固定利率贷款能纾解小微零售商资金有限的困境吗?  

Does Fixed-Rate Loans Help Small and Mirco Retailers with Insufficient Operational Capitals?

作　　者：郭红梅 秦梦琳 汪贤裕 吴萌 Guo Hongmei;Qin Menglin;Wang Xianyu;Wu Meng(Business School,Sichuan University,Chengdu 610064,China;Chengdu Qingbaijiang District Finance Bureau,Chengdu 610300,China)

机构地区：[1]四川大学商学院,四川成都610064 [2]成都市青白江区财政局,四川成都610300

出　　处：《中国管理科学》2024年第1期177-186,共10页Chinese Journal of Management Science

基　　金：国家自然科学基金项目(72071136,71911530461);教育部人文社会科学基金项目(16YJC630026);四川大学“双一流”人才专项(SKSYL201821);四川大学中央高校基本科研业务费项目(2022ZY-SX006)。

摘　　要：本文针对小微企业资金约束之困与民间借贷繁荣,研究利率定价方式对零售商运营决策的影响。在固定贷款利率下,本文构建了资金约束零售商的订购模型。通过引入零售商破产风险及相关成本,本文研究了银行的最优放贷决策和零售商的最优订购决策,并与浮动利率下零售商的订购决策进行了比较和分析。研究发现:在固定利率下,抵押物价值是影响银行放贷决策的唯一因素,破产风险及其导致的损失大小并不影响银行的放贷决策。另外,零售商的订购策略受自身资产价值(初始运营资金和抵押物价值)的影响。对于重资产和大中型零售商来说,利率是否固定化对零售商运营决策的影响无差异;然而,对轻资产和小微零售商来说,固定利率将无法纾解运营资金有限之困。In the past decade,small and micro enterprises have faced difficulties in financing,whereas private lending is booming.In this study,how different interest rate pricing policy affects retailers'operational decisions is studied.By incorporating bankruptcy risk and its related costs,a newsvendor model is formulated in which a retailer with limited capital can finance its operational capital from a bank at a fixed loan interest rate.The optimal lending and ordering decisions of a bank and a retailer,respectively,are derived,and the optimal deci⁃sions are compared under the floating interest rate.Our results show that the only decisive factor affecting lend⁃ing decisions is the value of the collateral.Bankruptcy risk and its related costs have no effect on a bank's lend⁃ing decision.Moreover,the ordering decision of a retailer is based on its initial operational capital.For giant or mega-retailers who possess heavy assets,the operational decisions are unaffected by how the interest rate is priced.However,for small and micro retailers,the fixed interest rate never alleviates the insufficient operational capital of the retailer.

关 键 词：资金约束 固定利率 报童问题 小微企业 抵押担保 

分 类 号：F274[经济管理—企业管理]