【作者】 王妍；

【导师】 王冀宁；

【作者基本信息】 南京工业大学 ， 企业管理， 2012， 硕士

【摘要】 近年来，中小企业在我国经济发展中扮演越来越重要的角色，然而，角色的转变并没有改变其融资困难的现状。我国中小企业寿命相对于发达国家较短，而融资难一直是困扰中小企业的发展壮大的主要因素。供应链金融作为一个新的金融方向，为中小企业融资开辟了新的途径。然而，供应链金融作为一种新的的金融服务，本身仍存在许多问题值得研究。这种新型融资方式给银行、企业带来便利的同时也带来了新的风险，其中首先要面对的就是信用风险。能否彻底深入的分析和预防信用风险，关系到供应链金融能否进一步发展。本文采用理论研究、博弈分析与案例研究相结合的研究方法。理论研究部分通过文献回顾、理论梳理等方法，对供应链金融的研究现状、理论基础进行归纳，在此基础上，分析了供应链金融的价值及主体面临的风险。博弈分析构建了银行、核心企业以及中小企业三个主体之间的博弈模型，根据博弈结果分析各参与主体的行动概率。在案例分析的基础上提出促进供应链金融发展的对策建议。通过研究，本文得出以下结论：1、供应链金融为中小企业融资提供了便利，但是同时给参与主体带来更加复杂的风险，除信用风险外，操作风险、法律风险以及其他一些外部风险都会影响供应链金融的开展；2、由于信息不对称等原因，供应链金融主体之间相互博弈。要降低中小企业的违约概率，可以加大违约处罚力度，使得违约处罚高于违约获得的额外收益。另一方面，银行要尽量降低监督成本，与企业建立良好的合作关系，对企业的信息充分了解，减少信息不对称。同时，核心企业加强供应链上下游企业的管理，帮助银行做好监督工作；3、供应链金融的开展离不开政府部门的扶持，政策的完善、法律的健全以及信息平台的建设等为降低信用风险提供条件，良好的大环境有利于供应链金融进一步发展。更多还原

【Abstract】 In recent years, SMEs have been playing an important role in economic development inChina. However, the problem of SMEs financing has not been solved yet. Lives of SMEs inChina are shorter than developed countries’. The problem of financing is the main troublesomefactor of SMEs’development. Supply chain finance, as a new direction of finance, has providea new road for SMEs financing. This new means of financing brings convenience to the bankand enterprise. However, it also brings new risks, the most important of which is credit risk.Thorough analysis and prevention of the credit risk is beneficial for the development of supplychain finance.This thesis uses the methods of theoretical research, game analysis and case study. Thecurrent situtation of the research of supply chain finance is summarised through literature andtheories review. On this basis, the value and risks of the supply chain finance are analyzed.Game analysis builds game models between banks, enterprises and SMEs. There aresuggestions to promote development of the supply chain finance after case studies.Through research, this thesis gives the following conclusions. Firstly, supply chainfinance provides convenience for financing of SMEs, but at the same time it brings morecomplex risks to the participants. Besides credit risk, legal risk and operational risk, there aresome other external risks. Secondly, due to asymmetry information, the participants of thesupply chain finance game with each other. To reduce the probability of default, penaltiesshould be increased. And the banks need to minimize the cost of supervision and establish agood relationship with the enterprise. Banks try to get more information of enterprises toreduce asymmetric information. The core enterprises need to enhance the management of the upstream and downstream enterprises in the supply chain to help the banks carry out thesupervision work. Thirdly, the development of the supply chain finance can not be separatedfrom government departments’ support. Good environment is beneficial to the development ofsupply chain finance.更多还原