【摘要】：近年來(lái)，供應(yīng)鏈上下游的中小企業(yè)因其為主導(dǎo)企業(yè)提供外包服務(wù)得到了迅速發(fā)展。但主導(dǎo)企業(yè)將資金占用和財(cái)務(wù)成本轉(zhuǎn)移給中小企業(yè)使中小企業(yè)資金鏈緊張，又由于中小企業(yè)可用作抵押擔(dān)保的固定資產(chǎn)有限，且沒(méi)有良好的信用評(píng)級(jí)和健全的財(cái)務(wù)制度，銀行很少對(duì)中小企業(yè)發(fā)放貸款，造成中小企業(yè)融資難的現(xiàn)狀。 物流金融作為一種新的金融服務(wù)，為中小企業(yè)提供了有效的融資方式，依據(jù)融資企業(yè)所處的生產(chǎn)經(jīng)營(yíng)周期和資金缺口的階段各不相同，分為基于預(yù)付賬款融資、基于存貨融資和基于應(yīng)收賬款融資三種模式。采購(gòu)執(zhí)行融資作為預(yù)付款融資的創(chuàng)新模式，是指物流企業(yè)憑借其貿(mào)易業(yè)務(wù)能力和資金實(shí)力，代融資企業(yè)向供應(yīng)商采購(gòu)貨物并擁有貨物所有權(quán)，提供基礎(chǔ)物流服務(wù)和融資結(jié)算等服務(wù)，參與產(chǎn)品交易獲得貿(mào)易利差，同時(shí)承擔(dān)交易風(fēng)險(xiǎn)的一種融資模式。 通過(guò)整理相關(guān)文獻(xiàn)可知，目前，對(duì)于基于采購(gòu)執(zhí)行融資的物流金融模式研究很少。本文以分析采購(gòu)執(zhí)行融資模式的收益和風(fēng)險(xiǎn)為研究目的，分析了采購(gòu)執(zhí)行融資模式的結(jié)構(gòu)、特點(diǎn)和參與主體的作用，并與其他物流金融模式進(jìn)行對(duì)比，，為采購(gòu)執(zhí)行融資模式的理論研究奠定了理論基礎(chǔ)。針對(duì)采購(gòu)執(zhí)行融資模式，分別分析了價(jià)格波動(dòng)和需求隨機(jī)兩種情況下物流企業(yè)的收益和風(fēng)險(xiǎn)。認(rèn)為物流企業(yè)雖然增加了利潤(rùn)，但因承擔(dān)融資企業(yè)違約所造成的損失風(fēng)險(xiǎn)，使其面臨的風(fēng)險(xiǎn)較大�；谝陨涎芯拷Y(jié)論，本文按價(jià)格波動(dòng)和需求隨機(jī)兩種情況分別優(yōu)化了采購(gòu)執(zhí)行融資模式，分析了銀行的收益和風(fēng)險(xiǎn)，研究下側(cè)風(fēng)險(xiǎn)控制模式下銀行的貸款價(jià)值比決策。在需求隨機(jī)模式中，將回購(gòu)契約引入由供應(yīng)商、物流企業(yè)和融資企業(yè)組成的三級(jí)供應(yīng)鏈中，研究物流企業(yè)的回購(gòu)決策如何影響物流企業(yè)和銀行的收益和風(fēng)險(xiǎn)。并對(duì)比分析了優(yōu)化前后物流企業(yè)的收益，得出結(jié)論為優(yōu)化后物流企業(yè)的期望收益更大。并用案例證實(shí)了以上結(jié)論，對(duì)采購(gòu)執(zhí)行融資的實(shí)踐發(fā)展具有理論指導(dǎo)意義。
[Abstract]:In recent years, SMEs in upstream and downstream supply chains have developed rapidly because of their outsourcing services to leading enterprises. However, the transfer of capital occupation and financial costs by leading enterprises to small and medium-sized enterprises has strained the financial chain of small and medium-sized enterprises, and because of the limited fixed assets that SMEs can use as collateral, and because they do not have a good credit rating and a sound financial system, Small and medium-sized enterprises are rarely granted loans by banks, resulting in financing difficulties for small and medium-sized enterprises. Logistics finance, as a new financial service, provides an effective financing method for small and medium-sized enterprises. According to the different stages of production and operation cycle and fund gap of financing enterprises, it can be divided into prepaid accounts financing. There are three models based on inventory financing and accounts receivable financing. Procurement execution financing as an innovative mode of advance financing refers to the logistics enterprises purchasing goods from suppliers and owning the ownership of goods on behalf of the financing enterprises by virtue of their trade business ability and financial strength. Providing basic logistics services and financing settlement services, participating in product trading to obtain trade spreads, while taking the transaction risk of a financing model. According to the related literature, there are few researches on the logistics finance model based on purchasing execution financing. The purpose of this paper is to analyze the profit and risk of the purchasing execution financing model, analyze the structure, characteristics and the role of the participants, and compare it with other logistics finance models. It lays a theoretical foundation for the theoretical research on the financing mode of purchasing execution. Aiming at the financing mode of purchasing execution, the paper analyzes the profit and risk of logistics enterprises under the condition of price fluctuation and stochastic demand. It is considered that although logistics enterprises increase their profits, they face greater risks because they bear the risk of losses caused by the default of financing enterprises. Based on the above conclusions, this paper optimizes the purchasing execution financing model according to the price fluctuation and the stochastic demand, analyzes the bank's income and risk, and studies the decision of the bank's loan value ratio under the lower risk control mode. In the model of stochastic demand, the repurchase contract is introduced into the three-level supply chain composed of suppliers, logistics enterprises and financing enterprises, and how the repurchase decisions of logistics enterprises affect the profits and risks of logistics enterprises and banks are studied. The results show that the expected income of logistics enterprises is higher after optimization. The above conclusion is confirmed by case study, which is of theoretical significance to the practice and development of purchasing execution financing.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F253;F274;F830.5

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