基于税盾效应的供应链贸易信用融资优化决策研究  

Supply Chain Optimal Strategy under Trade Credit Based on Tax Shield Effect

作　　者：谢家平 董国姝 张为四 杨光 XIE Jia-ping;DONG Guo-shu;ZHANG wei-si;YANG Guang(College of Business, Shanghai University of Finance and Economics, Shanghai 200433, China;College of Modern Service, Zhejiang Shu Ren University, Hangzhou 310015, China)

机构地区：[1]上海财经大学商学院,上海200433 [2]浙江树人大学现代服务业学院,浙江杭州310015

出　　处：《中国管理科学》2018年第5期62-73,共12页Chinese Journal of Management Science

基　　金：国家社科基金重大项目(15ZDB161);国家自然科学基金面上资助项目(71272015)

摘　　要：针对中小企业融资困境的现实,本文基于贸易信用融资模式,引入税盾效应,建立了由单一核心供应商和单一经销商组成的含税盾的贸易信用模型,探讨有融资需求的经销商进行订货、核心供应商定价的决定策略,探究不同计息方式的价值实现和融资模式优选。通过stackbelberg博弈、比较分析和算例验证,研究发现以订货量确定为基准,融资需求出现的时点对供应链企业计息方式的选择均有影响。税法关于利息抵扣上限、贸易信用贷款利率、订货量等均影响经销商计息方式的选择,融资额度影响其订货策略;生产成本的差额、定价策略影响供应商的计息方式。Paying corporate income tax is an obligation that all enterprises must undertake.The tax burden is a cost that all businesses cannot afford to ignore.But the tax act has led to a tax shield for businesses with financing.It could offset some of the taxes that should be paid by the capital-raising companies.So,to target to optimize supply chain enterprises in the financial system,it embodies in the supply chain enterprises have financing leverage risk and cost and tax shield effect in the process of weighing,and combines with different ways of financing interest cash situation analysis,so that more accurate and practical business decision-making has been done.Research is based on trade credit financing pattern,introducing the tax shield effect,and establishes a trade credit model with tax shield in a two-stage supply chain composed of a single core supplier and a single dealer.The research studies supply chain dealers＇ quantity strategy with financing needs are and core suppliers price strategy,discusses the value of explicit and implicit interest means on the enterprise supply chain.And the decision-making guidance is provided for the choice of the means of payment in the trade credit.Through the Stackbelberg game and optimization and comparative analysis,the best order decision of the distributor and the best price decision of the supplier are found,and further according to the way of interest on cash or a pre-determined recessive and dominant plan breath way of financing demand point,we put on the supply chain enterprise respectively in four kinds of situations.The comparison and analysis of the profit of enterprise target in different situation is analyzed,and the decision in the highest profit situation is the optimal decision choice of the enterprise.Through the comparative analysis,it is found that when dealers need financing after the quantity of goods is determined,if tax on the interest deduction ceiling is lower than the similar bank loan rate in the same period,implicit interest settlement is far more

关 键 词：贸易信用 税盾效应 运营策略 利息计算方式 

分 类 号：F272.3[经济管理—企业管理]