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研究由一个供应商和销售商组成的供应链。销售商为中小企业,在受资金约束时无法通过自身信用获得所需融资,此时供应商可以为销售商贷款提供担保以提高其融资授信额度。本文采用销售商违约后剩余质押物的回购率来衡量供应商对融资风险的分担程度,对参与各方的存货质押融资决策进行了深入研究。结果表明:供应商的回购承诺提高了银行利润,在一定条件下提高了银行的质押率;并且,有回购承诺的融资决策在市场前景乐观情况下可以有效缓解销售商的融资困境。
Study a supply chain consisting of one supplier and distributor. Vendors for small and medium enterprises, financial constraints can not get the necessary financing through their own credit, then suppliers can provide loans to sellers to increase their financing line of credit. In this paper, we use the repurchase rate of the remaining pledges after the default of the vendors to measure the distribution of the suppliers’ risk to the financing risk and conduct an in-depth study on the decision-making of the pledged financing of the stockholders. The results show that the repurchase commitment of the supplier improves the profit of the bank and improves the pledge rate of the bank under certain conditions. Moreover, the financing decision with the repurchase promise can effectively alleviate the financing difficulty of the seller under the optimistic market prospect.