基于供应链的信誉链融资模式研究
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摘要
目前,中小企业在世界各国经济发展中是占有十分重要的地位。然而由于供应链中的中小企业经常出现融资困难,影响到中小企业和供应链的绩效。
本文首先会研究中小企业融资难原因,将其原因归纳为规模较小,经营活动不透明、抗风险能力差,财务信息非公开性等各种问题,然后在此基础上,归纳出6种解决方案。之后从理论上研究基于供应链的信誉链融资的原理及优势,证明该融资方式在一定程度上可以解决中小企业融资难的问题,在此基础上首次提出这种新型融资方式的四种发展模式,并分析这四种发展模式对供应链及其成员提出的要求,以及四种模式各自的优缺点。
本文创新性的建立了信誉链融资下的二级供应链的单周期报童模型,以供应链整体效益最优作为最终优化目标,利用微分,积分的性质分析函数,根据函数性质,利用代数方法求得订货量的解析解,即信誉链融资方式下中小企业的订购策略。
然后,将其与无融资情况下的报童模型进行比较分析,确定出银行的贷款利率的可行范围,并计算出信誉链融资给整个供应链带来的额外利润,分析供应链各个成员付出的努力程度,以成员支付的额外成本来衡量其努力比例,在此基础上,利用关联收益分配模型,来研究信誉链融资方式下的收益共享问题,保证信誉链融资能够长久稳定的持续发展下去。
总之,通过本论文的研究,对基于供应链的信誉链融资提供了一定的理论指导,同时为进一步深入研究提供了相应的理论和实践基础。
Plenty of the international experience shows that currently the small and medium enterprises possess an important position in the economic development of the world, which plays an irreplaceable part in market activating, income distributing, job enlargement, social stability, structure adjusting of the national economic and so on. However, the capital restriction is starting to become a common issue among enterprises based on supply chain, and it is more obvious in developing countries.
Because of the small scale of themselves in supply chain, the non-transparent operating management, the low ability to resist risk and the non-publicity of finance status as well, the small and medium enterprises is hard to get the support from the bank or other financing institution when they get funding gap, so they are missing many developing opportunities which is going to affect the performance of the whole supply chain.
This article firstly is going to classify and summarize the reason that why the financing is so difficult for the small and medium enterprises and the scheme that how to solve this problem in view of the current situation. And then it will study the principle and advantages of the credit chain financing based on the supply chain in theory so as to approve the possibility of solving the difficult financing problems for the small and medium enterprises to some extent under this kind of financing mode. On that basis, this new financing method of four kinds of developing modes will be researched here in this paper.
The article is supposed to create the secondary supply chain of the single cycle newsboy model under the credit chain financing with the infinitesimal calculus functions; on the basis of functions properties, the analytical solution of stock ordering quantity will be yielded with this algebra method. This kind of analytical solution is the ordering strategy of the small and medium enterprises'under the credit chain financing, which at the same time will be analyzed about the influence to core enterprises and the whole supply chain benefit against the profit without supply chain. Based on it, the benefit-sharing issue will be studied under such financing method with the associated benefit distribution model.
In brief, the research in this paper offers the theoretical instruction somehow to the credit chain financing based on the supply chain, and at the same time, it provides the corresponding theoretical basis for the deep research in future.
本文首先会研究中小企业融资难原因,将其原因归纳为规模较小,经营活动不透明、抗风险能力差,财务信息非公开性等各种问题,然后在此基础上,归纳出6种解决方案。之后从理论上研究基于供应链的信誉链融资的原理及优势,证明该融资方式在一定程度上可以解决中小企业融资难的问题,在此基础上首次提出这种新型融资方式的四种发展模式,并分析这四种发展模式对供应链及其成员提出的要求,以及四种模式各自的优缺点。
本文创新性的建立了信誉链融资下的二级供应链的单周期报童模型,以供应链整体效益最优作为最终优化目标,利用微分,积分的性质分析函数,根据函数性质,利用代数方法求得订货量的解析解,即信誉链融资方式下中小企业的订购策略。
然后,将其与无融资情况下的报童模型进行比较分析,确定出银行的贷款利率的可行范围,并计算出信誉链融资给整个供应链带来的额外利润,分析供应链各个成员付出的努力程度,以成员支付的额外成本来衡量其努力比例,在此基础上,利用关联收益分配模型,来研究信誉链融资方式下的收益共享问题,保证信誉链融资能够长久稳定的持续发展下去。
总之,通过本论文的研究,对基于供应链的信誉链融资提供了一定的理论指导,同时为进一步深入研究提供了相应的理论和实践基础。
Plenty of the international experience shows that currently the small and medium enterprises possess an important position in the economic development of the world, which plays an irreplaceable part in market activating, income distributing, job enlargement, social stability, structure adjusting of the national economic and so on. However, the capital restriction is starting to become a common issue among enterprises based on supply chain, and it is more obvious in developing countries.
Because of the small scale of themselves in supply chain, the non-transparent operating management, the low ability to resist risk and the non-publicity of finance status as well, the small and medium enterprises is hard to get the support from the bank or other financing institution when they get funding gap, so they are missing many developing opportunities which is going to affect the performance of the whole supply chain.
This article firstly is going to classify and summarize the reason that why the financing is so difficult for the small and medium enterprises and the scheme that how to solve this problem in view of the current situation. And then it will study the principle and advantages of the credit chain financing based on the supply chain in theory so as to approve the possibility of solving the difficult financing problems for the small and medium enterprises to some extent under this kind of financing mode. On that basis, this new financing method of four kinds of developing modes will be researched here in this paper.
The article is supposed to create the secondary supply chain of the single cycle newsboy model under the credit chain financing with the infinitesimal calculus functions; on the basis of functions properties, the analytical solution of stock ordering quantity will be yielded with this algebra method. This kind of analytical solution is the ordering strategy of the small and medium enterprises'under the credit chain financing, which at the same time will be analyzed about the influence to core enterprises and the whole supply chain benefit against the profit without supply chain. Based on it, the benefit-sharing issue will be studied under such financing method with the associated benefit distribution model.
In brief, the research in this paper offers the theoretical instruction somehow to the credit chain financing based on the supply chain, and at the same time, it provides the corresponding theoretical basis for the deep research in future.
引文
[1]刘万格.中国中小企业融资现状问题及对策分析.经济研究导刊,2011,(1)：76.
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[5]Lee,H.L., C.Billington. Material management in decentralized supply chains. Operations Research. 1993,41(5):835-847.
[6]Lee,H.L., C.S.Tang. Modeling the costs and benefits of delayed product differentiation. Management Science.1997,43(1):40-51.
[7]Cohen,M.A., S.Mallik. Glabal supply chains: Research and applications. Production Operations Management.1998,6(3):193-210.
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[10]Moinzadeh,K., P.K., Aggarwal. An information based multiechelon inventory system with emergency orders, Operations Reasearch.1997,45(5):694-701.
[11]Chen,F.. Echelon reorder points, installation reorder points, and the value of centralized demand information. Management Science.1998,44(12):S221-S228.
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[22]Chod, J., N.Rudi,J.Van Mieghem. Operational flexibility and financing hedging: complements or substitutes? Working paper. Boston University.2006
[23]Xu,X.D., Birge,J.R.. Operational decisions, capital structure, and managerial compensations: A new vender prerspective. Working paper. The University of Chicago Graduate School of Business.2005
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[35]张宗新.小企业融资缺口分析极对策研究.学习与探索,2000(5)：20-25.
[36]林毅夫,李永军.中小金融机构发展与中小企业融资.经济研究,2001(1).
[37]欧阳凌,欧阳令南.中小企业融资瓶颈研究—一个基于产权理论和信息不对称的分析框架.数量经济技术经济研究,2004(4).
[38]罗正英.信誉链假说：中小企业融资能力的放大[J].上海经济研究,2003(5)：33-39.
[39]赵光兰.中小企业融资难原因及对策的文献综述.广东财经职业学院学报,2009,8(3)：74-77.
[40]尹淑峨.中小企业融资问题及对策研究.当代经济,2011(23)：52-53.
[41]王性玉,张玉芬.中小企业融资问题探析.金融理论与实践,2003(10).
[42]William D. Bradford, Chao chen. Creating Government Financing Programs for Small andMedium2sized Enterp rises in China[J]. China & World Economy,2004 (3-4).
[43]王朝第.中小企业融资问题与金融支持的基点思考.金融研究,2003(1).
[44]阙紫康.多层次资本市场发展的理论与经验.上海交通大学出版社,2007.
[45]马蓓丽.引入风险投资突破中小企业融资瓶颈的研究.现代商贸工业,2010,22(18)：150-151.
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[2]陈晓红,陈建中.中小企业供应链融资.北京：经济科学出版社,2008.
[3]Modigliani,F., M.H.Miller. The cost of capital,corporation finance and the theory of investment. America Economic Review.1958,48(3):261-297.
[4]Lee.H.L., C.Billington. Supply chain management:pitfalls and opportunities. Sloan Management Review.1992,33:65-73.
[5]Lee,H.L., C.Billington. Material management in decentralized supply chains. Operations Research. 1993,41(5):835-847.
[6]Lee,H.L., C.S.Tang. Modeling the costs and benefits of delayed product differentiation. Management Science.1997,43(1):40-51.
[7]Cohen,M.A., S.Mallik. Glabal supply chains: Research and applications. Production Operations Management.1998,6(3):193-210.
[8]Lee.H.L., S.Wang. Decentrailized multi-echelon inventory control systems:incentives and information. Management Science.1992,45(5):633-640.
[9]Gavirneni,S., R.Kapuscinski,S.Tayur. Value of information in capacitated supply chain. Management Science.1999,45(1):16-24.
[10]Moinzadeh,K., P.K., Aggarwal. An information based multiechelon inventory system with emergency orders, Operations Reasearch.1997,45(5):694-701.
[11]Chen,F.. Echelon reorder points, installation reorder points, and the value of centralized demand information. Management Science.1998,44(12):S221-S228.
[12]Cachon, P.G, M. Fisher. Supply chain inventory management and the value of shared information. Management Science.2002,46(8):1032-1048.
[13]Ravid,S.A.. On interactions of production and financial decisions. Financial Management. 1988,17(Autumn):87-99.
[14]Levaggi R.. Optimal procurement contracts under a binging budget constraint, Pubic Choice. 1999,101:23-37.
[15]Thomus L.. Non-linear pricing with budget constraint. Economic Letters.2002,75:257-263.
[16]Dotan,A, S.A.Ravid. On the interaction of real and finacial decisions of the firm under uncertainty. Journal of Finance.1995,40:501-517.
[17]Dammon,R.M., L.W.Senbet. The effect of taxes and depreciation on corporate investment and financial leverage. Journal of Finance.1988,12:567-583
[18]Buzacott,J.A., R.Q.Zhang. Inventory manegement with asset-based financing, Management Science, 2004,50(9):1274-1292.
[19]Xu,X.D., Birge,J.R.. Joint production and financing decisions: modeling and analysis. Working paper. The University of Chicago Graduate School of Business.2004.
[20]Hu Q., M.J.Sobel. Capital structure and inventory management. Working paper. Weather head school of management, Case Western Reserve University.2005.
[21]Boyabatli O., L.B.Toktay. Capacity investment in imperfect capital markets:the interaction of operational and finacial decision. Working paper, INSEAD, Fontainebleau, France.2006
[22]Chod, J., N.Rudi,J.Van Mieghem. Operational flexibility and financing hedging: complements or substitutes? Working paper. Boston University.2006
[23]Xu,X.D., Birge,J.R.. Operational decisions, capital structure, and managerial compensations: A new vender prerspective. Working paper. The University of Chicago Graduate School of Business.2005
[24]Caldentey,Rene&Xiang-Feng Chen(2008). The Role of financial services in procurement contract, working paper, INFORMS, and Stern School of Business in New York University. Submitted to MSOM.2008,(8):56-78
[25]李毅学,冯耕中,徐渝.价格随机波动下存货质押融资业务质押率研究.系统工程理论与实践,2007(12).
[26]李娟,徐渝,冯耕中等.基于存货质押融资业务的阶段贷款最优决策研究.运筹与管理,2007(2).
[27]陈祥锋.采购合同组合管理决策研究.科技导报,2006(2).
[28]陈祥锋,朱晨波.供应链采购管理中的期权价值研究.系统工程学报,2007(4).
[29]陈祥锋,朱道立.企业市场占优投资竞争策略研究.上海理工大学学报,2007(6).
[30]朱文贵,朱道立,徐最.延迟支付条件下的存货质押融资服务定价模型.系统工程理论与实践,2007(12).
[31]陈祥锋,朱道立,应雯珺.资金约束与供应链融资和运营决策研究.管理科学学报,2008(6).
[32]田玉立.巴东县中小企业融资状况调查.合作经济与科技,2011(4)：52-53.
[33]杨兰,杨育民.延安市中小企业融资难原因及对策研究.中小企业管理与科技,2011(1)：9-10.
[34]E. Stiglitz, A. Weiss, Credit rationing in markets with imperfect information [J], American Economic Review,1981 (73).
[35]张宗新.小企业融资缺口分析极对策研究.学习与探索,2000(5)：20-25.
[36]林毅夫,李永军.中小金融机构发展与中小企业融资.经济研究,2001(1).
[37]欧阳凌,欧阳令南.中小企业融资瓶颈研究—一个基于产权理论和信息不对称的分析框架.数量经济技术经济研究,2004(4).
[38]罗正英.信誉链假说：中小企业融资能力的放大[J].上海经济研究,2003(5)：33-39.
[39]赵光兰.中小企业融资难原因及对策的文献综述.广东财经职业学院学报,2009,8(3)：74-77.
[40]尹淑峨.中小企业融资问题及对策研究.当代经济,2011(23)：52-53.
[41]王性玉,张玉芬.中小企业融资问题探析.金融理论与实践,2003(10).
[42]William D. Bradford, Chao chen. Creating Government Financing Programs for Small andMedium2sized Enterp rises in China[J]. China & World Economy,2004 (3-4).
[43]王朝第.中小企业融资问题与金融支持的基点思考.金融研究,2003(1).
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