产出不确定的供应链应收账款抵押融资策略

Financing Strategy with Accounts Receivable in the Supply Chain with Uncertain Yields

研究产出不确定的供应链应收账款抵押融资模式下的最优融资额度和运作策略,并与资金充足情况下供应链的运作决策进行了对比。最后,进行了算例分析。研究表明:当产出不确定的风险较大时,应收账款融资模式下供应商的生产积极性高于资金充足的情况,而商业银行的贷款额度决策有利于控制供应商的冒险性,说明研究产出不确定环境下的融资额度决策具有必要性和重要性;随着抵押应收账款额度的增加,商业银行决策的贷款额度相应增加,而供应商的生产和融资积极性却随之降低。

In this paper,we study the optimal financing and operations strategy with account receivables in the supply chain with uncertain yields,and compare their consequences and the decision making with the supply chain without the capital constraint.The result shows that when the uncertainty of yields is high,the supplier＇s production enthusiasm is higher with accounts receivable financing than those without capital constraint,but the banks decision-making of the loan amount is lower.This shows that the study of uncertain yields and financing credit decision has a certain theoretical and practical significance.The supplier＇s production enthusiasm decreases with the increase of amount of accounts receivable mortgage and the higher the amount of account receivable mortgage,the higher the amount of loans the commercial banks to provide.