基于供应链信用度的应收账款贷款价值比优化

1)深圳大学经济学院,深圳 518060; 2)厦门大学经济学院,福建厦门 361005

供应链金融; 应收账款额度; 应收账款融资; 信用水平; 供应链信用度; 贷款价值比

Accounts receivable LTV ratio optimization based on supply chain credit
Sun Ximei1, Yu Bo2, and Han Biao1

1)College of Economics, Shenzhen University, Shenzhen 518060, P.R.China2)School of Economics, Xiamen University, Xiamen 361005, Fujian Province, P.R.China

supply chain finance" target="_blank"> supply chain finance; supply chain; accounts receivable financing; credit level; supply chain credit; loan to value ratio

DOI: 10.3724/SP.J.1249.2015.06652

备注

基于供应商、核心企业和银行三方合作的供应链框架,假定供应商和核心企业的违约率外生,提出供应链信用度的定义,建立并分析银行贷款价值比的决策模型.研究表明,供应链应收账款融资的银行存在最优贷款价值比,且最优贷款价值比高于供应商单独融资的贷款价值比; 一定条件下,银行最优贷款价值比与供应链的信用度、核心企业影响度、产品销售价呈正相关; 与应收账款额度、产品批发价、银行风险厌恶程度呈负相关.所得结果有助于银行融资择向及确定应收账款最优贷款价值比.

Assuming that the supplier and the core enterprise's default rate is exogenous, we define supply chain credit on the basis of the framework of supply chain comprised of the supplier, the core enterprise, and the bank. The decision model on bank loan to value(LTV)ratio is developed and analyzed. It is shown that the optimal LTV ratio exists, and the optimal LTV ratio based on the supply chain is higher than that for the supplier financing alone. At certain conditions, the bank's optimal LTV is positively correlated to supply chain credit, the effect of the core enterprise and the product sale price, while it is negatively correlated to accounts receivable amount, product wholesale price and the degree of risk aversion of the bank. The numerical simulation results will be helpful for banks to choose financing direction and account receivable optimal LTV ratio.

·