考虑应收账款质量的供应链无追索权保理融资模型  

A supply chain non-recourse factoring finance model considering the quality of the accounts receivable

作　　者：陈东彦 田春英 陈兆波[3] CHEN Dongyan;TIAN Chunying;CHEN Zhaobo(School of Science,Harbin University of Science and Technology,Harbin 150080,China;School of Management,Harbin University of Science and Technology,Harbin 150080,China;School of Economics and Management,Taiyuan University of Science and Technology,Taiyuan 030024,China)

机构地区：[1]哈尔滨理工大学理学院,黑龙江哈尔滨150080 [2]哈尔滨理工大学管理学院,黑龙江哈尔滨150080 [3]太原科技大学经济与管理学院,山西太原030024

出　　处：《管理工程学报》2020年第4期101-108,共8页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71171069)。

摘　　要：保理商通过买入应收账款为企业融通资金,并在授信额度内提供买方信用担保,从而影响供应链的运营与融资决策。考虑应收账款质量对回款产生影响的情况,研究了无追索权保理合同下,面对保理商不同授信额度时,具有资金约束的供应商如何确定最优赊销数量以及保理商如何选择最优的授信额度等问题。研究表明,当应收账款质量高于一定的临界水平时,保理商将通过较高的授信额度促使供应商采取稳健的赊销策略,供应链的总产量高于无资金约束时的水平;当应收账款质量低于临界水平时,保理商将会降低授信额度,并导致供应商采取冒险的赊销策略,供应链的总产量能否达到无资金约束时的水平由应收账款质量与供应商投入全部资金时承担的市场风险共同决定。通过数值分析,研究了不同保理费率及应收账款质量下无追索权保理融资对供应链绩效的影响,进而得出了供应商选择融资与运营策略的条件。Deferred payment methods are common in the buyer's market,and it results in accounts receivable accounting for a significant proportion of the liquid assets of manufacturer production.Although the theory has proved that such transaction credit is an effective mechanism for improving supply chain performance,when it has liquidity restrictions and faces higher credit risk,suppliers often need to transfer accounts receivable to factor for cash in order to reduce the risk.In the case of non-recourse factoring financing,the Factoring Chamber approves a credit line for a specific retailer before the buyer and the seller sign the sales contract,and provides the supplier with financial support and buyer credit guarantee to the extent of the limit.In this way,on the one hand,the supplier obtains more production funds;on the other hand,the factor takes greater risks in the process of seeking profit maximization,which has two practical problems:a)How much credit should the factor provide to the supplier?b)How many products should the supplier produce after the factoring financing is obtained?This paper studies the above problems by constructing the Stackelberg game model in the framework of the Newsboy model.This model is widely used in the field of supply chain finance to describe related problems with uncertain market demand.In practice,the factor needs to conduct a detailed review of the retailer's credit before credit is granted,and makes a decision based on the survey results.In this paper,the difference in quality of accounts receivable is specially considered in the modeling,and the quality of accounts receivable is studied to understand how it influences the factor’s optimal credit decision and the number of transaction credits sold by the supplier under a given amount.First,the optimal credit sales strategy for suppliers without financial constraints is given.Second,credit sales decisions of suppliers with financial constraints under a certain credit line are discussed.Third,how the factor can determine the credi

关 键 词：供应链 保理融资 应收账款质量 无追索权 

分 类 号：F224[经济管理—国民经济] C931.1[经济管理—管理学]