【作者】 方宗；

【导师】 傅元略；

【作者基本信息】 厦门大学 ， 会计学， 2009， 博士

【摘要】 大量的理论和实践证明,企业的运营活动和营运资金融资活动之间存在着密切的联系。作为企业运营活动的基础,订货决策在企业的经营过程中扮演着重要的角色。现代的市场竞争已经成为供应链与供应链之间的竞争,企业为了生存和发展,逐渐加入到供应链当中,它的经营活动也相应地受到供应链上下游企业,特别是与它相邻的上游供应商和下游顾客的影响,这增加了企业进行订货决策的复杂性。本文主要采用理论建模的方法从财务学的角度探讨供应链企业的最优订货决策与商业信用和银行信用之间的关系。文章考察了作为与企业订货决策关系最为密切的两种负债融资方式——供应商的商业信用和银行的银行信用——对企业最优订货决策产生的影响。通过引入财务危机成本、供应链企业之间相对议价能力等因素,使模型更接近于现实。本文的研究结果解决了如下几个问题:当存在财务危机成本时,在供应链企业一方面既可以运用上游供应商商业信用以及短期银行信用和长期银行信用等负债融资方式,另一方面又可以以提供商业信用的形式对下游顾客进行投资的情况下,企业如何制定最优产品持有量决策?与企业最优产品持有量决策相关的最优订货量、最优期中净现金持有量、最优股利发放量等是如何决定的?当上游供应商对提供给企业商业信用制定限额时,企业又将如何制定相关的优化决策?通过理论建模以及数值分析,本文的研究结果的主要贡献如下:第一,本文引入财务约束和两级商业信用新条件,并将“校准财务危机概率”作为重要参考指标,从理论上建立了供应链企业的最优产品持有量决策和最优期中净现金持有量等模型。在只有上游供应商商业信用一种负债融资途径下,通过理论模型分析和有关数值模拟分析发现:考虑财务危机成本的情况下,上游供应商提供的商业信用会对企业的相关决策产生显著的影响。如果上游供应商拥有较强的议价能力,就会制定较为苛刻的商业信用条款,从而企业就会持有较少的产品。而企业向下游顾客提供的商业信用对自身最优决策的影响不大。第二,本文考虑同时存在商业信用和短期银行信用两种融资方式下企业的最优订货决策模型,发现企业的最优产品持有量和最优期中净现金持有量均随着短期银行信用利率的变动而呈同方向变动。而且在短期银行借款利率一定的条件下,随着上游供应商商业政策越来越苛刻,企业的最优产品持有量和最优期中净现金持有量逐渐降低,向银行的短期借款也降低。另外,随着短期银行信用利率的提高,与上游供应商和银行发生交易的企业受财务危机成本函数系数的约束越来越小。第三,当企业可以同时运用长期银行信用、短期银行信用和上游供应商商业信用三种外部融资途径时,企业每期偿还的长期银行信用的利息数量决定了企业进行相关决策的最优决策模式。更多还原

【Abstract】 A lot of theorems and practices have asserted that there are relationships between firm’s operational activities and financing decisions. As the foundations of the firm’s operational activities, inventory decision and financing decision play important roles. Now the market competition is not the competition of two firms but is the competition of different supply chains. And their operations are affected by the supply chain members who are the nearest to them, which makes the inventory decision more difficult. This paper intends to model the relationships between trade credit, bank credit and inventory decision for the supply chain firm. By incorporating the factors, such as financial distress cost and bargaining power, I make my model more practical.This paper focuses on the following questions: When the financial distress cost exists, how does a firm make inventory decision when he can take the supplier’s trade credit, short term bank credit and long term bank credit and also give trade credit to his customer? How can the supply chain firm determine the optimal cash-holding, and the optimal dividend? If there is some restriction on the supplier’s trade credit, how can the supply chain firm make decision?In this paper, there are some main contributions:(1) The paper considers the optimal inventory-holding decision and optimal cash-holding decision under new conditions: two-level trade credit and financial constraints, the adjusted financial distress probability is introduced as a key index. With those above, this paper models the optimal inventory-holding and optimal cash-holding. By the theoretical and numerical analysis, the paper finds that the supplier’s trade credit has a positive effect on the firm’s optimal decisions, but the firm’s trade credit for its customer has little effect on his optimal decision, when the supplier’s trade credit is the only debt financing source.(2) Under two financial sources -- the supplier’s trade credit and short term bank credit, the firm’s optimal inventory-holding and optimal cash-holding change with the short term bank credit rate consistently. And with the supplier’s trade credit becoming stricter, firm will hold smaller inventories and borrow less both from the supplier and bank. Besides, with the short term bank credit rate becoming higher, the firm is less restricted by the coefficient of financial distress function. (3) The amounts that the firm pays for the long term bank credit per period determine the decision mode for the optimal decisions. With the two-level trade credit, the long term bank credit may have an important effect on his optimal inventory decisions and determine the way the firm makes the optimal decision.更多还原