存在破产成本的保理决策研究  

A Study on the Factoring Decisions When Bankruptcy Costs Exist

作　　者：张晓建[1] 沈厚才[1] 李娟[1] 陈一凡[1] 

机构地区：[1]南京大学工程管理学院

出　　处：《管理学报》2013年第8期1223-1229,1237,共8页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71071074;71271111);国家自然科学基金资助青年项目(70802041);江苏省2011年度普通高校研究生科研创新计划资助项目(CXZZ11_0053)

摘　　要：基于由供应商、保理商和零售商组成的供应链,建立了无追索权保理和有追索权保理的决策模型。在这些模型的基础上,求解最优的保理折扣率,并给出分散决策和集中决策模式下的保理选择算法。最后,通过算例和数值分析研究了零售商的破产管理成本和运作资金对保理折扣率的影响,以及供应商和保理商对保理的选择。In this paper, decision models of non-recourse factoring and recourse factoring are developed respectively in a supply chain which includes a supplier, a factor and a retailer. Base on the models, the optimal discount rate of factoring is found, and then the factoring choice scenarios in the decentralized decision-making mode and the centralized decision-making mode are given. Finally, it studies the influence of the retailer＇s administrative cost of bankruptcy and the retailer＇s working capital on the discount rate of factoring as well as the factoring choice of the supplier and the factor by numerical example and sensitivity analysis.

关 键 词：融资 供应链 保理 追索权 

分 类 号：C93[经济管理—管理学] F253.4