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

Abstract

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

CLC Number:

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.

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

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