贸易信用交易下的保险投资策略研究

doi:10.12005/orms.2020.0186

运筹与管理 ›› 2020, Vol. 29 ›› Issue (7): 172-179.DOI: 10.12005/orms.2020.0186

贸易信用交易下的保险投资策略研究

刘露¹, 邓伟升², 董兴林¹, 李雅婷³

1.山东科技大学经济管理学院,山东青岛 266590;
2.云南大学工商管理与旅游管理学院,云南昆明 650091;
3.南开大学商学院,天津 300071

收稿日期:2018-11-25 出版日期:2020-07-25
作者简介:刘露(1990-),男,山东沂水人,博士,讲师,研究方向:供应链金融;邓伟升(1983-),男,广西贵港人,博士,讲师,研究方向:企业战略管理;董兴林(1964-),男,山东潍坊人,学士,教授,研究方向:物流金融风险管理;李雅婷(1989-),女,辽宁丹东人,博士研究生,研究方向:企业运作管理。
基金资助:
国家自然科学基金资助项目 (71902105,71702082) ;教育部人文社会科学规划基金资助项目(17YJAZH018);教育部人文社会科学基金资助项目(17YJC630161);山东科技大学“菁英人才”项目(0104060540701)

Research on Insurance Investment Strategy under Trade Credit Transaction

LIU Lu¹, DENG Wei-sheng², DONG Xing-lin¹, LI Ya-ting³

1. College of Economics and Management, Shandong University of Science and Technology, Qingdao 266590, China;
2. School of Business and Tourism Management, Yunnan University, Kunming, 650091, China;
3. Business School, Nankai University, Tianjin 300071, China

Received:2018-11-25 Online:2020-07-25

摘要/Abstract

摘要： 贸易信用融资被广泛应用于解决中小企业融资困境,而保险正成为解决贸易信用融资风险的重要手段。本文站在核心企业角度,探究贸易信用融资保险的运营策略,运用Stackelberg博弈分析方法分别建立并比较了贸易信用融资、贸易信用融资保险、资金约束无融资、资金充足四类优化模型,探究了博弈均衡下的最优运营决策,并分析了零售商初始资金、生产商风险态度等关键参数的影响。研究表明:融资不仅对供应链有利,还能同时实现生产商及零售商共赢;当生产商风险厌恶程度、保险市场竞争程度较高,零售商初始资金较低时,融资保险能够为生产商及供应链创造价值,否则生产商应当放弃投保。研究结论为工业界合理且高效开展贸易信用融资保险运营提供了策略指导和管理启示。

关键词: 资金约束, 贸易信用, 商业保险, 投资策略, 供应链金融

Abstract: Trade credit finance has been widely used to solve the financing difficulties of small and medium-sized enterprises. Insurance is becoming an important means to solve the risk of the financing. This paper explores the optimizing operation strategy of trade credit finance based on the core enterprise's perspective. We use Stackelberg game method to build and compare four kinds of optimization models—trade credit finance, trade credit finance insurance, capital-constraint and none-financing, capital adequate. We explore the optimal equilibrium operation decisions and analyze the impacts of key parameters such as the retailer's initial capital amount and the manufacturer's risk attitude. The results show that trade credit finance is beneficial to not only the supply chain, but also bringing win-win between the manufacturer and the retailer. When the manufacturer's risk aversion degree and the competitive degree of insurance market are high, and the retailer's initial capital amount is low, trade credit finance insurance can create value for the manufacturer and the supply chain. Otherwise, the manufacturer should give up to invest the insurance. This research gives strategy guidance and managerial insights for the industry to operate the trade credit finance insurance more reasonably and effectively.

Key words: capital-constraint, trade credit finance, commercial insurance, investment strategy, supply chain finance

中图分类号:

F253.2

刘露, 邓伟升, 董兴林, 李雅婷. 贸易信用交易下的保险投资策略研究[J]. 运筹与管理, 2020, 29(7): 172-179.

LIU Lu, DENG Wei-sheng, DONG Xing-lin, LI Ya-ting. Research on Insurance Investment Strategy under Trade Credit Transaction[J]. Operations Research and Management Science, 2020, 29(7): 172-179.

参考文献

[1] Gupta D, Wang L. A stochastic inventory model with trade credit[J]. Manufacturing & Service Operations Management, 2009, 11(1): 4-18.
[2] Luo J, Zhang Q. Trade credit: a new mechanism to coordinate supply chain[J]. Operations Research Letters, 2012, 40(5): 278-384.
[3] 陈祥锋.资金约束供应链中贸易信用合同的决策与价值[J].管理科学学报,2013,16(12):13-21.
[4] Lee C, Rhee B. Trade credit for supply chain coordination[J]. European Journal of Operational Research, 2011, 214(1): 136-146.
[5] Chen X. A model of trade credit in a capital-constrained distribution channel[J]. International Journal of Production Economics, 2015, 159(1): 347-357.
[6] 王志宏,洪余芬.非对称信息下供应链的商业信用激励[J].运筹与管理,2016,25(4):134-142.
[7] Zhang Q, Dong M, Luo J, et al. Supply chain coordination with trade credit and quantity discount incorporating default risk[J]. International Journal of Production Economics, 2014, 153(4): 352-360.
[8] 李荣,刘露.Mean-CVaR准则下延期支付供应链决策与协调[J].系统工程学报,2017,32(3):370-384.
[9] 冯海荣,李军,曾银莲.延期支付下的易腐品联合采购费用分配[J].系统工程理论与实践,2013,33(6):1411-1423.
[10] Chen S, Teng G. Inventory and credit decisions for time-varying deteriorating items with up-stream and down-stream trade credit financing by discounted cash flow analysis[J]. European Journal of Operational Research, 2015, 243(2): 566-575.
[11] 王文利,骆建文.交易信用与资金约束下两阶段零售商订货策略[J].系统工程理论与实践,2014,34(2):304-312.
[12] Cao E, Yu M. Trade credit financing and coordination for an emission-dependent supply chain[J]. Computers & Industrial Engineering, 2018, 119(5): 50-62.
[13] Kouvelis P, Zhao W. Financing the newsvendor: supplier vs. bank, and the structure of optimal trade credit contracts[J]. Operations Research, 2012, 60(3): 566-580.
[14] Li Y, Zhen X, Cai X. Trade credit insurance, capital constraint, and the behavior of manufacturers and banks[J]. Annals of Operations Research, 2016, 240(2): 395-414.
[15] Jin W, Luo J. Optimal inventory and insurance decisions for a supply chain financing system with downside risk control[J]. Applied Stochastic Models in Business & Industry, 2017, 33 (1): 63-80.
[16] 于辉,吴腾飞.供应风险下营业中断保险的供应链模型分析[J].中国管理科学,2017,25(12):39-48.
[17] 杨雷,常娜.考虑退货运费险情况下的供应链运作决策研究[J].系统工程学报,2018,33(1):116-125.
[18] 陈静,陈敬贤,魏航.规避农副产品原材料产出不确定风险的商业保险策略[J].中国管理科学,2018,26(6):39-51.
[19] 王文利,骆建文.交易信用保险对供应商提供融资的激励作用[J].管理工程学报,2014,28(1):160-166.
[20] Alexander G, Baptista A. A comparison of VaR and CVaR constraints on portfolio selection with the mean-variance model[J]. Management Science, 2004, 50(9): 1261-1273.
[21] Lariviere M, Porteus E. Selling to the newsvendor: an analysis of price-only contracts[J]. Manufacturing & Service Operations Management, 2001, 3(4): 293-305.
[22] Cachon G P, Netessine S. Game theory in supply chain analysis[J]. Springer US, 2004, 74(1): 13-65.
[23] Kouvelis P, Zhao W. The newsvendor problem and price-only contract when bankruptcy costs exist[J]. Production & Operations Management, 2011, 20(6): 921-936.
[24] Chen X, Shum S, Simchi D. Stable and coordinating contracts for a supply chain with multiple risk-averse suppliers[J]. Production and Operations Management, 2014, 23(3): 379-392.

贸易信用交易下的保险投资策略研究

Research on Insurance Investment Strategy under Trade Credit Transaction

PDF

可视化

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 15

编辑推荐

Metrics

[1]	侯文华, 牛攀峰. 基于竞合关系的合同制造商融资策略研究[J]. 运筹与管理, 2021, 30(9): 122-131.
[2]	叶飞, 谢泽飞, 蔡子功. 随机产出与需求下农户融资模式选择研究[J]. 运筹与管理, 2021, 30(9): 187-193.
[3]	杨宏林, 窦甜丹, 高明运. 考虑RFID应用的资金约束供应链订购决策研究[J]. 运筹与管理, 2021, 30(8): 93-98.
[4]	张克勇, 李春霞, 姚建明, 李江鑫. 零售商采购资金约束下的低碳供应链融资决策研究[J]. 运筹与管理, 2021, 30(8): 108-116.
[5]	曹兵兵, 尤天慧, 刘春怡, 吴雪艳. 基于货到付款支付模式且考虑银行存贷的二级供应链Stackelberg定价决策[J]. 运筹与管理, 2021, 30(7): 146-153.
[6]	郭晓龙, 苏增慧. 竞争环境下随机产出供应商的融资策略研究[J]. 运筹与管理, 2021, 30(7): 195-202.
[7]	秦娟娟, 李婧. 碳交易机制下资金约束制造商替代产品的最优生产策略研究[J]. 运筹与管理, 2021, 30(5): 88-94.
[8]	杨宏林, 谢峥, 王静茹, 袁际军. 需求信息更新下资金约束供应链贸易信贷定价及订购决策[J]. 运筹与管理, 2021, 30(5): 134-139.
[9]	张伟平, 庄新田, 吴冬梅. 基于风险网络结构的资产分配策略研究[J]. 运筹与管理, 2021, 30(5): 161-167.
[10]	史思雨, 孙静春, 邓飞. 风险规避型零售商资金约束下双渠道闭环供应链的定价决策[J]. 运筹与管理, 2021, 30(4): 1-9.
[11]	尤天慧, 刘春怡, 曹兵兵. 考虑成员风险态度的零售商资金约束闭环供应链定价与回收决策[J]. 运筹与管理, 2021, 30(4): 10-17.
[12]	张克勇, 李江鑫, 姚建明, 李春霞. 零售商采购资金约束下第三方再制造闭环供应链决策研究[J]. 运筹与管理, 2021, 30(4): 26-32.
[13]	谭德庆, 陈雪甍. 资金约束下基于CVaR的供应链协调性研究与融资策略选择[J]. 运筹与管理, 2021, 30(4): 40-46.
[14]	蔡鑫, 郑尊信. 基于M-CVaR和生产资金约束的供应链协调研究[J]. 运筹与管理, 2021, 30(4): 61-68.
[15]	宋华, 杨晓叶. 基于营运资金信息匹配平台的供应链金融动态折扣决策研究[J]. 运筹与管理, 2021, 30(12): 92-99.