我国特殊经济区域中小企业供应链融资模式的研究

【作者】 任晓；

【导师】 严法善；

【作者基本信息】 复旦大学 ， 金融学， 2012， 硕士

【摘要】 回顾我国中小企业成长和发展的历史长河,不管外部经济环境如何变化,也不管国内经济政策如何调整,中小企业融资难的问题长期以来一直存在。形势严峻时直接导致中小企业资金链的断裂,成片中小企业倒闭的寒潮波及全国。当然造成这一系列不协调和不平衡的原因是多方面的,即有中小企业风险大、产业结构不合理、没有足够抵押品、以及贷款难于管理等自身因素,也有商业银行融资门槛高,目标倾向大客户,信贷产品开发滞后以及相关信用法规缺失、全球金融危机和人民币升值双重压力影响的外部因素。当前,供应链金融作为商业银行解决中小企业融资难等问题的新型金融工具和系统性金融解决方案,逐渐成为四大国有银行和各家商业银行新的业务增长点和中间业务收入等利润增长点,而供应链融资则是供应链金融中的重要组成部分。本文力图站在供应链全局的角度,以特殊经济区域核心企业供应链上游成员的资金需求为出发点,深入具体问题,利用中小企业自身在供应链中与核心企业具有稳定的业务往来,贸易资金往来等优势,结合动产抵押和债权转让的模式,研究特殊经济区域中小企业供应链融资模式的运作机理、参与主体的风险及收益。本论文分成三个部分进行分析：首先,研究的基础工作包括第一章和第二章,主要介绍了论文的理论基础,提炼了供应链金融、供应链融资产品的内涵,介绍了供应链金融的市场价值以及其与物流金融和银行传统贸易融资的异同,并对供应链金融模式展开定性研究。其次,论文的主体部分含第三章至第五章,主要对特殊经济区域供应链模式及核心企业与上游供应商进行了分析,并通过对三大供应链融资产品即预付账款融资、存货融资和应收账款融资的具体研究,从中选择了以供应链金融的典型模式——应收账款为研究对象,同时融合国际保理这一全球应收账款保付代理的金融工具,优化应收账款融资模式和产品流程,转换银行授信理念。在降低供应链融资交易成本,提升供应链竞争优势的基础上,研究并制定出适合特殊经济区域中小企业最优的供应链融资产品组合优化方案,使银行、核心企业、中小企业三者主体在供应链金融服务中提升价值获得收益。最后是论文的总结,包括第六章,系统总结了论文研究成果,并针对论文研究中存在的不足提出了建议,对进一步研究进行了展望。更多还原

【Abstract】 Review of the small and medium-sized enterprise growth and the development of history, no matter how the external economic environment changes, also no matter how to adjust the domestic economic policy, and small and medium-sized enterprise financing difficult question has long been exists.The grim situation directly lead to small and medium-sized enterprises when capital chain rupture, into a small and medium enterprise failed cold wave sweeping the country.Of course cause this a series of discordance and imbalance reason is various, there is a greater risk of small and medium-sized enterprises, the industrial structure is not reasonable, and lack of the full collateral, and loans are difficult to manage its own factors such as, also have commercial bank financing threshold high, target tendency large customers, credit product development lag and related credit regulations loss, the global financial crisis and the appreciation of the RMB double pressure on the external factors.At present, the supply chain finance (SCF) as a commercial bank to solve financial problems such as the financing difficulty new financial instruments and systemic financial solutions, gradually become the four major state-owned Banks and commercial Banks their new business growth and income of middle business profit growth point, and supply chain financing is the important component of the supply chain finance.This paper tries to stand in the point of view of the global supply chain, with special economic region core enterprise supply chain members of the upstream capital demand as the starting point, the thorough specific problems, and use of medium and small-sized enterprises in the supply chain and the core enterprise has the stable business, trade funds and other advantages, combined with the chattel mortgage and the transfer of the creditor’s rights mode, study the special economic area small and medium-sized enterprise supply chain operation mode of financing mechanism, participate in the risk and benefit main body.This paper is divided into three parts analysis:First of all, the basis of study work includes the first chapter and the second chapter, mainly introduces the theoretical foundation of the paper, refining the supply chain finance, supply chain financing the content of the products, introduces the market value of the supply chain finance and the logistics finance and banking traditional trade financing the similarities and differences, meanwhile for financial model of supply chain on qualitative research.Second, the main part of the paper containing the third chapter to chapter5, mainly to the special economic area supply chain model and the core enterprise with upstream suppliers are analyzed, and through to the three main supply chain financing products that Advance financing, Inventory financing and Accounts receivable financing of concrete research, choose from the supply chain of typical model-financial accounts receivable as the research object, and combining the International Factoring this global accounts receivable del credere agents of the financial instruments to improve the accounts receivable financing mode and product process, and convert the bank credit concept. In reducing the supply chain financing transaction cost competitive advantage, and on the basis of the competitive advantage to research and make suitable for special economic area small and medium-sized enterprise optimal supply chain financing product portfolio optimization plan, the bank, the core enterprise, small and medium-sized enterprise three main body in supply chain financial services profit increase value.The last is the summary of papers, including chapter6, summarized the research papers, and in the light of the shortcomings of the existing in the research paper puts forward Suggestions to further study is forecasted.更多还原