资金约束下信用支付风险管理:回收率改进,信用保险还是“信用保险+保理”?  

The Trade Credit Risk Management Strategies with Financial Constraint:Recovery Rate Improvement,Trade Credit Insurance or“Trade Credit Insurance+Factoring”?

作　　者：陈静[1] 郑朝南 Chen Jing;Zheng Chaonan(School of Economics and Management,Southeast University,Nanjing 211189;College of Business,Shanghai University of Finance and Economics,Shanghai 200433)

机构地区：[1]东南大学经济管理学院,南京211189 [2]上海财经大学商学院,上海200433

出　　处：《管理评论》2024年第6期54-66,共13页Management Review

基　　金：国家自然科学基金青年项目(72102130);国家自然科学基金重点项目(72231002);中央高校基本科研业务费专项资金资助项目(2242023K40025)。

摘　　要：本文以供应商的单周期产品销售模型为基础,研究供应商在资金约束下如何有效地选择与配置信用风险管理策略,并通过数值分析研究订货量及买方违约概率如何影响供应商的最优投保额及保理服务的价值。研究结果表明:当供应商资金约束较严重时,供应商更应关注的是如何确保零售商未违约下的收益,而不是一味地投入高成本来防范零售商的信用支付风险。在初始资金较充裕或较匮乏的极端状态下,信用保险并不是降低信用支付风险的有效方式。然而,如果信用保险能够与保理服务结合使用,保理服务提供的预付款可为供应商带来额外的投资收益,进而提升信用保险的价值。当保险安全因子较低且预付款收益率足够高时,全额投保成为最优策略,此时,供应商不再通过自身努力改进货款回收率。Trade credit alleviates the shortage of a downstream firm’s capital and increases the order quantity,but also aggravates the financial risk of suppliers.One strategy for a supplier to mitigate the downstream firm’s default risk is enhancing the recovery rate by exerting efforts,such as establishing customer credit management system,or negotiating mortgage clause,or improving customer relationship to change the priority of being repaid.Factoring the accounts receivable based on the guarantee of trade credit insurance can also reduce the trade credit risk.Considering a single-period sales model,this paper investigates how a supplier with financial constraint should choose and establish an effective strategy of managing trade credit risk.Based on the model,the influence of working capital on the supplier’s choice,the optimal effort level,and the optimal coverage limit,are analyzed respectively as well.By the numerical analysis,the paper further explores the impact of order quantity and default rate of a downstream firm on the values of the factoring and the optimal coverage limit.The findings indicate that when facing severe financial constraints,suppliers should prioritize ensuring retailers’income without default rather than blindly investing high costs to mitigate credit payment risks.Credit insurance is not an effective means to reduce credit payment risk when initial funds are abundant or scarce.However,if combined with factoring services,credit insurance can enhance investment returns through advances provided by factoring services,thereby increasing its value.When the security factor for insurance is low and prepayment yield is sufficiently high,full insurance becomes the optimal strategy.In such cases,suppliers no longer need to rely solely on their own efforts to improve payment recovery rates.

关 键 词：信用支付风险 信用保险 商业保理 资金约束 

分 类 号：F274[经济管理—企业管理] F842.6[经济管理—国民经济]