本文選題：成長期科技型中小企業(yè) + 保理融資　； 參考：《天津大學(xué)》2014年碩士論文

【摘要】：科技型中小企業(yè)作為我國實現(xiàn)科技創(chuàng)新的有效載體，能夠加速技術(shù)成果轉(zhuǎn)化、縮短新產(chǎn)品研發(fā)周期，在我國建設(shè)創(chuàng)新型國家的進程中起著不可替代的作用。但由于科技型中小企業(yè)的原始創(chuàng)新及核心技術(shù)攻關(guān)等能力仍較弱，需要大量的資金投入以維持企業(yè)的生存和發(fā)展。然而，在科技型中小企業(yè)成長的各個時期普遍存在著信息不對稱、融資渠道相對狹窄且成本過高等問題，使得大多數(shù)科技型中小企業(yè)都存在實質(zhì)性的金融缺口。尤其是處于成長期的科技型中小企業(yè)，由于要完成向成熟期的過渡，存在更大的金融缺口。但目前已有的融資模式均不適合處于成長期的科技型中小企業(yè)。 因此，本文首次提出了基于供應(yīng)鏈的應(yīng)收賬款保理融資模式，旨在解決成長期科技型中小企業(yè)的融資困境。在信息不對稱條件下，首次嘗試將保理融資模式與批發(fā)價格契約以及委托代理模型相結(jié)合，探討了資金約束的二級供應(yīng)鏈(中小供應(yīng)商—核心制造商)系統(tǒng)中運營契約參數(shù)的設(shè)計及其變化規(guī)律問題。同時研究了保理融資模式對供應(yīng)鏈績效的影響，通過將供應(yīng)商采取保理融資時的供應(yīng)鏈總利潤與其采取銀行直接貸款模式時的供應(yīng)鏈總利潤進行比較，得到較優(yōu)的融資模式。 本文在不對稱信息下分別構(gòu)建了供應(yīng)商直接貸款模式以及保理融資模式的委托代理模型。通過對模型進行分析，得到兩種模式下供應(yīng)商的最優(yōu)批發(fā)價格、制造商的最優(yōu)訂貨量和支付給供應(yīng)商的轉(zhuǎn)移支付（利潤分成）以及供應(yīng)鏈的總利潤與制造商加工成本（不對稱信息）之間的函數(shù)關(guān)系；通過引入案例，分析保理融資的過程，，驗證上述模型的有效性，從而得到相應(yīng)的研究結(jié)論。 研究發(fā)現(xiàn)：供應(yīng)商的最優(yōu)批發(fā)價格隨制造商加工成本的增加而遞增，最優(yōu)訂貨量、轉(zhuǎn)移支付及供應(yīng)鏈總收益均隨制造商的加工成本增加而遞減。同時，通過對比看出，保理融資模式下制造商的最優(yōu)訂貨量和供應(yīng)鏈總利潤均大于直接貸款模式下，且制造商支付給供應(yīng)商的轉(zhuǎn)移支付也高于直接貸款模式下。因此在考慮供應(yīng)鏈系統(tǒng)總利潤的條件下，保理融資模式好于直接貸款模式。另外，保理融資模式下制造商的總利潤大于直接貸款模式下，且當(dāng)制造商向供應(yīng)商所報成本為其真實成本時，制造商獲利最大。
[Abstract]:As an effective carrier of scientific and technological innovation in China, small and medium-sized technological enterprises can accelerate the transformation of technological achievements, shorten the cycle of research and development of new products, and play an irreplaceable role in the process of building an innovative country in China. However, the original innovation and core technology of small and medium-sized technological enterprises are still weak, so a large amount of capital investment is needed to maintain the survival and development of enterprises. However, the problems of information asymmetry, narrow financing channels and high cost exist in every period of the growth of science and technology small and medium-sized enterprises, which make most of them have substantial financial gap. Especially in the growing stage, there is a bigger financial gap due to the transition to maturity. However, the existing financing models are not suitable for the growth of science and technology small and medium-sized enterprises. Therefore, this paper for the first time puts forward the financing mode of receivables factoring based on supply chain, aiming at solving the financing dilemma of small and medium-sized technological enterprises in the growing period. Under the condition of asymmetric information, it is the first time to combine factoring financing model with wholesale price contract and principal-agent model. This paper discusses the design and variation of operating contract parameters in a two-level supply chain (medium and small supplier-core manufacturer) system with financial constraints. At the same time, the influence of factoring financing mode on supply chain performance is studied. By comparing the total profit of supply chain when supplier adopts factoring financing mode and the total profit of supply chain with bank direct loan mode, a better financing model is obtained. In this paper, the principal-agent models of supplier direct loan and factoring financing are constructed under asymmetric information. Through the analysis of the model, the optimal wholesale price of the supplier under two modes is obtained. The optimal order quantity of the manufacturer and the transfer payment (profit share) paid to the supplier and the functional relationship between the total profit of the supply chain and the manufacturer's processing cost (asymmetric information). The validity of the model is verified and the corresponding conclusions are obtained. It is found that the optimal wholesale price of supplier increases with the increase of manufacturer's processing cost, and the optimal order quantity, transfer payment and total profit of supply chain decrease with the increase of manufacturer's processing cost. At the same time, it can be seen that the optimal order quantity and total profit of supply chain in factoring financing model are higher than those in direct loan mode, and the transfer payment from manufacturer to supplier is higher than that under direct loan mode. Therefore, factoring financing mode is better than direct loan mode considering the total profit of supply chain system. In addition, under factoring financing mode, the total profit of the manufacturer is higher than that of the direct loan mode, and when the manufacturer reports the cost to the supplier as its true cost, the manufacturer makes the biggest profit.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F276.3;F832.4

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