摘要
如何在供应链背景下,通过金融产品的创新,增强中小型企业融资能力,降低其融资成本,已经成为供应链稳定发展的必然要求。本文从供应链金融产生的背景入手,基于相关文献的归纳总结,从供应链金融定义、设计体系与应用、项目组合选择以及应用案例等多方面进行了分析研究,取得了以下成果:
1.明确供应链金融服务的形成原因,即供应链管理背景下,中小企业的融资困境、金融机构的服务改革以及渠道中介企业的蓬勃发展三方面因素共同作用的结果。
2.归纳出支撑供应链金融发展的四块理论基石,在此基础之上,提炼出供应链金融的定义,并创造性的提出一套系统的供应链金融服务设计框架。
3.针对中小型物流企业融资难的现状,本文以加速物流企业的资金周转和费用结算为目标,提出了NRF-LC物流金融模式,具体内容包括:
(1)运用供应链金融服务设计框架,设计了NRF-LC模式的结构和关键流程,并将NRF-LC物流金融模式与仓单质押模式进行了全面的比较;
(2)基于NRF-LC融资模式运作过程,建立了融资服务平台和物流企业的定价博弈模型,运用Stackelberg分析方法,获得了均衡状态下的各方定价决策;
(3)建立了基于融资频率的NRF-LC模式的收益模型,得到了融资频率的可行域,然后利用联合优化的方法,得到了融资频率的最优解,并根据卡尔多——希克斯改进的思想设计了最优结算次数时的融资补偿策略,最后将NRF-LC收益模型与直接贷款收益模型进行比较,获得临界融资频率。
4.基于信贷组合理论,提出了一套适用于供应链金融项目组合的选择模型,将供应链金融的定量研究由单一服务模式的收益研究升级为服务项目组合的风险——收益研究,更加符合供应链金融未来的发展趋势。
5.以真实的供应链金融服务项目作为案例,验证了本文提出的供应链金融服务设计框架的正确性与可操作性,为供应链金融的进一步研究和实践提供了科学指导。
In the context of the supply chain, it has become an essential requirement for the stability of supply chain to enhance the financing ability and reduce the financing cost for small and medium enterprises (SMEs) through the innovative financial products. Started with the causes of Supply Chain Finance (SCF) and related literature summary, this paper, from the definition, system design and application, portfolio selection and case study, achieves the following results:
1. Clear the causes of SCF, which include the difficulties of financing for SMEs, the reform of financial institutions service and the flourish of channel intermediary enterprises, represented by the third-party logistics.
2. Sum up the four theoretical foundation of SCF, based on which, this paper proposes the definition of the SCF and works out a systemic framework for the design of SCF services.
3. With the condition that the small and medium-sized logistics enterprises have been having difficulty in financing, the paper proposes the NRF-LC logistics finance model to accelerate the cash flow for the logistics enterprises.
(1) Work out the framework and critical processes of NRF-LC model, with use of the design framework of the SCF services, and carry out a comprehensive comparison between the NRF-LC model and the warehouse receipts pledge model.
(2) Establish the pricing game model between NRF-LC platform and logistics enterprises, using Stackelberg analysis method, and access to the pricing decision of different parties in equilibrium status.
(3) Establish the revenue model of the NRF-LC model, and obtain the feasible domain of financing frequency. Then using the joint optimization method, finds the optimal solution of financing frequency, and develops the compensation strategy in accordance with Kaldor-Hicks Improvement. Further more; the critical financing frequency can be made certain with the comparison between the NRF-LC model and loan financing model.
4. Based on the credit portfolio theory, a set of selection method for SCF portfolio were put forward, which make the quantitative study of SCF upgrade from a single project evaluation to the income-risk analysis of portfolio, and that conforms to the development trend of SCF.
5. The case study proves the correctness and feasibility of the design framework of the SCF services, which provides a scientific guidance for the practice and further development of the SCF services.
引文
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