：国家自然科学基金(71171152;61004120);武汉市科技局软科学项目(201141333462);教育厅项目(T201111;D20111606);国家支撑计划(2011BAH21B01);教育部人文社科项目(11YJC630011)

摘　　要：零售商以供应链整体行为取代个体行为与银行进行捆绑融资,通过整个供应链的影响力可以改变融资在融资业务中的被动地位。论文在考虑银行贷款利率和贷款金额是否变化的情况下,分析捆绑融资中供应链零售商最佳订购量,以及对双方利润差异的影响。分析表明:在捆绑融资中,在无违约风险情况下,零售商最佳订购量与自有资金无关;而当存在违约风险时,零售商最佳订购量随着自有资金的增加而减少,并且对各自利润呈相反方向影响。In order to change the retailer＇s passive position in financing, the retailer can conduct financial transaction with bank through the whole supply chain rather than itself. Therefore, this paper studies optimal order quantity and change of profit for retailer and bank in two settings （bank loan rate and loan quota）. It finds that, under the supply chain, retailer order quanti- ty is not correlated to its own capital without contract risk, and decreases in retailer＇s own capital with contract risk, mean- while the retailer and bank profit have different changes in both settings.

关 键 词：供应链捆绑融资 仓单质押 质押率 贷款率 

分 类 号：F832.4[经济管理—金融学] F274F224