存货质押融资中考虑银行Downside-risk的回购契约设计  

Inventory Financing's Buyback Contract Under the Bank's Downside-risk

作　　者：辛玉红[1] 魏悦[2] 

机构地区：[1]广东技术师范学院会计学院,广东广州510665 [2]五邑大学经济管理学院,广东江门529020

出　　处：《运筹与管理》2015年第4期233-239,共7页Operations Research and Management Science

基　　金：广东省自然科学基金资助项目(9452902001003568);江门市哲学社会科学规划项目(JM2013B07);2014年广东技术师范学院博士科研启动项目资助

摘　　要：本文研究供应链金融中存货质押融资模式下回购契约的设计问题,即在需求不确定和银行下侧风险(Downside-risk)规避的前提下,通过对契约合同中变量范围的控制实现供应链的协调。文中首先给出了考虑银行利息与风险规避在内的供应链契约模型,然后分别分析了银行下侧风险控制模型下供应商的促销成本分担比例的下限值和在不减少供应商期望收益原则下该比例的上限值,最终得出该下限值由银行下侧风险控制指标和质押量共同决定,而当销售商的订购量越多时,供应商愿意接受的努力成本分担比例上限值也越大,并给出相应的上下限值。Considering the small and medium-sized enterprises＇ liquidity funds shortage problem in supply chain coordination management, this paper combines SCF with contract design aiming at the unsure need, by control- ling the variable scope of the contract to help the system make a reasonable response to bank＇ s downside-risk. We figure out the contract and the scope of the suppliers＇ promotion cost sharing proportion under the bank＇ s downside-risk, finding the lower limit affected by bank＇ s related indexes and pledge amount greatly. Besides, by analyzing the upper limit of repurchase price and promotion cost sharing proportion＇ s increase to ensure that the suppliers＇ expect income won＇ t reduce, it turns out the upper limit is positively related to the sellers＇ order quantity.

关 键 词：供应链金融 供应链协调 回购契约 存货质押融资 下侧风险规避 

分 类 号：F270[经济管理—企业管理]