摘要
供应链金融是近几年理论界和实务界研究的热点。本文提出了一种新型的"供应商回购"供应链金融模式,建立了包含供应商、零售商和银行的Stackelberg三方博弈模型,并求解出最优边界。理论推导和数值分析表明,与目前主流的"商业贷款"、"商业信用"等模式相比,本文的模式通过解决信息不对称、风险分担和提升流动性溢价等,能够极大地提升供应商的销售规模和供应链的整体效率。相关模式对当前形势下"中国制造"树立全球竞争力和消化国内产能、去库存具有一定意义。
In recent years, supply chain finance has been brought under the spotlight in both academia and industry. With the launch of One Belt, One Road Initiative, a number of companies in China are planning to sell their products their foreign counterparts, and success of the scheme relies upon the proper implementation of supply chain finance. But they are facing financial constrain of buyers widely. In this paper, a novel buy back financing scheme is introduced. We calculated the optimal order quantity under such novel financing scheme, and compare its efficiency to other commonly used financing scheme like commercial loan and trade credit. We demonstrate that the buy back financing scheme outperforms the two financing schemes and can greatly enhance the efficiency of the supply. This is very important to cut overcapacity and excess inventory.
出处
《金融研究》
CSSCI
北大核心
2016年第12期175-190,共16页
Journal of Financial Research
关键词
供应链金融
一带一路
中国制造
Supply Chain Finance, the Belt and Road, Made in China
