考虑银行风险规避的保兑仓模式下供应链决策研究.docVIP

考虑银行风险规避的保兑仓模式下供应链决策研究 - 1 - （1. 天津大学管理与经济学部，天津 300072； 5 2. 天津职业技术师范大学经济与管理学院，天津 300222） 摘要：本文研究基于供应链金融中广泛使用的保兑仓模式，参与主体包括银行、制造商和零 售商。通过对传统保兑仓融资模式实际运作过程的分析，明确了保兑仓模式下的银行为中小 企业提供融资的主要风险源在于核心企业的回购违约，通过假设银行下侧风险规避，研究了10 在核心企业违约时的银行下侧风险规避对零售商的订货限制问题，研究表明银行设定的贷款 额度与其风险态度相关。随着银行风险厌恶程度的不断降低，银行订货额度的限制对供应链 整体的影响逐渐减小，最终供应链达到稳定状态；文章同样探讨了核心企业—制造商回购违 约时的市场需求占零售商总订货数量的比率对供应链的影响，发现该比率在某一确定区间内 对整个供应链的影响最大。 15 关键词：管理工程；保兑仓融资；银行下侧风险规避；订货额度；回购违约 中图分类号：F253 Strategy Study of Supply Chain with Confirmed Warehouse Based on Banks with Downside Risk Constraint 20 ZHENG Jingju 1 , YANG Yong 2 (1. College of Management and Economics, Tianjin University, Tianjin 30072; 2. School of Management and Economics, Tianjin University of Technology and Education, Tianjin 300222) Abstract: The research background of this thesis is Confirming Warehouse Financing mode which is 25 one of the regular modes of supply chain finance. The participators includes Bank, Manufacturer (Core Company), Retailer (SME). Through analyzing the actual process of classic Confirming Warehouse Financing (CWF) mode, we obtained that the main risk point of bank comes from the core company’s buy-back default. This paper analyses the retailer’s order quantity and loan limit issues under a hypothesis of banks with downside risk constraint. The study shows that it is dependent between order 30 limitation and risk attitude of bank. By using mathematic model and numerical simulation, we found: with the degree of risk aversion of bank decreasing, the influence of bank’s order limitation is also weakening, eventually keeps a steady state in supply chain. The paper also analyze how the ratio of market demand to retailer’s total order quantity influence the performance of supply chain, and the result shows that the ratio will has a quite great influence on whole supply chain when it between a 35 small interval. Key words: Management Engineering; Confirming Warehouse Financing; Banks with Downside R