【作者】 王琼；

【导师】 郭强；

【作者基本信息】 西南交通大学 ， 工业工程， 2022， 硕士

【摘要】 供应链金融现已成为缓解中小企业资金受限,融资困难等难题的重要途径,但是在实际的融资过程中,供应链的节点企业会受到各类风险的影响而表现出风险规避的特征。另一方面,基于核心企业的完全回购担保融资和信用担保融资方式都是目前应用较为广泛的融资方式,二者在解决中小企业资金瓶颈问题以及提升供应链整体效益上具备较大的优势。本文考虑到企业均具备风险规避特征的条件下,基于供应链金融理论和Stackelberg博弈思想以及条件风险价值准则构建模型,探索具备风险规避特征的企业在具备资金受限问题的供应链中的最优决策以及融资方式选择策略。首先,本文构建了完全回购担保融资模型和信用担保融资模型,以企业风险收益最大化为目标,通过stackleberg博弈理论对企业的最优决策进行求解,并通过算例分析验证了相关因素对供应链最优决策的影响。探索发现:完全回购担保和信用担保两种融资方式都能解决供应链的融资问题,而且制造商和经销商的风险规避程度、回购价格、信用担保比例都能实现对供应链最优决策的调节作用。其次,以供应链收益最大化为目标,探讨当节点企业均为风险规避时,在完全回购担保和信用担保两种融资方式下的供应链协调机制,最后进一步比较完全回购担保融资和信用担保融资两种方式,结果表明:在完全回购担保和信用担保两种融资方式的背景下,供应链可以通过制定合理的批发价和回购价来改善供应链的绩效,同时,制造商和供应链在选择融资方式时应综合考量企业的风险规避程度、产品回购价、企业可提供信用担保的比例等要素。最后,具备风险规避特征的企业可以通过完全回购担保融资和信用担保融资解决资金约束问题并提升供应链整体效益,本文的研究结果也可为企业融资决策提供参考。更多还原

【Abstract】 Supply chain finance has now become a major channel to ease problems such as limited funds and financing difficulties for small and medium-sized enterprises.However,in the actual financing process,node enterprises in the supply chain will be affected by various risks and show the characteristics of risk aversion.On the other hand,the complete repurchase guarantee financing and credit guarantee financing based on core enterprises are the most widely used financing methods at present.Considering that all enterprises are risk-averse,this paper builds a model based on supply chain finance theory,Stackelberg game theory and conditional value at risk criterion to explore the optimal decision and financing mode selection strategy of enterprises with risk-averse characteristics in the supply chain with capital constraints.Firstly,this paper constructs the complete repurchase guarantee financing model and the credit guarantee financing model.In order to maximize the risk and return of corporations,stackleberg game theory is used to solve the optimal decision of enterprises,and the influence of related factors on the optimal decision of supply chain is verified by example analysis.It is found that both full repurchase guarantee and credit guarantee can solve the supply chain capitalisng issue,and the risk avoidance degree,repurchase price and credit guarantee ratio of manufacturers and dealers can adjust the optimal decision of supply chain.Secondly,with the goal of maximizing supply chain income,this paper discusses the supply chain coordination mechanism under the two financing modes of full repurchase guarantee and credit guarantee when node-node enterprises are all risk-averse.Finally,the two financing modes of full repurchase guarantee and credit guarantee are further compared.The results show that: In complete repurchase guarantee and credit guarantee under the background of two kinds of financing ways,the supply chain can by making a reasonable wholesale price and the counterpurchase charges to ameliorate the merits of the supply chain,at the same time,manufacturer and supply chain should be comprehensive consideration when choosing financing enterprises,product by the degree of risk aversion,enterprises can provide guarantee of share repurchase price elements,etc.Finally,enterprises with risk avoidance characteristics can settle the lack of fund and improve the overall benefit of supply chain through full repurchase guarantee and credit financing.The research results of this paper can also provide reference for enterprises to make financing decisions.更多还原