基于供应链金融的存货质押融资决策分析  

An Inventory Pledge Financing Decision Analysis Based on SCF

作　　者：魏悦[1] 

机构地区：[1]五邑大学经济管理学院,广东江门529020

出　　处：《五邑大学学报（自然科学版）》2015年第2期38-43,共6页Journal of Wuyi University(Natural Science Edition)

基　　金：江门市哲学社会科学规划项目(JM2013B07)

摘　　要：考虑产品市场为典型的报童模型,经销商以其初始库存作质押,在核心企业回购契约的担保下向银行申请库存质押融资,在对报童模型下经销商的成本收益结构进行数值分析的基础上,引入银行下侧风险控制的贷款价值比决策模型构建银行的期望利润模型,分析了需求不足导致的销售回款无法还清贷款本息和的情况,继而分析核心企业回购率对经销商贷款限额的影响及对供应链的协调作用.研究表明,初始库存保证经销商在需求为零时仍能获得贷款,该贷款额与初始库存成正相关关系;回购率的增长实质上是提高了银行对滞销产品处置的价格,进而提高了银行对经销商的最大贷款额.Taking the product market as the typical newsboy model, dealers apply to the bank with their initial inventory for inventory impawn financing under the core enterprise’s guarantee of buyback contract. According to the numerical analysis of the dealer’s cost-benefit structure, the article introduces a decision model for the downside risk control of bank loans to value ratio to build the bank’s expected profit models, analyzes the situation where the days sales outstanding cannot pay off the loan principal and interest because of insufficient demand, and discusses the effect of repurchase rate on dealers’ loan limit and its coordination of the supply chain. The results show that dealers’ initial inventory help them get loans even when the demand is zero, and the threshold is proportional to the initial inventory （positive correlation）. The essence of the repurchase rate growth is to increase the disposal price of unsalable products by the bank, and when the price increases the bank can raise its maximum loan amount.

关 键 词：供应链金融 存货质押融资 回购率 贷款价值比 

分 类 号：F270[经济管理—企业管理]