考虑竞争和风险的平台融资最优授信额度策略  

The optimal credit line strategy of platform finance considering competition and risk

作　　者：刘露 王文慧 李勇建[2] 牛水叶 LIU Lu;WANG Wenhui;LI Yongjian;NIU Shuiye(College of Economics and Management,Shandong University of Science and Technology,Qingdao 266590,China;Business School,Nankai University,Tianjin 300071,China;School of Innovation and Entrepreneurship,Shandong University,Qingdao 266237,China)

机构地区：[1]山东科技大学经济管理学院,青岛266590 [2]南开大学商学院,天津300071 [3]山东大学国际创新转化学院,青岛266237

出　　处：《系统工程理论与实践》2024年第4期1246-1257,共12页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(72272089,72132007,72002114);泰山学者工程专项经费资助(tsqn202312191)。

摘　　要：平台融资是纾解中小企业融资难题的有效方式,授信额度优化是平台融资亟待解决的关键问题.本文建立了突发事件风险影响下,由两个相互竞争供应商和单个电商平台组成的平台型供应链决策模型,运用Stackelberg-Nash博弈方法给出两竞争供应商均衡供货策略和电商平台最优授信额度策略,通过灵敏度分析探究供应商风险承受能力等关键参数对最优授信额度策略的影响.研究结果表明:当风险承受能力较高时,电商平台最优策略是向供应商发放充足授信额度,且最优授信额度随供应商竞争水平递增;当风险承受能力适中时,电商平台最优策略是限制供应商授信额度,且最优授信额度随供应商竞争水平递减;当风险承受能力足够低时,电商平台最优策略是不向供应商发放任何授信额度.供应商异质情形下,电商平台应当将有限授信额度全部给予风险承受能力较高的供应商且对风险承受能力较低的供应商不予授信.本研究为平台型供应链合理制定最优授信额度策略提供了管理启示和政策建议.Platform finance is an effective way to relieve the financing difficulties of SMEs.Financing line decision is a key problem to be solved urgently in the development of platform finance.This research establishes a platform supply chain decision model consisting of one ecommerce platform and two competitive suppliers under the influence of emergency risk.Using Stackelberg-Nash game method,the equilibrium supply strategies of two suppliers and the optimal credit line strategy of e-commerce platform are given.The influence of key parameters such as supplier’s risk tolerance on the optimal decisions and profits of enterprises are investigated by performing sensitivity analysis.The results show that:When the supplier’s risk tolerance is high,the optimal strategy of the e-commerce platform is to issue sufficient credit line to the suppliers,and the optimal credit line increases with the supplier competition level.When the supplier’s risk tolerance is moderate,the optimal strategy of the e-commerce platform is to limit the credit line of the suppliers,and the optimal credit line decreases with the supplier competition level.When the supplier’s risk tolerance is low enough,the optimal strategy for e-commerce platforms is not to issue any credit lines to suppliers.In the case of heterogeneous suppliers,the e-commerce platform shall grant all limited credit lines to the supplier with higher risk tolerance and deny credit to the supplier with lower risk tolerance.This study provides managerial insights and policy suggestions for the platform supply chain to reasonably make optimal credit line strategy.

关 键 词：平台金融 授信额度 资金约束 平台竞争 融资风险 

分 类 号：F253.2[经济管理—国民经济]