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作为一种供应链融资模式,保兑仓是解决中小企业融资难问题的重要方案,其借助核心企业的信用,提升了中小企业的信用状况,使得中小企业更容易获得银行的资金支持。然而,随着市场状况的恶化,很多中小企业倒闭,核心企业承担大额银行贷款的连带赔偿责任。本文研究由单一的零售商(中小企业)和制造商(核心企业)组成的供应链中,考虑零售商的破产概率,由银行控制货权,供应商对剩余产品进行一定比例的回购,零售商以银行提供的承兑汇票作为结算工具进行融资的情况下,分析了零售商的最优订货量、供应商的最优回购率和银行的最优贷款利率的决策。并通过算例得出回购率的提高能鼓励零售商订货,提高供应链的利润。但是,回购率对银行利润的变动很大程度上受零售商破产概率影响。较高的回购率刺激信用良好的零售商提高订货量会增加银行的利润,对信用较差的零售商来说,订货量的提高会使银行遭受损失的可能性提高,期望利润反而降低。所以,银行在提供保兑仓融资时,不仅要关注中小企业和核心企业的信贷偿还能力,还要加强贷款资金的监管,关注保兑仓融资的风险。
As a kind of supply chain financing model, Confirming Bins is an important solution to the financing difficulties of SMEs. With the credit of core enterprises, SMC has raised the credit status of SMEs and made it easier for SMEs to obtain financial support from banks. However, with the deterioration of the market conditions, many small and medium-sized enterprises closed down and core enterprises took joint and several liability for large bank loans. In this paper, we consider the probability of bankruptcy of retailers in a supply chain consisting of a single retailer (SME) and a manufacturer (core enterprise). The bank controls the ownership and the supplier repurchases a certain percentage of the remaining products. Retail The paper analyzes the retailer’s optimal order quantity, the optimal repurchase rate of the supplier and the optimal loan interest rate of the bank under the condition of financing with the bank’s acceptance draft as the settlement tool. Through an example, we can find that the increase of repo rate can encourage retailers to order goods and increase the profit of supply chain. However, the changes in bank profits made by the repo rate are largely affected by the bankruptcy probability of retailers. Higher repo rate to stimulate a good credit Retailers to increase order volume will increase the bank’s profits, poor credit retailers, the increase in order volume will make the bank more likely to suffer losses, expect the profit but lower. Therefore, when providing financing for confirming positions, banks should not only pay attention to the ability of SMEs and core enterprises to repay credit, but also strengthen the supervision of loan funds and pay attention to the risk of financing of confirming positions.