我国中小企业存货质押融资模式的博弈分析——基于物流金融与供应链金融模式的比较

Game Theory Analysis of Inventory Financing for the Small and Medium-sized Enterprises——Based on the Comparison of Logistics and Supply Chain Finance

运用博弈论对物流金融与供应链金融下的两种存货质押融资模式进行了比较分析。结果表明,供应链金融下的存货质押融资模式可以改变物流金融模式下的纳什均衡,达到使博弈各方"多赢"的帕累托优化,同时也有利于中小企业增加融资率、减少融资风险、降低融资成本,是解决中小企业融资难题的一条有效途径。此外,研究结论也可以为中小企业融资金融创新产品的设计带来启示,以期更好地解决中小企业融资难的问题。

Game Theory was used to compare and analyze the two modes of inventory financing which were logistics finance and supply chain finance. The results showed that under the supply chain finance mode of inventory financing, Nash equilibrium of logistics finance mode was changeable, thus making the game parties ＂win-win＂ Pareto optimal. This mode could also increase financing rate of the small and medium-sized enterprises （SMEs） and reduce financing risk and financing costs and it was proven to be an effective way to solve the financing problems of SMEs. Furthermore, it was brought to SMEs the enlightenment on designing financing innovative products to solve the financing problem of SMEs.