港口主导下煤炭供应链的下游经销商融资决策研究

doi:10.16381/j.cnki.issn1003-207x.2016.04.014

中国管理科学 ›› 2016, Vol. 24 ›› Issue (4): 121-128.doi: 10.16381/j.cnki.issn1003-207x.2016.04.014

港口主导下煤炭供应链的下游经销商融资决策研究

李泉林, 苏瑞莹, 刘佳

燕山大学经济管理学院, 河北秦皇岛 066004

收稿日期:2014-05-13 修回日期:2015-09-21 出版日期:2016-04-20 发布日期:2016-04-29
通讯作者: 刘佳(1983-),女(汉族),河北秦皇岛人,燕山大学经济管理学院,博士,讲师,硕士生导师,研究方向:物流与供应链管理,E-mail:liujia3891@163.com. E-mail:liujia3891@163.com
基金资助:
国家自然科学基金资助项目(71271187,71471160);河北省高等学校创新团队领军人才培育计划(LJRC027);河北省科学技术研究与发展计划软科学研究项目(13454708);燕山大学青年教师自主研究计划课题(13SKB003)

Research on Financial Decision-Making for Downstream Dealers in a Coal Supply Chain Dominated by Sea Ports

LI Quan-lin, SU Rui-ying, LIU Jia

School of Economics & Management Sciences, Yanshan University, Qinhuangdao 066004, China

Received:2014-05-13 Revised:2015-09-21 Online:2016-04-20 Published:2016-04-29

摘要/Abstract

摘要： 作为资金密集型与大资本运营行业,煤炭贸易企业要在激烈的市场竞争中求得生存和发展就需要大量的资金准时投入,而随着国家对煤炭行业的新一轮宏观政策,煤炭贸易企业靠传统的银行融资就显得比较困难,这在近年来导致了较多的下游煤炭经销商不得不改行甚至破产。基于此,我国迫切需要提供下游煤炭经销商的融资决策理论与方法。本文表明当下游煤炭经销商面临资金不足并需要借贷时,它们可以利用基于供应链金融的应收账款质押和民间借贷两种不同方式进行融资。在这两种融资模式下,本文以煤炭经销商的收益为目标函数,以贷款方的审核时间、放贷率、贷款利率等为决策变量,提供了下游煤炭经销商的融资模式选择以及相关的最优融资额,从而能够确定它们的煤炭最优订货量。本文的研究结果为下游煤炭经销商的融资决策提供了有用的理论方法,对开拓煤炭港口企业的融资理念与推动煤炭港口整体的经济发展有着重要的应用价值。

关键词: 煤炭港口, 煤炭供应链, 应收账款融资, 民间借贷, 融资模式

Abstract: As an industry with capital-intensive and large capital operations, a coal trading enterprise always has to use a lot of money on time in order to survive and keep its development with respect to any intense market competition. At the same time, because of the new round of country's macroeconomic policies for coal industry, the traditional bank financing become more and more difficult for many coal trading enterprises. Therefore, this causes divertion and bankruptcy of more downstream coal dealers in the past years. Based on this, it is necessary and important to provide theory and methods of financing decision-making for the downstream coal trading enterprise in China.In this paper, it's shown that a downstream coal dealer is at the funds shortage and has to borrow some necessary money, then its financing decision-making modes contain two different ways: (1) Pledge of accounts receivable, and (2) private lending. For each of the two financial decision-making modes, this paper establishes an earnings maximal model, the decision-making variables of which include the audit time, the pledge rate and the lending rate and so on. Thus, this paper describes the financial decision-making as: borrowing, and non-borrowing, in the pledge of accounts receivable as well as the private lending. When the borrowing is chosen, the optimal value of money borrowed in both the pledge of accounts receivable and the private lending is derived, and also the optimal number for each downstream coal order is determined from the upstream ones. Based on this, useful theory and effective methods are provided for supporting the downstream coal dealers when the financial decision-making is needed. Therefore, important applications are offered for extending and generalizing some practically financial concepts for many coal enterprises on some sea ports, and some of them can promote the economic development of the coal sea ports.

Key words: coal sea port, coal supply chain, accounts receivable financing, private lending, financial mode

中图分类号:

李泉林, 苏瑞莹, 刘佳. 港口主导下煤炭供应链的下游经销商融资决策研究[J]. 中国管理科学, 2016, 24(4): 121-128.

LI Quan-lin, SU Rui-ying, LIU Jia. Research on Financial Decision-Making for Downstream Dealers in a Coal Supply Chain Dominated by Sea Ports[J]. Chinese Journal of Management Science, 2016, 24(4): 121-128.

参考文献

[1] Berger A N, Udell G F. A more complete conceptual framework for SME finance[J].Journal of Banking and Finance,2006,30(11):2945-2966.

[2] Xu Xiaodong, Birge J R. Operational decisions,capital structure,and managerial compensation:A news vendor perspective[J].The Engineering Economist,2008,53(3):173-196.

[3] Cadentey R, Haugh M B. Supply contracts with financial hedging[J].Operations Research,2009,57(1):47-65.

[4] Kallberg J G, White R W, Ziembia W T. Short term financial planning under uncertainty[J].Management Science,1982,28(6):670-682.

[5] Dunham A. Inventory and accounts receivable financing[J].Harvard Law Review,1949,62(4):588-615.

[6] Thomas A U. Financing via accounts receivable[J].Journal of Small Business Management,1978,(16):10-13.

[7] Smith J K, Schnucker C. An empirical examination of organizational structure: The economics of the factoring decision[J].The Journal of Corporate Finance,1994,(1):119-125.

[8] Robichek A A, Teichroew D, Jones J M. Optimal short term financing decision[J].Management Science,1965,12(1):1-36.

[9] 孙凤英.应收账款质押贷款—企业融资的新渠道[J].经济纵横,2007,(10):25-27.

[10] 鲁其辉,曾利飞,周伟华.供应链应收账款融资的决策分析与价值研究[J].管理科学学报,2012,15(5):10-18.

[11] 王文利, 骆建文, 张钦红. 银行风险控制下的供应链订单融资策略研究[J]. 中国管理科学, 2013, 21(3): 71-78.

[12] 匡海波, 张一凡, 张连如. 低碳港口存货质押贷款利率定价理论和模型[J]. 中国管理科学, 2014, 22(12): 1-10.

[13] 王文利, 骆建文, 张钦红. 银行风险控制下的供应链订单融资策略研究[J]. 中国管理科学, 2013, 21(3): 71-78.

[13] Brewer E. On lending to small firms[J].Journal of Small Business Management,2007,45(1):42-46.

[14] 林毅夫,章奇,刘明兴.金融结构与经济增长:以制造业为例[J].世界经济,2003,(1):2-20.

[15] Isachsen A J, Strom S. The hidden economy:the labor market and tax evasion[J].Scandinavian Journal of Economics,1980,82(2):304-11.

[16] Frey B S, Pommerehne W W. The hidden economy: State and prospects for measurement[J].Review of Income and Wealth,1984,30(1):1-23.

[17] Schneider F. Can the shadow economy be reduced through major tax reforms? An empirical investigation for Austria[J].Public Finance,1994,49(S):137-152.

[18] 黄家骅,谢瑞巧.台湾民间金融的发展与演变[J].财贸经济,2003,(3): 91-94.

[19] Adams D W, Canavesi M L C. Rotating savings and credit associations in Boliva[J].Savings and Development,1989,13(3):219-236.

[20] 林毅夫,孙希芳.信息、非正规金融与中小企业融资[J].经济研究,2005,(7): 35-44.

港口主导下煤炭供应链的下游经销商融资决策研究

Research on Financial Decision-Making for Downstream Dealers in a Coal Supply Chain Dominated by Sea Ports

PDF (PC)

可视化

被引次数

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 2

Metrics

本文评价

推荐阅读 10

[1]	鲁其辉, 姚佳希, 周伟华. 基于EOQ模型的存货质押融资业务模式选择研究[J]. 中国管理科学, 2016, 24(1): 56-66.
[2]	王宗润, 田续燃, 陈晓红. 考虑隐性股权的应收账款融资模式下供应链金融博弈分析[J]. 中国管理科学, 2015, 23(9): 1-8.