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融通仓模式下TPL融资监管定价及模式对比研究
Research on Pricing Method of TPL Offering Financing Monitoring Service in the FTW Pattern
【作者】 刘君;
【导师】 彭岩;
【作者基本信息】 天津大学 , 管理科学与工程, 2012, 硕士
【摘要】 在国际金融危机的影响下,我国中小企业面临着融资难的问题,而供应链金融作为一种新的融资模式,可以实现在不提高甚至降低银行信贷风险的前提下,将资金有效注入处于供应链中相对弱势的中小企业,解决中小企业融资难和供应链失衡的问题。而融通仓模式作为供应链金融的一种主要融资模式,其在我国实际应用范围较广,操作性较强,有很大的发展空间。近年来,国内外学者对其研究也较多,但针对在第三方物流企业(TPL)参与情况下,TPL收费定价的问题,学者们至今没有提出一个比较科学的,具有市场说服力的收费定价标准。本文以TPL在融通仓模式下为客户(主要是供应链中处于弱势地位的中小企业)提供融资监管这一行为作为研究对象,研究讨论TPL科学的、市场化的收费定价方法。本文的创新点在于:基于无套利均衡理论,通过建立定量模型分析确定TPL在融通仓模式中所提供服务的理论市场价值,制定其科学的收费标准确定方法。此外,本文还给定供应链在融通仓模式和传统融资模式两种模式选择下,以供应链整体收益最大化作为目标函数,TPL的服务成本费率为变量,确定了决策选择的阈值。
【Abstract】 For the impact of finance crisis, domestic small and medium enterprises had a great problem on financing. As a new financing mode, supply chain finance can financing small and medium enterprises efficiently, meanwhile counterbalance the roles of supply chain members, which subject to maintain even reduce the bank credit risk. Finance, Transportation and Warehouse FTW as an important financing pattern of supply chain, which has a strong operational, has been applied widely.Recently, scholars researched storehouse financing very much, but few focused on TPL s service pricing problem, and few scholars proposed a scientific and market pricing method.This paper focused on TPL serviced for small and medium enterprises in the storehouse financing pattern, try to propose a scientific and market pricing method for TPL s service. And this paper s innovation point is that, base on No-Arbitrage theory, the paper constructed a quantitative model, tried to get the market value of TPL sservice. Besides, this paper also discussed when supply chain members choose between storehouse financing pattern and traditional financing pattern, how to maximize the entire supply chain s profits.
【Key words】 Supply Chain Finance (SCF); Finance; Transportation and Warehouse (FTW); Third Party Logistics (TPL); No-Arbitrage Pricing;