银行融资下中小企业保险购买决策研究

doi:10.12005/orms.2023.0063

运筹与管理 ›› 2023, Vol. 32 ›› Issue (2): 180-186.DOI: 10.12005/orms.2023.0063

银行融资下中小企业保险购买决策研究

刘天卓¹, 王一帆¹, 杨锋¹, 毕辰²

1.中国科学技术大学管理学院,安徽合肥 230026;
2.中国农业发展银行博士后科研工作站,北京 100045

收稿日期:2020-07-14 出版日期:2023-02-25 发布日期:2023-03-28
通讯作者: 毕辰(1991-),男,安徽无为人,博士后研究员,研究方向:供应链管理。
作者简介:刘天卓(1978-),男,黑龙江讷河人,副研究员,研究方向:战略与创业;王一帆(1996-),男,江苏苏州人,硕士研究生,研究方向:供应链金融;杨锋(1977-),男,湖北武汉人,教授,研究方向:供应链与运作管理,数据分析。

Credit Insurance Decision Analysis of SMEs under Bank Financing

LIU Tianzhuo¹, WANG Yifan¹, YANG Feng¹, BI Chen²

1. School of Management,University of Science and Technology of China, Hefei 230026, China;
2. Post-Doctoral Research Center, Agricultural Development Bank of China, Beijing 100045, China

Received:2020-07-14 Online:2023-02-25 Published:2023-03-28

摘要/Abstract

摘要： 本文考虑了一个由制造商(中小型企业)、银行以及保险公司构成的供应链金融系统,并在传统银行融资、保费外生以及保费内生三种供应链金融模式下探讨了有限信贷与信用保险对制造商生产运营决策产生的影响。研究发现,信用保险能够有效缓解有限信贷对制造商的融资限制,并降低制造商所面临的市场风险。然而,信用保险模式相对于传统银行融资模式而言并非是完全占优的,例如,在保费外生情形下,过高的保险费率将迫使制造商放弃信用保险以避免高额保费成本。研究表明,相对于保费外生模式,保费内生模式下制造商高额度的投保行为更难以缓解市场风险,这给制造商带来的管理学启示是:制造商在保费内生模式下进行过高的信用保险投保意义较小,即制造商只需要将投保额度设定在能够使银行放宽贷款限额至满足最优生产产量的水平上。

关键词: 信用保险, 供应链金融, 中小企业, 贷款限额

Abstract: This paper considers a supply chain financing system composed of a manufacturer (SMEs), a bank and an insurance company, and discusses the influence of limited credit and credit insurance on the manufacturer's production and operation decisions under three supply chain financing modes: traditional bank financing, exogenous premium and endogenous premium. We find that credit insurance can effectively alleviate the financing defects of limited credit and reduce the market risk faced by the manufacturer. However, the credit insurance model is not completely superior to the traditional bank financing model. For example, in the case of exogenous premium, the excessively high premium rate will force the manufacturer to abandon the credit insurance to avoid the high premium cost. Our study shows that, compared with the exogenous premium model, it is more difficult for the manufacturer to mitigate market risks under the endogenous premium model. The management implications are that it is meaningless for the manufacturer to carry out excessive credit insurance under the endogenous premium mode, the manufacturer simply need to set the insured amount at a level that will allow the bank to relax loan limit to meet normal production.

Key words: credit insurance, supply chain financing, SMEs, loan limit

中图分类号:

刘天卓, 王一帆, 杨锋, 毕辰. 银行融资下中小企业保险购买决策研究[J]. 运筹与管理, 2023, 32(2): 180-186.

LIU Tianzhuo, WANG Yifan, YANG Feng, BI Chen. Credit Insurance Decision Analysis of SMEs under Bank Financing[J]. Operations Research and Management Science, 2023, 32(2): 180-186.

参考文献

[1] HANEDAR E Y, BROCCARDO E, BAZZANA F. Collateral requirements of SMEs: the evidence from less-developed countries[J]. Journal of Banking and Finance, 2014, 38(1): 106-121.
[2] WANG R, LIN Z, LUO H, et al. Blockchain, bank credit and SME financing[J]. Quality & Quantity, 2019, 53(3): 1127-1140.
[3] GUPTA J, GREGORIOU A. Impact of market-based finance on SMEs failure[J]. Economic Modelling, 2017: 13-25.
[4] CALDENTEY R, CHEN X F. The role of frnancial services in procurement contracts. In Kouvelis P, Dong L and Li R(eds). The Handbook of Integrated Risk Management in Global Supply Chains, 2011: 289-326.
[5] DADA M, HU Q. Financing newsvendor inventory[J]. Operations Research Letters, 2008, 36(5): 569-573.
[6] 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.
[7] JING B, CHEN X, CAI G. Equilibrium fnancing in a distribution channel with capital constraint[J]. Production and Operations Management, 2012, 21(6): 1090-1101.
[8] ZHANG B, WU D, LIANG L. Supply chain loss averse newsboy model with capital constraint[C]. Systems Man and Cybernetics, 2016, 46(5): 646-658.
[9] XIAO S, SETHI S P, LIU M. Coordinating contracts for a financially constrained supply chain[J]. Omega-international Journal of Management Science, 2017: 71-86.
[10] BI G, FEI Y, YUAN X, et al. Joint operational and financial collaboration in a capital-constrained supply chain under manufacturer collateral[J]. Asia-Pacific Journal of Operational Research, 2018, 35(03): 1-23.
[11] LI Y, ZHEN X, CAI X, et al. Trade credit insurance, capital constraint, and the behavior of manufacturers and banks[J]. Annals of Operations Research, 2016, 240(2): 395-414.
[12] 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 and Industry, 2017, 33(1): 63-80.
[13] JING B, SEIDMANN A. Finance sourcing in a supply chain[J]. Decision Support Systems, 2014, 58: 15-20.
[14] KOUVELIS P, ZHAO W. The newsvendor problem and price-only contract when bankruptcy costs exist[J]. Production and Operations Management, 2011, 20(6): 921-936.
[15] WANG W, LUO J. Optimal financial and ordering decisions of a firm with insurance contract[J]. Technological and Economic Development of Economy, 2015, 21(2): 257-279.

银行融资下中小企业保险购买决策研究

Credit Insurance Decision Analysis of SMEs under Bank Financing

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]	郭捷, 谷利月. 农业供应链金融能有效缓解企业的融资约束？——涉农企业参与精准扶贫的实证研究[J]. 运筹与管理, 2022, 31(3): 112-118.
[2]	侯剑, 白雪斌, 华连连. 考虑隐性股权的电商供应链融资模式研究[J]. 运筹与管理, 2022, 31(2): 178-183.
[3]	王先甲, 顾翠伶, 何奇龙, 赵金华. 供应链金融信贷市场三方演化博弈动态[J]. 运筹与管理, 2022, 31(1): 30-37.
[4]	胥丽莉, 孙杰, 李欣怡. 基于公路运力信用结构的供应链金融授信分析[J]. 运筹与管理, 2022, 31(1): 162-168.
[5]	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.
[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]	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.
[8]	田霖, 张露露. 基于模糊ANP和TOPSIS法的科技型中小企业成长性评价体系构建[J]. 运筹与管理, 2021, 30(2): 184-190.
[9]	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.
[10]	燕汝贞, 李冉, 高伟, 吴栩. 基于随机市场需求的供应链融资模式研究[J]. 运筹与管理, 2020, 29(9): 124-130.
[11]	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.
[12]	胡海青, 陈迪, 张丹, 张琅. 基于Copula的供应链金融质物组合价格风险测度研究[J]. 运筹与管理, 2020, 29(3): 77-90.
[13]	刘露, 李勇建. 市场需求信息不对称下的保兑仓融资风险控制策略[J]. 运筹与管理, 2019, 28(6): 136-143.
[14]	史思雨,孙静春. 基于不同融资方式的双渠道供应链定价决策[J]. 运筹与管理, 2019, 28(4): 1-8.
[15]	王占海, 梁工谦. 存货质押融资模式下的供应链协调[J]. 运筹与管理, 2018, 27(6): 122-130.