零售商运营视角下投贷联动最优投资结构模型

Optimal Investment Structure Model on Investment Linkage from the Perspective of Retailer Operation

投贷联动是供给侧结构性改革背景下驱动"金融服务实体经济"与推动"产融结合"的重要手段,而合理投资结构成为探索投贷联动机制以提升"金融资源配置效率"的关键。本文刻画了供应链鲁棒风险模型支持下投融资博弈的新特征,构建了零售企业投贷联动融资模型,探讨合理投资结构存在性。研究表明:投资方参与零售企业投贷联动融资博弈时,存在协调投资方利益最大化的"投贷联动区间"与最优投资结构,且最优投资结构受市场成长性主导。此外,企业所得税降低导致负债税盾效应减弱时,存在"反啄食顺序"的投资偏好。

In supply-side structural reform,investment linkage is an important means to drive the"financial services real economy"and promote"combination between industry and finance".Further,the rational investment structure becomes the key to explore the"financial resource allocation efficiency"in investment linkage.According to statistics,from the beginning of 2016 to the end of June 2017,a total of 8.389 billion yuan of loans have been issued and 373 enterprises have been served through the investment and loan linkage financing in Beijing.By the end of the second quarter of 2017,the balance of investment and loan linkage was 4.802 billion in Shanghai,which is 78.93%growth compared to 2016.The bank actively carried out investment and loan linkage business and built a good cohesion way for industrial and financial capital.On the one hand,banks rely on"equity"investment finance to penetrate deeper into the real economy and achieve a close integration of finance and the real economy.On the other hand,equity investment further optimizes the financial structure of enterprises,enhances the ability of corporate debt financing,and effectively alleviates the financing dilemma of small and medium enterprises.Based on the realistic background,the article attempts to explore the"investment and loan linkage interval"and the optimal investment structure that could coordinate the maximization of the interests of investors by the retailer’s robust risk model.This provides a theoretical reference for supply chain operations and financial integration.The paper overcomes the disjunction between investment decision and enterprise capital structure in previous studies.Firstly,a retailer investment and loan linkage financing model is constructed,and then the new characteristics of investment institutions participating in the game are described.Finally,the optimal investment structure and its influence on the decision-making of supply chain operation are discussed through mathematical deduction and numerical analysis.The investment and financing sides play the Stackelberg game,and the investors(banks and private equity)are leaders.The investor first makes the equity proportion(φ)to pursue the expected net investment return maximum,and then the retailer makes the robust decision with conservative net asset maximization when only knowing the information of market demand.Among all distributions that satisfy the mean value ofμand the variance ofσ~2,it is found that the expected net assets of retailers are minimized(the worst distribution),and the optimal effort level e and order quantity q is determined to meet the expectation maximization.It is found that there exists the"investment linkage interval"and the optimal investment structure and the optimal investment structure is dominated by market growth.Moreover,lower corporate income tax has reduced the debt tax shield effect,there is an investment preference for"anti-pecking order".