供应商回购承诺下的销售商存货质押融资决策

doi:10.12005/orms.2015.0084

运筹与管理 ›› 2015, Vol. 24 ›› Issue (3): 60-67.DOI: 10.12005/orms.2015.0084

供应商回购承诺下的销售商存货质押融资决策

吴英晶^1,2, 李勇建¹

1.南开大学商学院,天津 300071;
2.呼伦贝尔学院,内蒙古呼伦贝尔 021008

收稿日期:2013-08-05 出版日期:2015-06-12
作者简介:吴英晶(1976-),女,内蒙古呼伦贝尔人,博士生,副教授,研究方向:物流与供应链管理。
基金资助:
国家自然科学基金资助项目(71372100,71302005);国家社科基金重大项目(13&ZD147)

Loan-to-Value Ratio Decision on the Retailer’s Inventory Financing under Supplier’s Buy-Back Guarantee

WU Ying-jing^1,2, LI Yong-jian¹

1.Business School, Nankai University, Tianjin 300071, China;
2. Economics and Management School, Hulunbuir College, Hulunbuir 021008, China

Received:2013-08-05 Online:2015-06-12

摘要/Abstract

摘要： 研究由一个供应商和销售商组成的供应链。销售商为中小企业,在受资金约束时无法通过自身信用获得所需融资,此时供应商可以为销售商贷款提供担保以提高其融资授信额度。本文采用销售商违约后剩余质押物的回购率来衡量供应商对融资风险的分担程度,对参与各方的存货质押融资决策进行了深入研究。结果表明:供应商的回购承诺提高了银行利润,在一定条件下提高了银行的质押率;并且,有回购承诺的融资决策在市场前景乐观情况下可以有效缓解销售商的融资困境。

关键词: 供应链, 回购承诺, 资金约束, 存货质押, 融资决策

Abstract: In this paper, a supply chain consisting of a supplier and a retailer is considered. Being a small and medium-sized enterprise, the retailer can’t obtain enough financing by its own credit when facing funding constraints. However, the line of the retailer’s credit can be raised through the supplier’s loan guarantee. By measuring the degree of financing risk-sharing by the buy-back ratio of unsold pledge, partners’ inventory financing decisions are intensively analyzed in this study. The results show that, the buy-back guarantee of the supplier not only increases profit of the bank, but also raises the loan-to-value ratio when certain conditions are satisfied; meanwhile, the retailer’s funding dilemma can be effectively alleviated by the supplier’s buy-back guarantee when the market conditions are optimistic.

Key words: supply chain, buy-back guarantee, funding constraints, inventory financing, financing decision

中图分类号:

吴英晶, 李勇建. 供应商回购承诺下的销售商存货质押融资决策[J]. 运筹与管理, 2015, 24(3): 60-67.

WU Ying-jing, LI Yong-jian. Loan-to-Value Ratio Decision on the Retailer’s Inventory Financing under Supplier’s Buy-Back Guarantee[J]. Operations Research and Management Science, 2015, 24(3): 60-67.

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供应商回购承诺下的销售商存货质押融资决策

Loan-to-Value Ratio Decision on the Retailer’s Inventory Financing under Supplier’s Buy-Back Guarantee

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