供应链金融：理论演进及其内在逻辑

摘要/Abstract

摘要：

实体经济和虚拟经济的相互渗透催生了供应链金融，并使之成为运营管理和金融等相关领域学术界研究的重点和热点问题，引起了多层面和多角度的研究。本文应用文献研究和逻辑分析的方法，以供应链金融理论演进为脉络，对已有的研究文献进行梳理和述评；并在此基础上对其未来研究进行展望。研究表明：供应链金融理论演进为供应链金融的缘起、供应链金融的内涵及其业务模式、供应链金融的融资服务、不同融资服务的比较和供应链金融的风险等五大理论模块；其演进的内在逻辑链为逻辑起点、逻辑基石、逻辑主线和逻辑拓展；后续研究的主要方向包括供应链金融的内涵拓展、融资创新、风险深化和线上融合等，核心问题是考虑多周期、多主体和信息不对称的供应链决策模型。

关键词: 供应链金融, 资金约束, 融资决策, 运营决策

Abstract:

Mutual penetration of the real and the virtual economy provides impetus for the development of supply chain finance. It has been a key and hot issue in operation management and finance research field. Using literature study and logic-analysis method, this paper reviews the related literature and evaluates the theoretical development of the supply chain finance. Based on the combing of the related literature systematically, we put forward future directions. Our research shows that the evolution of supply chain finance theory includes five parts:the origin of supply chain finance is the logical starting point; the category and financing models of supply chain finance are the logical foundations; financing services and the comparison among financing services are the logic threads; the financial risk is the logic expansion. In the Future, researchers should exploit new research categories and financing innovation, deepen study risk and integrate online and offline supply chain finance. In addition, they should put more attention on multi-period dynamic analysis, competition among multiple-subject and the effect of asymmetric information.

Key words: supply chain finance, capital constraint, financing decision, operational decision

夏雨, 方磊, 魏明侠. 供应链金融：理论演进及其内在逻辑[J]. , 2019, 31(12): 26-39.

Xia Yu, Fang Lei, Wei Mingxia. Supply Chain Finance: The Evolution and the Inner Logic of the Theory[J]. , 2019, 31(12): 26-39.

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