非银行类金融供应链下保理融资效用分析

Research on the Utility of Factoring Financing from the Perspective of Supply Chain under the Non-banking Finance

本文运用委托代理模型将保理置放在供应链体系之中,分析了供应链上下游企业存在信息不对称时可以通过现金与应收账款的支付组合机制,鼓励企业扩大生产。本文还从全供应链视角,论证了企业之间的信息不对称问题会造成供应链整体效用水平损失。若供应商企业采用无追索权保理融资,能在一定程度上减少供应链效用损失,而通过一般银行信贷融资和有追索权保理融资,则不会对供应链整体效用造成影响。这证明了无追索权保理融资能能够联通供应链各方的信息情况,降低系统性风险,提高供应链效用水平,推动所在产业的发展,助力于经济增长。

This paper uses the principal-agent model to place the factor in the supply chain system, and analyzes the payment combination mechanism of cash and accounts receivable to encourage enterprises to expand the scale of production, when the upstream and downstream enterprises in the supply chain have information asymmetry. Furthermore, from the perspective of the full supply chain, this paper demonstrates that the problem of information asymmetry between enterprises will result in the loss of the overall utility level of the supply chain. When supplier companies use general bank credit financing and recourse factoring financing, it will not improve the overall utility. However, if the company adopts non-recourse factoring financing, it can reduce the supply chain utility loss to a certain extent. It proves that non-recourse factoring financing can exchange the information of all parties in the supply chain, reduce systematic risks, improve the utility level of the supply chain, promote the development of the industry, and contribute to the economic growth.