基于供应链金融的应收账款融资研究-物流工程专业论文.docxVIP

浙江工业大学硕士学位论文基于供应链金融的应收 浙江工业大学硕士学位论文 基于供应链金融的应收账款融资研究 万方数据 万方数据 基于供应链金融的应收账款融资研究 摘 要 随着市场经济的不断深入，供应链金融的兴起并广泛发展，供应 链间的竞争变得尤为激烈和重要。众多中小企业，由于自身的原因， 长久以来，一直存在融资难的问题，而供应链金融应收账款融资这一 新型模式的开展，使得中小企业能够借助核心企业的良好信誉，将应 收账款质押给银行进行融资贷款，有效地缓解了中小企业内部应收账 款过多导致流动资金不足的问题，保障了整条供应链良好的运作与发 展，并且促使银行开拓新的业务领域，提供了新的业绩增长点。 本文基于以上的市场背景，采用了理论与实际相结合的方法，阐 述了供应链金融实施过程中，应收账款融资模式等有关概念，从银行 角度出发，针对中小企业建立了应收账款融资信用风险评价体系，采 用了网络层次分析法(ANP)和模糊综合评价法对信用风险进行定量 研究分析，并对信用风险的规避提出建议。随后，建立了供应链应收 账款融资模式下的两阶段博弈定价模型，讨论在分散决策和联合决策 下，中小企业、核心企业与银行博弈决策的过程，分析各自的最优策 略，对比两种决策下三者的最大收益，最终结果得到相对分散决策， 联合决策更优，在此基础上，进一步建立了分散决策下的无穷次重复 博弈模型，分析得到银行设置的贷款收益率，需在一定的范围内，才 能使核心企业守约还款，并且三方的收益最大化。 I 通过本文的研究，为中小企业、核心企业及银行进行应收账款融 资时，在信用风险管理以及行为决策过程中，提供了理论上的依据和 实践上的借鉴。 关键词：供应链金融，应收账款融资，信用风险，Stackelberg 博弈 II ACCOUNTS RECEIVABLE FINANCING IN SUPPLY CHAIN FINANCING ABSTRACT Supply chain finance emerges and starts to boom with the development of the market economy, which intensifies the competition between the supply chains. Considering the difficulty in financing for the small and medium enterprises (short for SMEs), the concept of account receivable financing in supply chain finance is hence put forward. Accounts receivable financing aims at acquiring the financing and loans from the banks for the SMEs by making full use of the standing reputation of the core enterprises. It provides a solution to work out the problem of the operating capital shortage due to the loaded receivable accounts and paves the way for the well operation and development of the supply chain as a whole. Meanwhile, it makes up a new area in bank financing which helps boost the bank performance. Given the market circumstances, this paper introduces the concepts concerning the account receivable financing and establishes corresponding credit risk assessment system for accounts receivable financing for SMEs. The Internet hierarchical analysis approach and fuzzy comprehensive assessment method are adopted to analyze the credit risk quantitatively and suggestions are proposed fo