面向供应链融资的企业无风险收益合约研究

The risk free returns in contracted enterprises with supply chain financing

供应链融资服务是一种新型的银行金融产品服务,是实现中小企业资金市场化的有效切入点。本文根据供应链融资运作中企业间的合作关系,建立了不同主体无风险合约模型。基于此模型,研究了银行和企业对贷款额度与利率的承受范围,分析了供应链融资参与主体间的无风险合约达成条件,提出了企业努力水平与贷款利率、贷款额度之间的激励关系。研究表明,供应链项目未来收益作为银行还款来源不仅与项目自然状态有关,还有与成员企业努力水平有着直接的关系,只有成员企业共同努力,才能保证供应链整体效益最大化,从而才能实现企业自身收益最大化。

As a new banking service,the supply chain financing is an effective preliminary tool to marketization small and medium-sized enterprises＇ financing.In accordance with the cooperation between enterprises of a supply chain,a model of risk-free returns contracts between different entities in a supply chain is built.Based on the model,the loan limit and its highest interest rate agreed upon by both the bank and the enterprises is investigated,the circumstances under which a risk-free contract can be signed among constituents in the supply chain is analyzed,and the incentive relations among enterprises＇ effort levels,the interest rate of loan and the loan limit are propoded.Research findings indicate that as the source of loan repayment,the future economic returns of a supply chain project are pertinent to not only the original state of the project,but also the effort levels of the constitutive enterprises,whose joint efforts are the guarantee of the total benefit of the supply chain,hence the corporate earnings could be maximized.