竞争环境下的供应链融资决策与风险分担机制研究

Although supply chain financing service products spring up at an increasing rate, the problems of financing difficulty and high cost are still prominent, the product market competition and financing market environments are two main factors affecting corporate financing decisions. Based on the investigation of corporate financing practices, this current project analyses corporates’ operation behaviors and financing operation mechanisms, studies supply chain financing decisions and risk sharing mechanisms under internal and external financing circumstances. As for the internal circumstances, the decision model for selecting supplier’s financing modes is constructed under product price competition condition. Considering supplier’s online and offline sales channels, the offline retailer’s financing decision is studied under sales channels competition context. As for the external circumstances, considering financing channel competition environment, the supply chain structures dominated by different core enterprises are constructed and the supply chain financing strategies are presented. Taking the change from business tax to value added tax for example, the impact of various taxes on supply chain financing decisions is analyzed. Also, the credit risk in different financing modes is analyzed, and reasonable risk sharing mechanisms are designed for maximizing supply chain financing value, meanwhile, the impacts of competition circumstances on risk sharing contracts are discussed. The research results will contribute to enrich the management theories of supply chain finance, and provide scientific supports for corporate financing practice and formulation of national macroeconomic policy.

尽管供应链金融服务产品不断涌现，融资难、融资成本高问题依然突出，产品市场竞争环境和融资市场环境是影响企业融资决策的两大主要因素。本项目基于企业融资的实践调研，分析企业运营行为和融资业务运作机理，从融资内外环境出发，研究供应链的融资决策与风险分担机制。针对内部环境，考虑产品价格竞争环境，建立供应商融资方式的选择决策模型；考虑制造商采取线上和线下两种销售渠道，研究销售渠道竞争环境下，线下零售商的融资决策。针对外部环境，考虑融资渠道竞争环境，构建不同核心企业主导的供应链结构，给出融资渠道竞争约束条件下的供应链融资策略；以“营改增”为例，分析不同税收环境对供应链融资决策的影响。并且，分析不同融资模式中的信贷风险，从创造供应链融资最大价值这一视角，设计合理的风险分担机制，探讨竞争环境对风险分担契约的影响。研究成果将丰富供应链金融管理理论，为企业融资实践和国家宏观经济政策的制订提供科学的决策依据。

供应链金融实践在我国得到了快速发展，面向不同层次的供应链融资模式、方法和产品大量涌现，然而，企业融资成本高依然是企业面临的生存困境。从其根本原因来看，企业所处的市场竞争环境和融资市场环境对企业融资决策产生了重要的影响。本项目通过构建不同的供应链结构和框架，研究竞争环境下的供应链融资均衡决策和风险分担机制。研究表明，产品市场竞争环境下，对两个同质供应商进行预付款融资时，供应商的创新能力越强且进行按单生产时，供应商的利润越大。销售渠道竞争会削弱商业信用的融资效用，零售商虽然可以扩大订购量，但不能实现无资金约束下的最优利润，却会给供应商带来额外的融资效益。融资模式竞争环境下，供应商将回扣机制融入传统的商业信贷和银行信贷融资模式中，不仅可以为供应链创造更多的融资利润和价值，还可以为零售商提供一定的风险担保，促使供应链上各方企业达到共赢。逆向保理融资不仅可以缓解零售商和供应商的资金周转问题，还可以激励供应商提高在可持续生产方面的投入水平，并且随着产品边际利润的增加，逆向保理的融资效用将逐渐降低。政府通过“营改增”税收政策，促使企业扩大产能，提高企业的订购量。本项目的研究丰富了供应链金融管理理论，为帮助企业和政府更好地开展供应链金融服务，提高供应链的整体竞争力提供了参考依据。