供应链融资下的反向保理模式设计与机制优化:风险规避与合作共赢视角  

Reverse Factoring Model Design and Mechanism Optimization under Supply Chain Financing:The Perspective of Risk Aversion and Win-Win Cooperation

作　　者：刘涛 康凯[1] 何孟雨 LIU Tao;KANG Kai;HE Meng-yu(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China)

机构地区：[1]河北工业大学经济管理学院,天津300401

出　　处：《现代财经（天津财经大学学报）》2022年第12期77-92,共16页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(14BGLD55)。

摘　　要：通过现金流优化提高企业财务绩效,是供应链有效运营的关键。反向保理运用零售商信誉缓解供应商资金困境,其模式和机制对保理商和供应链现金流有显著影响。基于保理商风险规避视角,以实现保理商与供应链合作共赢为目的,构建由保理商、供应商和零售商组成的供应链反向保理融资模型,研究反向保理模式设计和机制优化,探讨合作共赢机制和风险规避对供应链反向保理融资优化效果的影响规律。研究发现反向保理融资过程中,保理商可以通过权衡风险和收益,确定最优付款期限和融资比率实现保理商、供应商和零售商“三赢”局面。风险规避保理商可以通过限制零售商订单量上限影响订购决策实现反向保理机制优化,达成合作共赢。保理商风险规避程度较高时,提高融资比率或缩短付款期限会降低供应链经济盈余。研究结果为反向保理融资模式设计与机制优化提供理论指导。实践中,风险规避保理商可以制定最优付款期限和融资比率,实现保理商、供应商和零售商合作共赢。Improving a corporate’s financial performance through cash flow optimization is the key to the effective operation of the supply chain.Reverse factoring uses the retailer’s credit rating to alleviate the supplier’s financial distress,whose mode and mechanism have a significant impact on the factor’s and supply chain’s cash flow.Based on the factor’s risk aversion perspective,in order to realize the win-win cooperation between the factor and the supply chain,this paper constructs a supply chain reverse factoring financing model composed of the factor,the supplier and the retailer,studies on the reverse factoring model design and system optimization,and explores the impact of win-win cooperation mechanism and risk aversion on the optimization effect of reverse supply chain factoring financing.It is found that in the process of reverse factoring financing,the factor can balance risks and benefits to determine the optimal payment term and financing ratio to achieve a“win-win-win”situation among the factor,the supplier and the retailer.The risk-averse factor can optimize the reverse factoring mechanism and achieve win-win cooperation by limiting the upper limit of the retailer’s order quantity to affect the ordering decision.When the risk aversion of the factor is high,increasing the financing ratio or shortening the payment period will reduce the economic surplus of the supply chain.The research results provide theoretical guidance for the reverse factoring financing model design and mechanism optimization.In practice,a risk-averse factor can formulate optimal payment terms and financing ratios to achieve a“win-win-win”situation between the factor,the supplier and the retailer.

关 键 词：反向保理 融资比率 付款期限 风险规避 机制优化 

分 类 号：F252.3[经济管理—国民经济]