基于双边资金约束的供应链融资决策研究  

Research on Supply Chain Financing Decision Based on Bilateral Capital Constraint

作　　者：王翔宇[1] 陈晓旭[1] 王艺宣 WANG Xiang-yu;CHEN Xiao-xu;WANG Yi-xuan(School of Economic and Management,Shanxi University,Taiyuan 030006,China;School of Marxism,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]山西大学经济与管理学院,山西太原030006 [2]上海财经大学马克思主义学院,上海200433

出　　处：《经济问题》2021年第2期80-88,共9页On Economic Problems

基　　金：山西省软科学一般项目“山西省科技型中小企业知识产权质押融资模式及风险补偿机制研究”(2019041002-4);山西省软科学一般项目“山西省知识产权金融服务创新模式及机制研究”(2018041044-1);山西省软科学一般项目“山西省中小企业供应链融资体系的构建与机制研究”(2017041010-7)。

摘　　要：中小企业在提高我国经济活力、吸收就业力等方面起到了不可替代的作用。然而很长时期内大量中小企业存在融资困难的问题,与此同时银行却始终无法对其提供有效的金融支持,实体经济与金融系统的合作陷入了怪圈。通过构建存在资金约束条件的供应商和零售商共同组成的供应链体系,考虑由银行信用以及贸易信用构成的融资组合决策,建立包含无明显风险偏好的供应商和零售商以及对风险相对厌恶的银行在内供应链体系,研究滞销商品残值与缺货惩罚对供应链成员融资决策绩效的影响,以及不同主体占主导地位决策下供应链成员融资与运营决策间的关系,同时对银行在最优决策下的贷款利率定价策略以及风险进行研究。研究结论可为中小企业及银行实施供应链融资及政府实施监督管理提供决策指导。Small and medium-sized enterprises(SMEs)are of significant importance in boosting China′s economy,solving employment problems,promoting technological innovations and et al.However,for a long time,SMEs have been facing the problem of difficult and expensive financing,while banks have been unable to provide effective financial services to SMEs.Co-operation between the real economy and the financial system is in a dilemma.Through the establishment of a supply chain system consisting of suppliers and retailers with bilateral capital constraints,this paper studies the financing portfolio decision composed of bank credit and trade credit.At the same time,it establishes a newsboy model including risk-neutral suppliers,retailers and risk-averse bank to discuss the impact of residual value of unmarketable commodities and punishment of shortage on the performance of supply chain financing system and the relationship between supply chain financing decision and operation decision under the dominant decision-making of different subjects.Also the pricing strategy and risk of loan interest rate under the optimal decision are studied.Conclusions can provide decision-making guidance for SMEs and banks on implementing supply chain financing decisions and government implementation of supervision and management.

关 键 词：供应链 融资决策 运营决策 银行风险 

分 类 号：F275.1[经济管理—企业管理]