基于虚拟产业集群的供应链金融模式创新:创捷公司案例分析
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摘要
融资难一直是制约中小企业生存发展和日常运营的主要瓶颈。近年来,作为一种创新型融资手段,基于供应链网络的供应链金融逐渐成为中小企业获取营运资金的有效方式。伴随着企业信息化程度的提高与网络技术的发展,基于虚拟产业集群的供应链管理活动为供应链金融的开展提供了广阔空间和条件。本研究以创捷供应链有限公司为例,对基于虚拟产业集群的供应链金融创新进行了深入探索与分析,并构建了虚拟产业集群中供应链金融创新路径的理论框架与模型。研究发现:虚拟产业集群中企业间存在依存关系,通过虚拟供应链搭建的产业互联网平台能够实现虚拟产业集群中所有企业间的业务闭合,优化交易流程模式,并且基于云计算、大数据等技术,在强化供应链网络关系的同时,虚拟供应链网络有效降低了产业互联网平台中资金提供方与中小企业之间的信息不对称。这一方面促进了虚拟产业集群中产业企业多种供应链金融业务的顺利开展,另一方面实现了产业发展与金融创新的循环迭代,提升了产业竞争力。本文基于虚拟产业集群识别出多种供应链金融创新业务形态,有助于完善与拓展供应链金融理论,对于引导基于虚拟产业集群的供应链金融实践有效开展具有有益启发。
Financing difficulty is the main bottleneck of SMEs, and deficiency of capital has caused negative effect on SMEs' operation. In recent years, as an innovative financing tool, based on the supply chain network,supply chain finance(SCF) gradually become an effective way for SMEs obtaining operating capitals. Along with the development of the enterprise informatization and the network technology, the supply chain management activities based on virtual industry clusters have provided a broad space and conditions for the development of supply chain finance. Taking SJET as an example, this paper carried on a thorough exploration and analysis for supply chain finance innovation based on virtual industry clusters, and built the theory framework and model of supply chain finance innovation path in the virtual industry clusters. Through this study we found that enterprises are pool dependent in virtual clusters. Closed business between enterprises can be achieved in virtual clusters through industrial internet platform based on the virtual supply chain, and based on technology, such as cloud computing, big data, virtual supply chain network can effectively reduce information asymmetry between platform enterprises and SMEs in the industrial internet platform, which can promote supply chain finance, and at the same time, achieve cyclical iteration between industrial development and financial innovation, so as to promote the competitiveness of the industry. This paper identifies a variety of supply chain financial innovation forms based on the virtual industry cluster, which is helpful to improve and expand the supply chain finance theory, and provides beneficial inspiration for guiding supply chain finance practice.
Financing difficulty is the main bottleneck of SMEs, and deficiency of capital has caused negative effect on SMEs' operation. In recent years, as an innovative financing tool, based on the supply chain network,supply chain finance(SCF) gradually become an effective way for SMEs obtaining operating capitals. Along with the development of the enterprise informatization and the network technology, the supply chain management activities based on virtual industry clusters have provided a broad space and conditions for the development of supply chain finance. Taking SJET as an example, this paper carried on a thorough exploration and analysis for supply chain finance innovation based on virtual industry clusters, and built the theory framework and model of supply chain finance innovation path in the virtual industry clusters. Through this study we found that enterprises are pool dependent in virtual clusters. Closed business between enterprises can be achieved in virtual clusters through industrial internet platform based on the virtual supply chain, and based on technology, such as cloud computing, big data, virtual supply chain network can effectively reduce information asymmetry between platform enterprises and SMEs in the industrial internet platform, which can promote supply chain finance, and at the same time, achieve cyclical iteration between industrial development and financial innovation, so as to promote the competitiveness of the industry. This paper identifies a variety of supply chain financial innovation forms based on the virtual industry cluster, which is helpful to improve and expand the supply chain finance theory, and provides beneficial inspiration for guiding supply chain finance practice.
引文
[1]陈剑锋,唐振鹏.国外产业集群研究综述[J].外国经济与管理,2002,24(8):22-27.
[2]陈祥锋,朱道立.现代物流金融服务创新——金融物流[J].物流技术,2005,(3):4-6.
[3]胡跃飞,黄少卿.供应链金融:背景、创新与概念界定[J].财经问题研究,2009,(8):76-82.
[4]李俊江,于众.产业集群视角下小微企业的融资问题、优势及对策[J].当代财经,2015,(4):60-65.
[5]罗正英.中小企业集群信贷融资:优势、条件与对策[J].财贸经济,2010,(2):31-36.
[6]毛基业,李晓燕.理论在案例研究中的作用——中国企业管理案例论坛(2009)综述与范文分析[J].管理世界,2010,(2):106-113.
[7]阮建青,石琦,张晓波.产业集群动态演化规律与地方政府政策[J].管理世界,2014,(12):79-91.
[8]宋华,陈思洁.供应链金融的演进与互联网供应链金融:一个理论框架[J].中国人民大学学报,2016,(5):95-104.
[9]宋华.供应链金融[M].北京:中国人民大学出版社,2015.
[10]孙耀吾,曾德明.基于技术标准合作的企业虚拟集群:内涵、特征与性质[J].中国软科学,2005,(9):98-105.
[11]吴秋明,李运强.虚拟产业集群的管理创新[J].经济管理,2008,(3):11-15.
[12]吴文华,张琰飞.企业集群的演进——从地理集群到虚拟集群[J].科技管理研究,2006,(5):47-51.
[13]谢世清,何彬.国际供应链金融三种典型模式分析[J].经济理论与经济管理,2013,(4):80-86.
[14]伊志宏,宋华,于亢亢.商业银行金融供应链创新与风险控制研究[J].经济与管理研究,2008,(7):3-10.
[15]Au,K.,F.F.Chiang,T.A.Birtch,and H.K.Kwan.Entrepreneurial Financing in New Business Ventures:A Help-Seeking Behavior Perspective[J].International Entrepreneurship and Management Journal,2014,12(1):1-15.
[16]Blackman,I.D.,C.P.Holland,and T.Westcott.Motorola’s Global Financial Supply Chain Strategy[J].Supply Chain Management,2013,18(2):132-147.
[17]Chang,C.,G.Liao,X.Yu,and Z.Ni.Information from Relationship Lending:Evidence from Loan Defaults in China[J].Journal of Money,Credit and Banking,2014,46(6):1225-1257.
[18]Colquitt,J.A.,and C.P.Zapata-Phelan.Trends in Theory Building and Theory Testing:A Five-Decade Study of the Academy of Management Journal[J].Academy of Management Journal,2007,50(6):1281-1303.
[19]Dyer,W.G.,and A.L.Wilkens.Better Stories,Not Better Constructs,to Generate Better Theory:A Rejoinder to Eisenhardt[J].Academy of Management,1991,16(3):613-619.
[20]Eisenhardt,K.M.,and M.E.Graebner.Theory Building from Cases:Opportunities and Challenges[J].Academy of Management Journal,2007,50(1):25-32.
[21]Gelsomino,L.M.,R.Mangiaracina,A.Perego,and A.Tumino.Supply Chain Finance:A Literature Review[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):348-366.
[22]Gobbi,G.,and E.Sette.Do Firms Benefit from Concentrating Their Borrowing?Evidence from the Great Recession[J].Review of Finance,2014,18(2):527-560.
[23]Gomm,M.L.Supply Chain Finance:Applying Finance Theory to Supply Chain Management to Enhance Finance in Supply Chains[J].International Journal of Logistics:Research and Applications,2010,13(2):133-142.
[24]Gupta,S.,and K.Dutta.Modeling of Financial Supply Chain[J].European Journal of Operational Research,2011,211(1):47-56.
[25]Hedges,P.,Z.Y.Wu,and J.Chua.Deterioration in Borrowing Terms of Small Businesses:An Agency Perspective[J].Journal of Small Business&Entrepreneurship,2007,20(1):1-14.
[26]Hofmann,E.Supply Chain Finance:Some Conceptual Insights[J].Logistic Management-Innovative Logistikkonzepte,2005:203-214.
[27]Hofmann,E.,and H.Kotzab.A Supply Chain Oriented Approach of Working Capital Management[J].Journal of Business Logistics,2010,31(2):305-330.
[28]Jiang,J.,Z.Li.,and C.Lin.Financing Difficulties of SMEs from Its Financing Sources in China[J].Journal of Service Science and Management,2014,7(3):196-200.
[29]Lekkakos,S.D.,and A.Serrano.Supply Chain Finance for Small and Medium Sized Enterprises:The Case of Reverse Factoring[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):367-392.
[30]Long,C.,and X.Zhang.Cluster-based Industrialization in China:Financing and Performance[J].Journal of International Economics,2011,84(1):112-123.
[31]Manthou,V.,M.Vlachopoulou,and D.Folinas.Virtual e-Chain(Ve C)Model for Supply Chain Collaboration[J].International Journal of Production Economics,2004,87(3):241-250.
[32]More,D.,and P.Basu.Challenges of Supply Chain Finance:A Detailed Study and a Hierarchical Model Based on the Experiences of an Indian Firm[J].Business Process Management Journal,2013,19(4):624-647.
[33]Pfohl,H.C.,and M.Gomm.Supply Chain Finance:Optimizing Financial Flows in Supply Chains[J].Logistics Research,2009,1(3-4):149-161.
[34]Porter,M.E.The Competitive Advantage of Nations[M].New York:The Free Press,1990.
[35]Roberts,M.R.The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting[J].Journal of Financial Economics,2015,116(1):61-81.
[36]Schmitz,H.,and K.Nadvi.Clustering and Industrialization:Introduction[J].World Development,1999,27(9):1503-1514.
[37]Song,H.,and L.Wang.The Impact of Private and Family Firms’Relational Strength on Financing Performance in Clusters[J].Asia Pacific Journal of Management,2013,30(3):735-748.
[38]Stein,J.C.Information Production and Capital Allocation:Decentralized versus Hierarchical Firms[J].The of ournal Finance,2002,57(5):1891-1921.
[39]Stiglitz,J.E.,and A.Weiss.Credit Rationing in Markets with Imperfect Information[J].The American Economic Review,1981,71(3):393-410.
[40]Vargo,S.L.,and R.F.Lusch.It’s all B2B and Beyond:Toward a Systems Perspective of the Market[J].Industrial Marketing Management,2011,40(2):181-187.
[41]Ven,A.H.V.D.,A.L.Delbecqe and R.Koenig.Determinants of Coordination Modes with in Organizations[J].American Sociological Review,1976,41(2):322-338.
[42]Wandfluh,M.,E.Hofmann,and P.Schoensleben.Financing Buyer-Supplier Dyads:An Empirical Analysis on Financial Collaboration in the Supply Chain[J].International Journal of Logistics Research and Applications,2016,19(3):200-217.
[43]Wuttke,D.A.,C.Blome,K.Foerstl,and M.Henke.Managing the Innovation Adoption of Supply Chain Finance-Empirical Evidence from Six European Case Studies[J].Journal of Business Logistics,2013,34(2):148-166.
[44]Yin,R.K.Case Study Research:Design and Methods[M].London:Sage Publications,2003.
[45]Zhang,X.,and D.Hu.Overcoming Successive Bottlenecks:The Evolution of a Potato Cluster in China[J].World Development,2014,63:102-112.
(1)青岛港事件是指“青岛港有色金融骗贷案”,在该案件中,青岛德诚矿业有限公司“一女多嫁”,将存放在青岛港的金属库存从不同仓储公司处出具仓单证明,并利用虚假仓单重复质押骗取银行贷款,折射出仓储业和担保品管理的漏洞。
(1)创捷是中国海关总署认定的“海关AA企业”,同时具有“客户协调员制度企业”的身份,具有绿色通道特权,能够快速通关;在税务方面,创捷是国家税务局认定的“便利直通车服务对象企业”、“十佳纳税大户”之一,还是国家税收优惠新政的试点企业之一。
(1)从理论上讲,金融服务只能由银行等金融机构提供,创捷是不能开展的,但是其可以通过与银行或者金融机构等合作来提供(将其金融服务嫁接在供应链中)。此外,创捷除具有轻生产平台、供应链服务平台以及香港运营平台之外,还有其专门从事供应链金融服务的供应链金融平台,在其供应链金融平台之下创捷有自己的保理公司、融资租赁公司等。因此,创捷的供应链金融平台具有保理、融资租赁以及小贷支付等金融牌照,具备提供融资等金融服务的资质。
(1)套利套汇英文为Arbitrage,是一种基于真实交易背景产生的金融行为,不同于虚假贸易和物流基础上的套利套汇,即Carry Trade。
[2]陈祥锋,朱道立.现代物流金融服务创新——金融物流[J].物流技术,2005,(3):4-6.
[3]胡跃飞,黄少卿.供应链金融:背景、创新与概念界定[J].财经问题研究,2009,(8):76-82.
[4]李俊江,于众.产业集群视角下小微企业的融资问题、优势及对策[J].当代财经,2015,(4):60-65.
[5]罗正英.中小企业集群信贷融资:优势、条件与对策[J].财贸经济,2010,(2):31-36.
[6]毛基业,李晓燕.理论在案例研究中的作用——中国企业管理案例论坛(2009)综述与范文分析[J].管理世界,2010,(2):106-113.
[7]阮建青,石琦,张晓波.产业集群动态演化规律与地方政府政策[J].管理世界,2014,(12):79-91.
[8]宋华,陈思洁.供应链金融的演进与互联网供应链金融:一个理论框架[J].中国人民大学学报,2016,(5):95-104.
[9]宋华.供应链金融[M].北京:中国人民大学出版社,2015.
[10]孙耀吾,曾德明.基于技术标准合作的企业虚拟集群:内涵、特征与性质[J].中国软科学,2005,(9):98-105.
[11]吴秋明,李运强.虚拟产业集群的管理创新[J].经济管理,2008,(3):11-15.
[12]吴文华,张琰飞.企业集群的演进——从地理集群到虚拟集群[J].科技管理研究,2006,(5):47-51.
[13]谢世清,何彬.国际供应链金融三种典型模式分析[J].经济理论与经济管理,2013,(4):80-86.
[14]伊志宏,宋华,于亢亢.商业银行金融供应链创新与风险控制研究[J].经济与管理研究,2008,(7):3-10.
[15]Au,K.,F.F.Chiang,T.A.Birtch,and H.K.Kwan.Entrepreneurial Financing in New Business Ventures:A Help-Seeking Behavior Perspective[J].International Entrepreneurship and Management Journal,2014,12(1):1-15.
[16]Blackman,I.D.,C.P.Holland,and T.Westcott.Motorola’s Global Financial Supply Chain Strategy[J].Supply Chain Management,2013,18(2):132-147.
[17]Chang,C.,G.Liao,X.Yu,and Z.Ni.Information from Relationship Lending:Evidence from Loan Defaults in China[J].Journal of Money,Credit and Banking,2014,46(6):1225-1257.
[18]Colquitt,J.A.,and C.P.Zapata-Phelan.Trends in Theory Building and Theory Testing:A Five-Decade Study of the Academy of Management Journal[J].Academy of Management Journal,2007,50(6):1281-1303.
[19]Dyer,W.G.,and A.L.Wilkens.Better Stories,Not Better Constructs,to Generate Better Theory:A Rejoinder to Eisenhardt[J].Academy of Management,1991,16(3):613-619.
[20]Eisenhardt,K.M.,and M.E.Graebner.Theory Building from Cases:Opportunities and Challenges[J].Academy of Management Journal,2007,50(1):25-32.
[21]Gelsomino,L.M.,R.Mangiaracina,A.Perego,and A.Tumino.Supply Chain Finance:A Literature Review[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):348-366.
[22]Gobbi,G.,and E.Sette.Do Firms Benefit from Concentrating Their Borrowing?Evidence from the Great Recession[J].Review of Finance,2014,18(2):527-560.
[23]Gomm,M.L.Supply Chain Finance:Applying Finance Theory to Supply Chain Management to Enhance Finance in Supply Chains[J].International Journal of Logistics:Research and Applications,2010,13(2):133-142.
[24]Gupta,S.,and K.Dutta.Modeling of Financial Supply Chain[J].European Journal of Operational Research,2011,211(1):47-56.
[25]Hedges,P.,Z.Y.Wu,and J.Chua.Deterioration in Borrowing Terms of Small Businesses:An Agency Perspective[J].Journal of Small Business&Entrepreneurship,2007,20(1):1-14.
[26]Hofmann,E.Supply Chain Finance:Some Conceptual Insights[J].Logistic Management-Innovative Logistikkonzepte,2005:203-214.
[27]Hofmann,E.,and H.Kotzab.A Supply Chain Oriented Approach of Working Capital Management[J].Journal of Business Logistics,2010,31(2):305-330.
[28]Jiang,J.,Z.Li.,and C.Lin.Financing Difficulties of SMEs from Its Financing Sources in China[J].Journal of Service Science and Management,2014,7(3):196-200.
[29]Lekkakos,S.D.,and A.Serrano.Supply Chain Finance for Small and Medium Sized Enterprises:The Case of Reverse Factoring[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):367-392.
[30]Long,C.,and X.Zhang.Cluster-based Industrialization in China:Financing and Performance[J].Journal of International Economics,2011,84(1):112-123.
[31]Manthou,V.,M.Vlachopoulou,and D.Folinas.Virtual e-Chain(Ve C)Model for Supply Chain Collaboration[J].International Journal of Production Economics,2004,87(3):241-250.
[32]More,D.,and P.Basu.Challenges of Supply Chain Finance:A Detailed Study and a Hierarchical Model Based on the Experiences of an Indian Firm[J].Business Process Management Journal,2013,19(4):624-647.
[33]Pfohl,H.C.,and M.Gomm.Supply Chain Finance:Optimizing Financial Flows in Supply Chains[J].Logistics Research,2009,1(3-4):149-161.
[34]Porter,M.E.The Competitive Advantage of Nations[M].New York:The Free Press,1990.
[35]Roberts,M.R.The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting[J].Journal of Financial Economics,2015,116(1):61-81.
[36]Schmitz,H.,and K.Nadvi.Clustering and Industrialization:Introduction[J].World Development,1999,27(9):1503-1514.
[37]Song,H.,and L.Wang.The Impact of Private and Family Firms’Relational Strength on Financing Performance in Clusters[J].Asia Pacific Journal of Management,2013,30(3):735-748.
[38]Stein,J.C.Information Production and Capital Allocation:Decentralized versus Hierarchical Firms[J].The of ournal Finance,2002,57(5):1891-1921.
[39]Stiglitz,J.E.,and A.Weiss.Credit Rationing in Markets with Imperfect Information[J].The American Economic Review,1981,71(3):393-410.
[40]Vargo,S.L.,and R.F.Lusch.It’s all B2B and Beyond:Toward a Systems Perspective of the Market[J].Industrial Marketing Management,2011,40(2):181-187.
[41]Ven,A.H.V.D.,A.L.Delbecqe and R.Koenig.Determinants of Coordination Modes with in Organizations[J].American Sociological Review,1976,41(2):322-338.
[42]Wandfluh,M.,E.Hofmann,and P.Schoensleben.Financing Buyer-Supplier Dyads:An Empirical Analysis on Financial Collaboration in the Supply Chain[J].International Journal of Logistics Research and Applications,2016,19(3):200-217.
[43]Wuttke,D.A.,C.Blome,K.Foerstl,and M.Henke.Managing the Innovation Adoption of Supply Chain Finance-Empirical Evidence from Six European Case Studies[J].Journal of Business Logistics,2013,34(2):148-166.
[44]Yin,R.K.Case Study Research:Design and Methods[M].London:Sage Publications,2003.
[45]Zhang,X.,and D.Hu.Overcoming Successive Bottlenecks:The Evolution of a Potato Cluster in China[J].World Development,2014,63:102-112.
(1)青岛港事件是指“青岛港有色金融骗贷案”,在该案件中,青岛德诚矿业有限公司“一女多嫁”,将存放在青岛港的金属库存从不同仓储公司处出具仓单证明,并利用虚假仓单重复质押骗取银行贷款,折射出仓储业和担保品管理的漏洞。
(1)创捷是中国海关总署认定的“海关AA企业”,同时具有“客户协调员制度企业”的身份,具有绿色通道特权,能够快速通关;在税务方面,创捷是国家税务局认定的“便利直通车服务对象企业”、“十佳纳税大户”之一,还是国家税收优惠新政的试点企业之一。
(1)从理论上讲,金融服务只能由银行等金融机构提供,创捷是不能开展的,但是其可以通过与银行或者金融机构等合作来提供(将其金融服务嫁接在供应链中)。此外,创捷除具有轻生产平台、供应链服务平台以及香港运营平台之外,还有其专门从事供应链金融服务的供应链金融平台,在其供应链金融平台之下创捷有自己的保理公司、融资租赁公司等。因此,创捷的供应链金融平台具有保理、融资租赁以及小贷支付等金融牌照,具备提供融资等金融服务的资质。
(1)套利套汇英文为Arbitrage,是一种基于真实交易背景产生的金融行为,不同于虚假贸易和物流基础上的套利套汇,即Carry Trade。