考虑隐性股权的电商供应链融资模式研究

Research on the Choice of Financing Mode Considering Implicit Equity in E-Commerce Supply Chain Finance

研究隐性股权下,电商参与的供应链金融系统中,具有资金约束的制造商对银行和电商平台两种融资模式的选择。构建了以电商平台为核心企业,具有资金约束的上游制造商参与的两级供应链融资模型,并运用股利贴现模型(DDM)对隐性股权进行量化,结合Stackelberg博弈分别对两种融资模式下的制造商和电商平台的收益进行分析。研究表明,银行利率是影响制造商融资模式选择的主要因素;并且得出,具有资金约束的制造商选择向银行融资时,电商平台是否考虑隐性股权对其自身收益不会产生影响;具有资金约束的制造商选择向电商平台融资时,电商平台在考虑隐性股权的情形下其收益更优。

There are twofinancing modes in the supply chain finance system with e-commerce platform,namely bank financing mode and e-commerce platform financing mode.Considering the implicit equity,the financing mode choice of the capital-constrained manufacturer in the system is studied.This paper constructs a financing model of two-stage supply chain withan e-commerce platform as the core enterprise and a capital-constrained upstream manufacturer,uses the Dividend Discount Model(DDM)to quantify the implicit equity,and analyzes the income of the manufacturer and the e-commerce platform under the two financing modes based on Stackelberg game.The research shows thatthe bank interest rate is the main factor of affecting the choice of the manufacturer’s financing mode.Furthermore,ifthe capital-constrained manufacturer chooses to finance from bank,whether or not the e-commerce platform considers the implicit equity will not affect its’own income;ifthe capital-constrained manufacturer chooses to financefrom the e-commerce platform,consideringthe implicit equity,the e-commerce platform will have better income.