基于资金约束的供应链金融服务研究
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摘要
资金流作为供应链管理的三个核心要素之一,在供应链管理的发展过程中却没有引起足够的重视,随着企业的供应链金融需求日益迫切,供应链金融正逐渐成为企业界,金融界和学术界追捧的对象。供应链金融在国内的发展雏形是“1+N”贸易融资。“1”是供应链上的核心企业,“N”是供应链上的中小企业。国内最先做供应链金融的深圳发展银行看中这个“N”,对一个产业供应链中的单个企业或上下游多个企业提供金融服务,通过中小企业介入产业链,做活整个供应链的资金流。供应链金融的真正需求在于中小企业,中小企业的自身约束增加了融资风险,第三方物流企业的参与,相应的解决了中小企业融资难的问题,但是市场的不确定性,信息不对称等各种因素会给银行提供金融服务带来风险。作为一个新的领域,之前的研究还有很多不足。
本文针对供应链金融中的存货质押融资方式下,首先分析资金约束的零售商质押融资过程中的采购问题,分析最优订购量和质押率及质押商品价值之间的关系,最后得出通过质押率的设置来降低银行信贷的风险。接着考虑零售商是损失规避的情形下的采购策略与融资决策之间的关系。
另外分析了第三方物流企业参与融资服务的运作模式,运用委托代理理论分析银行对物流企业的激励机制。通过分析得出在信息不对称情形下,银行对物流企业的激励能降低风险。
通过研究得出了一些结论或管理启示:1.银行在给中小企业提供融资服务时,通过设置一个质押率来降低借贷企业破产概率或违约概率。2.损失规避偏好下零售商的破产概率会小于风险中性零售商的破产概率。3.信息不对称情形下,银行对物流企业采取激励,提供激励系数越大,物流企业的努力程度越大。
Cash flow is one of the three inherence parts of supply chain management, but has been ignored in the development of supply chain management. As the urgent need of enterprises financial flow, supply chain finance has been the pursuit in the business, finance and academics.“1+N”trade model is the embryonic in the process of supply chain finance development. "1" is the core enterprise of supply chain, "N" is the small and medium-sized enterprises (SMEs). The first to do supply chain finance in the domestic, Shenzhen Development Bank, chose the "N", provide financial services to a single business or multiple businesses in industry supply chain. It makes the cash flow more liquidity through extending industry chain. The real needs of supply chain finance come from small and medium-sized enterprises. SMEs are constrained to finance.The third party logistics enterprises cooperate with financial institutions and the core enterprise of supply chain to create a new financing model of SME-supply chain finance which provides a new solution for SMEs to get loans. Many kinds of factors such as market uncertainty, information asymmetry will bring the risk of banks to provide financial services. As a new field, the system research is not enough.
Based on the inventory financing , this paper first analyze a risk neutral retailer of financial constraints makes the optimal order decisions and consider the relationship between rate and the commodity value, and finally come through setting the pledge rate to reduce the credit risk. Then suppose the retailer is loss aversion , the relation between procurement strategy and the financing decision.
In addition, this paper also considers the problem that, with the agent theory, the bank incentives the third party logistics firm to participate the financial service. We get the result that is under the asymmetric information the bank designs incentive mechanism to reduce risk .
We get the conclusions: first, banks provide financing services to SMEs by setting a pledge rate to reduce the probability of default or probability of corporate bankruptcy. Second, if the retailer is loss aversion preferences, the retailer's bankruptcy probability will be less than the risk-neutral retailer's bankruptcy probability. Last, in the case of information asymmetry, banks design incentives contract to the logistics business. The greater incentive coefficient makes the greater the logistics effort.
本文针对供应链金融中的存货质押融资方式下,首先分析资金约束的零售商质押融资过程中的采购问题,分析最优订购量和质押率及质押商品价值之间的关系,最后得出通过质押率的设置来降低银行信贷的风险。接着考虑零售商是损失规避的情形下的采购策略与融资决策之间的关系。
另外分析了第三方物流企业参与融资服务的运作模式,运用委托代理理论分析银行对物流企业的激励机制。通过分析得出在信息不对称情形下,银行对物流企业的激励能降低风险。
通过研究得出了一些结论或管理启示:1.银行在给中小企业提供融资服务时,通过设置一个质押率来降低借贷企业破产概率或违约概率。2.损失规避偏好下零售商的破产概率会小于风险中性零售商的破产概率。3.信息不对称情形下,银行对物流企业采取激励,提供激励系数越大,物流企业的努力程度越大。
Cash flow is one of the three inherence parts of supply chain management, but has been ignored in the development of supply chain management. As the urgent need of enterprises financial flow, supply chain finance has been the pursuit in the business, finance and academics.“1+N”trade model is the embryonic in the process of supply chain finance development. "1" is the core enterprise of supply chain, "N" is the small and medium-sized enterprises (SMEs). The first to do supply chain finance in the domestic, Shenzhen Development Bank, chose the "N", provide financial services to a single business or multiple businesses in industry supply chain. It makes the cash flow more liquidity through extending industry chain. The real needs of supply chain finance come from small and medium-sized enterprises. SMEs are constrained to finance.The third party logistics enterprises cooperate with financial institutions and the core enterprise of supply chain to create a new financing model of SME-supply chain finance which provides a new solution for SMEs to get loans. Many kinds of factors such as market uncertainty, information asymmetry will bring the risk of banks to provide financial services. As a new field, the system research is not enough.
Based on the inventory financing , this paper first analyze a risk neutral retailer of financial constraints makes the optimal order decisions and consider the relationship between rate and the commodity value, and finally come through setting the pledge rate to reduce the credit risk. Then suppose the retailer is loss aversion , the relation between procurement strategy and the financing decision.
In addition, this paper also considers the problem that, with the agent theory, the bank incentives the third party logistics firm to participate the financial service. We get the result that is under the asymmetric information the bank designs incentive mechanism to reduce risk .
We get the conclusions: first, banks provide financing services to SMEs by setting a pledge rate to reduce the probability of default or probability of corporate bankruptcy. Second, if the retailer is loss aversion preferences, the retailer's bankruptcy probability will be less than the risk-neutral retailer's bankruptcy probability. Last, in the case of information asymmetry, banks design incentives contract to the logistics business. The greater incentive coefficient makes the greater the logistics effort.
引文
[1]赵林度.2009供应链金融创新模式报告
[2] Barnett.W. What’s in a name? A brief overview of asset-based lending. Secured Lender.1997,53(11-12)80-81
[3] Carner. C.H. Secured lending for high-growth retailers. Secured Lender. 1998, 54(11/12)54-59
[4] Buzacott, Zhang.Inventory management with asset-based financing. Management science, 2004,50(9):1274-1292
[5]深圳发展银行-中欧国际工商学院“供应链金融”课题组.供应链金融.上海远东出版社2009
[6]罗齐和朱道立.第三方物流服务创新:融通仓及其运作模式初探.中国流通经济,2002,2:11-14.
[7]陈祥锋,石代伦,朱道立.融通仓与物流金融服务创新.科技导报,2005,9:30-34
[8] Guerrisi J. Making Money Move Faster, Supply Chain Management Review, 2001,5(1):17-18
[9] Warren H. Financial Flows& Supply Chain Effeciency.www.visa-asia.com 2004
[10] Stefan. Benchmarking Financial Chain Efficiency-the Role of Economies of scale for financial processes. www.wiiw.de 2004
[11]于洋,冯耕中.物资银行业务运作模式及风险控制研究.管理评论,2003,15(9):45-50.
[12]高婕,高志鹏.银行介入现代物流的机遇与挑战.金融理论与实践,2003,5:10-12
[13]宰予东.现代金融与物流业的协同发展.金融理论与实践,2004,6:9-11.
[14]邹小芃,陈万翔,夏峻峰.国内物流金融研究综述.商业时代,2006,36:17-18.
[15]陈祥锋,朱道立.现代物流金融服务创新——金融物流.物流技术,2005,3:4-6.
[16]杜红权,胡介埙.我国开展“物流银行”服务的理论与实践.上海金融,2005,6
[17]袁红,王伟.物流金融:物流研究的新领域.中国物流与采购,2005,2:22-23.
[18]曾文琦.关于仓单质押贷款业务现状其市场资源配置要点的探讨.金融经济,2006,3
[19]徐明川.物流企业开展物流金融的博弈分析.商业时代, 2006年35期:13-15
[20]温志桃,董雄报.物流金融下风险主体的博弈行为分析.商场现代化,2008年12月,253
[21] Albert R.Koch. Economic Aspects of Inventory and Receivable Financing.Law and Contemporary Problems,1948,13(4):566-578
[22] Raymand W.Burman. Practical Aspects of Inventory and Receivables Financing. Law and Contemporary Problems, 1948,13(4):555-565
[23] Dunham A. Inventory and Accounts Receivable Financing. Harvard Law Review, 1949, 62(4):588-615
[24] Eisenstadt M. A finance company' s approach to warehouse receipt loans.New York Certified Public Accountant,1966,36: 661-670
[25] Spence AM.Job market signaling.Quarterly Journal of Economics,1973,87:355-374
[26] Rothchild M,Stilitx J Equilibrium in competitive insurance markets:an essay in the economics of imperfect information.Quarterly Journal of Economics,1976,3:629-649
[27] Stiglitz JE,Weiss A.Credit rationing in markets with imperfect information.The American Economic Review,1981(3):393-410
[28]Brewer.Performance and Access to Government Guarantees:The Case of Small Business Investment Companies,”Economic Perspectives,1996,20(5):16-32
[29] Brueckner JK. Borrower mobility,adverse selection and mortgage points.Journal of Financial Intermediation,1994,3:416-441
[30] Brueckner JK. Mortgage default with asymmetric information.Journal of Real Estate Finance and Economics,2000,20:251-274
[31] Frye J.Collteral damage,a source of systematic credit risk.Risk Magazine,2000,21:188-203
[32] Coulter J,Onumah G.The role of warehouse receipt systems in enhanced commodity marketing and rural livelihoods in Africa.Food Policy,2002,(4):319-337
[33]Weisun,etal.Business models and solution architectures for SMB financing in a supply chain ecosystem.2004:130-133
[34] Eric Fenmore. Making Purchase- Order Financing Work for You. The Secured lender,2004,60(2):20- 24
[35] Buzacott J. A., R. Q. Zhang. Inventory Management with Asset- Based Financing. Management Science, 2004,24:1274- 1292
[36] Elijab Brewer. On lending to small firms Journal of small business management 2007 45(1):42-46
[37] Berger A.W S Frame.N H Miller .Credit Scoring and the Availability,Price,and Risk of Small Business Credit 2005,12(2):113-125
[38]储雪俭.初探物流金融的经济学原理.物流技术,2006,5:11-14
[39]徐明川.物流企业开展物流金融的博弈分析.商业时代, 2006,35:13-15
[40]李毅学,冯耕中等.价格随机波动下存货质押融资业务质押率研究.系统工程理论与实践,2007,27(12):42-49.
[41]陈祥锋,朱晨波.供应链采购管理中的期权价值研究.系统工程学报,2007,22(4):401-407
[42]朱文贵.允许延迟支付方式下的库存质押融资服务定价模型.系统工程理论与实践,2007,12:1-7
[43]李娟,徐渝,冯耕中,李毅学.基于存货质押融资业务的阶段贷款最优决策研究.运筹与管理,2002,2:28-31
[44]Schwartz E,Smith JE.Short-term variations and long-term dynamics in commodity prices[J].Management Science,2003,(7):893-911
[45]Hilliard J,Jeis J.Valuation of commodity futures and iptions under stochastric-convenience yields,interest rates,and jump diffusions on the spot[J].Journal of Financial and Quantitative Analysis,1998,(1):31-86
[46] Birge J R, Zhang R Q. Risk-neutral option pricing methods for adjusting constrained cash flows[J]. Engineering Economist, 1999, 44(1):36-49.
[47] Agrawal & Seshadri. Impact of Uncertainty and Risk Aversion on Price and Order Quantity in the Newsvendor Problem. Manufacturing Service Operations Management, 2000,2(4):410-423.
[48]Victor & David. Mean-Variance Trade-offs in Supply Contracts.2006,53(7):603-616
[49]Voler Nocke & John Thanassoulis. Vertical Relations under credit constraints.2009. Working paper.CEPR Discussion Paper No.DP7636.
[50]Li,L.,M.Shubik, M.J.Sobel. Production with dividends and default penalties. Working paper, weatherhead school of management, case western reserve university, Cleveland, 1997,OH.
[51]Archibald, T.W.,L.C.Thomas, J.M.Betts, R.B.Johnston. Should Start-up Companies Be Cautious? Inventory policies which maximize survival probabilities. Management science, 48(9): 1161-1174
[52]Babich, V.,M.J. Sobel. Pre-IPO operational and financial decisions. Managementscience,50(7): 935-948.
[53] Buzacott J. A., R. Q. Zhang. Inventory Management with Asset- Based Financing. Management Science, 2004,24: 1274- 1292
[54] Caldenety & Haugh.Supply Contracts with Financial Hedging.operational research,2007,2
[55] Chao,X., J. Chen, and S.wang. optimal dynamic inventory control with financial constraints.Academy of mathematics and systems sciences, 2005.
[56]陈祥锋,朱道立,应雯珺.资金约束与供应链融资和运营决策研究.管理科学学报,2008,11(3):70-78
[57]陈祥锋,朱道立.资金约束供应链中物流提供商的系统价值研究.系统工程学报,2008,23(6):666-673
[58]李彤,2007最佳商业模式:深发展供应链金融.商界评论,2007.6
[59] Kahneman D, Tversky A. Prospect theory: an analysis of decisions under risk. Econometrica, 1979,47:263-291
[60]Bowman D,Minehart D,Matthew R. Loss aversion in a consumption-savings model. Journal of Economic Behavior and Organization, 1999, 38(2):155-178
[61]Putler D. Incorporating reference price effects into a theory of household choice. Marketing Science, 1992,11(2):287-309
[62]Barberis N, Huang M. Mental accounting ,loss aversion and individual stock returns. Jounal of finance, 2001,56(4):1247-1292
[63]Fiefenbaun A,Thomas H. Attitudes toward risk and the risk-return paradox:Prospect theory explanations. Academy of management journal,1988,17:219-235
[64]深圳发展银行.www.sdb.com.cn
[2] Barnett.W. What’s in a name? A brief overview of asset-based lending. Secured Lender.1997,53(11-12)80-81
[3] Carner. C.H. Secured lending for high-growth retailers. Secured Lender. 1998, 54(11/12)54-59
[4] Buzacott, Zhang.Inventory management with asset-based financing. Management science, 2004,50(9):1274-1292
[5]深圳发展银行-中欧国际工商学院“供应链金融”课题组.供应链金融.上海远东出版社2009
[6]罗齐和朱道立.第三方物流服务创新:融通仓及其运作模式初探.中国流通经济,2002,2:11-14.
[7]陈祥锋,石代伦,朱道立.融通仓与物流金融服务创新.科技导报,2005,9:30-34
[8] Guerrisi J. Making Money Move Faster, Supply Chain Management Review, 2001,5(1):17-18
[9] Warren H. Financial Flows& Supply Chain Effeciency.www.visa-asia.com 2004
[10] Stefan. Benchmarking Financial Chain Efficiency-the Role of Economies of scale for financial processes. www.wiiw.de 2004
[11]于洋,冯耕中.物资银行业务运作模式及风险控制研究.管理评论,2003,15(9):45-50.
[12]高婕,高志鹏.银行介入现代物流的机遇与挑战.金融理论与实践,2003,5:10-12
[13]宰予东.现代金融与物流业的协同发展.金融理论与实践,2004,6:9-11.
[14]邹小芃,陈万翔,夏峻峰.国内物流金融研究综述.商业时代,2006,36:17-18.
[15]陈祥锋,朱道立.现代物流金融服务创新——金融物流.物流技术,2005,3:4-6.
[16]杜红权,胡介埙.我国开展“物流银行”服务的理论与实践.上海金融,2005,6
[17]袁红,王伟.物流金融:物流研究的新领域.中国物流与采购,2005,2:22-23.
[18]曾文琦.关于仓单质押贷款业务现状其市场资源配置要点的探讨.金融经济,2006,3
[19]徐明川.物流企业开展物流金融的博弈分析.商业时代, 2006年35期:13-15
[20]温志桃,董雄报.物流金融下风险主体的博弈行为分析.商场现代化,2008年12月,253
[21] Albert R.Koch. Economic Aspects of Inventory and Receivable Financing.Law and Contemporary Problems,1948,13(4):566-578
[22] Raymand W.Burman. Practical Aspects of Inventory and Receivables Financing. Law and Contemporary Problems, 1948,13(4):555-565
[23] Dunham A. Inventory and Accounts Receivable Financing. Harvard Law Review, 1949, 62(4):588-615
[24] Eisenstadt M. A finance company' s approach to warehouse receipt loans.New York Certified Public Accountant,1966,36: 661-670
[25] Spence AM.Job market signaling.Quarterly Journal of Economics,1973,87:355-374
[26] Rothchild M,Stilitx J Equilibrium in competitive insurance markets:an essay in the economics of imperfect information.Quarterly Journal of Economics,1976,3:629-649
[27] Stiglitz JE,Weiss A.Credit rationing in markets with imperfect information.The American Economic Review,1981(3):393-410
[28]Brewer.Performance and Access to Government Guarantees:The Case of Small Business Investment Companies,”Economic Perspectives,1996,20(5):16-32
[29] Brueckner JK. Borrower mobility,adverse selection and mortgage points.Journal of Financial Intermediation,1994,3:416-441
[30] Brueckner JK. Mortgage default with asymmetric information.Journal of Real Estate Finance and Economics,2000,20:251-274
[31] Frye J.Collteral damage,a source of systematic credit risk.Risk Magazine,2000,21:188-203
[32] Coulter J,Onumah G.The role of warehouse receipt systems in enhanced commodity marketing and rural livelihoods in Africa.Food Policy,2002,(4):319-337
[33]Weisun,etal.Business models and solution architectures for SMB financing in a supply chain ecosystem.2004:130-133
[34] Eric Fenmore. Making Purchase- Order Financing Work for You. The Secured lender,2004,60(2):20- 24
[35] Buzacott J. A., R. Q. Zhang. Inventory Management with Asset- Based Financing. Management Science, 2004,24:1274- 1292
[36] Elijab Brewer. On lending to small firms Journal of small business management 2007 45(1):42-46
[37] Berger A.W S Frame.N H Miller .Credit Scoring and the Availability,Price,and Risk of Small Business Credit 2005,12(2):113-125
[38]储雪俭.初探物流金融的经济学原理.物流技术,2006,5:11-14
[39]徐明川.物流企业开展物流金融的博弈分析.商业时代, 2006,35:13-15
[40]李毅学,冯耕中等.价格随机波动下存货质押融资业务质押率研究.系统工程理论与实践,2007,27(12):42-49.
[41]陈祥锋,朱晨波.供应链采购管理中的期权价值研究.系统工程学报,2007,22(4):401-407
[42]朱文贵.允许延迟支付方式下的库存质押融资服务定价模型.系统工程理论与实践,2007,12:1-7
[43]李娟,徐渝,冯耕中,李毅学.基于存货质押融资业务的阶段贷款最优决策研究.运筹与管理,2002,2:28-31
[44]Schwartz E,Smith JE.Short-term variations and long-term dynamics in commodity prices[J].Management Science,2003,(7):893-911
[45]Hilliard J,Jeis J.Valuation of commodity futures and iptions under stochastric-convenience yields,interest rates,and jump diffusions on the spot[J].Journal of Financial and Quantitative Analysis,1998,(1):31-86
[46] Birge J R, Zhang R Q. Risk-neutral option pricing methods for adjusting constrained cash flows[J]. Engineering Economist, 1999, 44(1):36-49.
[47] Agrawal & Seshadri. Impact of Uncertainty and Risk Aversion on Price and Order Quantity in the Newsvendor Problem. Manufacturing Service Operations Management, 2000,2(4):410-423.
[48]Victor & David. Mean-Variance Trade-offs in Supply Contracts.2006,53(7):603-616
[49]Voler Nocke & John Thanassoulis. Vertical Relations under credit constraints.2009. Working paper.CEPR Discussion Paper No.DP7636.
[50]Li,L.,M.Shubik, M.J.Sobel. Production with dividends and default penalties. Working paper, weatherhead school of management, case western reserve university, Cleveland, 1997,OH.
[51]Archibald, T.W.,L.C.Thomas, J.M.Betts, R.B.Johnston. Should Start-up Companies Be Cautious? Inventory policies which maximize survival probabilities. Management science, 48(9): 1161-1174
[52]Babich, V.,M.J. Sobel. Pre-IPO operational and financial decisions. Managementscience,50(7): 935-948.
[53] Buzacott J. A., R. Q. Zhang. Inventory Management with Asset- Based Financing. Management Science, 2004,24: 1274- 1292
[54] Caldenety & Haugh.Supply Contracts with Financial Hedging.operational research,2007,2
[55] Chao,X., J. Chen, and S.wang. optimal dynamic inventory control with financial constraints.Academy of mathematics and systems sciences, 2005.
[56]陈祥锋,朱道立,应雯珺.资金约束与供应链融资和运营决策研究.管理科学学报,2008,11(3):70-78
[57]陈祥锋,朱道立.资金约束供应链中物流提供商的系统价值研究.系统工程学报,2008,23(6):666-673
[58]李彤,2007最佳商业模式:深发展供应链金融.商界评论,2007.6
[59] Kahneman D, Tversky A. Prospect theory: an analysis of decisions under risk. Econometrica, 1979,47:263-291
[60]Bowman D,Minehart D,Matthew R. Loss aversion in a consumption-savings model. Journal of Economic Behavior and Organization, 1999, 38(2):155-178
[61]Putler D. Incorporating reference price effects into a theory of household choice. Marketing Science, 1992,11(2):287-309
[62]Barberis N, Huang M. Mental accounting ,loss aversion and individual stock returns. Jounal of finance, 2001,56(4):1247-1292
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