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论文编号：	2638
作者编号：	2120082066
上传时间：	2010/6/17 18:45:23
中文题目：	贸易信贷模式下中小企业融资和运营决策研究
英文题目：	Joint Operation and Financing Decisions of Small Enterprises under Trade Credit Mode
指导老师：	李勇建
中文关键字：	资金约束;贸易信贷;下方风险;供应链运作
英文关键字：	Financial constrains;Trade credit;Down-side risk;Supply chain operation
中文摘要：	20世纪90年代以来，随着改革开放的不断深入和鼓励经济多元化政策的逐步落实，我国中小企业充分发挥自身的比较优势，以其独特灵活的运行体制和经营机制，得到了迅速发展，成为我国国民经济中最具活力的新的经济增长点和GDP增长的主要动力，促进了国民经济持续增长和社会稳定。但是由于种种原因，“融资难”成为限制和制约中小企业发展的瓶颈问题。尤其在当前经济危机、出口受阻以及劳动力用工成本上涨等背景下，以银行贷款为主要融资渠道的中小企业面临严重的资金约束。无论是政策层还是理论层都在积极探寻稳定经济增长的良方，中小企业发展问题又一次成为关注的焦点。而供应链融资作为一种缓解中小企业资金约束的手段日益受到学术界、银行业和政府的重视。 本文首先在需求不确定的前提下，以单一零售商和单一制造商组成的二级供应链为背景，在制造商提供贸易信贷服务情况下，基于传统的报童问题建立了风险中性的零售商存在资金约束时的零售商决策模型和制造商决策模型，根据相应的模型分析了零售商的最优订购决策和制造商的批发价格策略和贸易信贷利率决策，并通过数值算例分析了资金约束对供应链成员和供应链整体价值的影响。 之后将模型扩展考虑零售商风险规避的情况，引入下方风险的概念来刻画零售商对风险的厌恶程度，并建立相应的零售商和制造商决策模型，在此基础上探讨零售商最优的订购数量和供应商最优的批发价格，分析风险对零售商订购策略和制造商批发及信贷决策的影响。并通过数值算例分析资金约束对制造商、零售商和整个供应链价值的影响，比较零售商风险规避和风险中性两种情况下供应链的最优决策，分析风险对零售商订购策略和制造商批发及信贷决策的影响。 本文最后章节对前文进行总结，概述了本文的研究结论和创新点，同时指出研究中存在的不足和进一步研究的方向。
英文摘要：	Since the 90s of the 20th century, with the continuous deepening of reform and opening up and encouraging the gradual implementation of economic diversification, small enterprises in China have been rapidly developed with its unique and flexible operating mechanism, to fully exploit their own comparative advantages. As the main driver of GDP growth, the small enterprises played an important role in promoting economic growth and social stability. However, due to various reasons, financial constraints become bottlenecks restricting the development of small enterprises, especially in the context of economic crisis, export difficulties and rising cost of labor. Both the government and academics are actively exploring the recipe for stable economic growth, the development of small enterprises has once again become the focus. And supply chain finance, as a means to ease the capital constraint of small enterprises, receives increasing attention of academics, banks and government. We study the supply chain consisting with a single retailer and a single manufacture. In the supply chain, the manufacture could provide trade credit for the retailer suffering financial constraints. Under the situation that market demand is uncertain, we firstly establish decision-making models for both risk-neutral retailer and manufacturer based on the traditional newsboy problem and study the retailer’s optimal order quantity and the manufacturer’s optimal decision according to the corresponding models. More ever, we analyze the effect of financial constraints on the supply chain members and the overall value of the supply chain by numerical examples. Then we extend the models to consider the situation that the retailer is risk-aversion player. The concept of down-side risk is introduced to characterize the degree of risk aversion of the retailer. Identically, we establish models for supply chain decision-making and propose solution for both the retailer and the manufacture. According to the models, we analyze the effect of risk on the retailer and manufacture’s decision, and give the corresponding numerical examples. The last chapter summarizes this dissertation, outlining the conclusions and innovations of this research and pointing out some shortcomings and directions that are worthy of being further corrected and studied.
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