基于银行下侧风险规避的保兑仓融资模式决策

Strategy of Confirming Warehouse Financing Based on Banks with Downside Risk Constraint

本文通过对传统保兑仓融资模式实际运作过程的分析,明确了保兑仓模式下的银行为中小企业提供融资的主要风险源在于核心企业的回购违约,通过假设银行下侧风险规避,研究了在核心企业违约时的银行下侧风险规避对零售商的订货限制问题,研究表明银行设定的贷款额度与其风险态度相关。随着银行风险厌恶程度的不断降低,银行对零售商订货额度的限制对供应链整体利润的影响逐渐减小,最终供应链达到稳定状态;文章同样探讨了核心企业—制造商回购违约时的市场需求占零售商总订货数量的比率对供应链利润的影响,发现该比率在某一确定区间内对整个供应链利润的影响最大。

Through analyzing the actual process of classic Confirming Warehouse Financing, we obtain that the main risk point of bank comes from the core company＇s buy-back default. This paper analyses the retailer＇s order quantity limit issue under a hypothesis of banks with downside risk constraint, the study shows that it is dependent between order limitation and risk attitude of bank. With the degree of risk aversion of bank decreasing, the influence of bank＇s order limitation is also weakening, eventually keeps a steady state in supply chain. This paper also analyzes how the ratio of market demand to retailer＇s total order quantity influences the performance of supply chain, and the result shows that the ratio will has a quite great influence on whole supply chain when it between a small interval.