管理评论

管理评论 ›› 2020, Vol. 32 ›› Issue (11): 245-259.

• 物流与供应链管理 • 上一篇    下一篇

供应链金融模式下中小企业贷款定价研究

匡海波1,2, 杜浩2, 张欣1,2, 孟斌1,2   

  1. 1. 大连海事大学综合交通运输协同创新中心, 大连 116026;
    2. 大连海事大学航运经济与管理学院, 大连 116026
  • 收稿日期:2020-01-06 出版日期:2020-11-28 发布日期:2020-12-05
  • 通讯作者: 孟斌(通讯作者),大连海事大学航运经济与管理学院副教授,博士
  • 作者简介:匡海波,大连海事大学航运经济与管理学院教授,博士生导师,博士;杜浩,大连海事大学航运经济与管理学院博士研究生;张欣,大连海事大学航运经济与管理学院硕士研究生。
  • 基金资助:
    国家自然科学基金项目（71831002；71731003；71971034；71672016）；科技部国家重点研发计划专项（2019YFB1600400）；教育部长江学者和创新团队发展计划（IRT_17R13）；中央高校基本科研业务费专项资金（3132019325；3132019326）。

Research on SME Loan Pricing under Supply Chain Finance

Kuang Haibo1,2, Du Hao2, Zhang Xin1,2, Meng Bin1,2   

  1. 1. Collaborative Innovation Center for Transport Studies, Dalian Maritime University, Dalian 116026;
    2. College of Shipping Economics and Management, Dalian Maritime University, Dalian 116026
  • Received:2020-01-06 Online:2020-11-28 Published:2020-12-05

PDF (PC)

252

摘要： 本文立足供应链金融新兴融资模式，基于其融资特点和商业银行贷款的关键影响因素，综合考虑商业银行收入和成本的最优比例，构建收益最大和成本最小的中小企业贷款定价目标规划模型，通过拉格朗日方法测算目标规划函数的组合系数；同时为突出供应链金融的特点和全链条贷款授信的优势，本文引入供应链运营实况的奖惩机制作为调整因子，为供应链金融模式下商业银行贷款定价提供了新思路。本文以2014—2018年深交所装备制造业940个样本企业作为研究对象进行实证，研究结果表明，风险型企业贷款利率显著高于非风险型企业，供应链金融贷款定价模式可以为供应链表现较好的企业带来显著的优惠，反之则会提高供应链表现较差企业的贷款利率，获得更多的风险补偿。

关键词: 供应链金融, 贷款定价, 收益成本双目标, 奖惩机制

Abstract: Based on the emerging financing model of supply chain finance, its financing characteristics and the key influencing factors of commercial bank loans, this paper comprehensively considers the optimal ratio of commercial bank income and cost, and builds a target planning model for SME loan pricing with the greatest benefit and the smallest cost. The Lagrange method is used to calculate the combination coefficient of the objective planning function; at the same time, in order to highlight the characteristics of supply chain finance and the advantages of full-chain loan credit, this paper introduces the reward and punishment mechanism of the supply chain operation as an adjustment factor for the supply chain finance model. Commercial bank loan pricing provides new ideas. This paper takes 940 sample enterprises from the equipment manufacturers listed in Shenzhen Stock Exchange as research objects for an empirical research. The research results show that the loan interest rate of risk-based enterprises is significantly higher than that of non-risk enterprises, and the supply chain financial loan pricing model can bring significant benefits to companies with better performance in supply chain. On the other hand, it can increase the loan interest rate of companies with poor performance in supply chain and obtain more risk compensation.

Key words: supply chain finance, loan pricing, revenue and cost dual goals, reward and punishment mechanism