供应商现金缺口期的融资策略:贷款融资vs.保理融资  

Financing strategy of suppliers with cash gap:Bank loan vs.accounts receivable factoring

作　　者：田春英 陈东彦 陈兆波[3] Tian Chunying;Chen Dongyan;Chen Zhaobo(School of Economics and Management,Harbin University of Science and Technology,Harbin 150080,China;School of Science,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]哈尔滨理工大学经济与管理学院,黑龙江哈尔滨150080 [2]哈尔滨理工大学理学院,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：《系统工程学报》2022年第1期51-63,共13页Journal of Systems Engineering

基　　金：国家自然科学基金资助项目(71402112);山西省高等学校人文社会科学重点研究基地资助项目(201801032)。

摘　　要：生产型供应商通常因应付账款的到期日早于应收账款的到期日产生现金缺口期.在批发价格契约下,研究了供应商产生现金缺口期融资需求的外部条件及其在贷款和保理两种融资方式之间的选择策略.研究表明:融资条件为下游零售商的预付款低于一定水平且金融市场上银行无风险收益率不高于特定值;在保理费率适当的前提下,供应商将在应收账款管理效率高于临界水平时采取贷款融资、管理效率低于临界水平时采取保理融资,并且均衡融资策略随金融市场竞争程度、保理商融资比例及生产成本而变动.A production supplier has to face cash gap contingently due to the mismatch of his accounts payable and accounts receivable on expiry date.This paper studies the conditions under which a supplier needs to finance his cash cap and studies his choice between bank loan and factoring finance.The results show that:(a)the supplier needs to finance if the prepayment from the downstream retailer is lower than a certain level and the bank’s risk-free return rate is not too high;(b)when the factoring fee is acceptable,the supplier will choose bank loan if his efficiency in managing the accounts receivable is higher than a threshold,and choose factoring finance otherwise.Besides,the equilibrium financing strategy varies with the competition of the financial market,the factor’s financing ratio and the production cost of the supplier.

关 键 词：供应链 批发价格契约 现金缺口期 贷款融资 保理融资 

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