Abstract: Considering the bankruptcy costs, this paper establishes a quantitative model to study a factor’s optimal line of credit and a supplier’soptimal credit saleamount under factoring credit. The results show that the factor will offer a line of credit if only the factoring fee is no less than a critical level. In the case that the factoring fee is high enough, the factoring finance will be efficient for the supplier to make credit sale to his downstream customer within the credit line checked by the factor. Otherwise, the supplier’s credit sale may exceed the line. In this situation, there exists a threshold such that if the fixed bankruptcy cost is aboveit, then the supplier’s credit sale amount will always be lower than a certain upper limit. The devotion of factoring to the supply chain lies in its risk sharing function. However, if the fixed bankruptcy cost is below the threshold, the supplier’s credit sale amount will always be higher than a certain lower limit, and the supply chain tends to utilize the financing function of the factoring.

Key words: supply chain management, factoring finance, creditline, bankruptcy cost

摘要： 在存在破产成本的前提下,构建了保理商确定授信额度的量化模型,并研究了供应商如何在保理授信下确定赊销量的问题。研究结果表明,保理商的授信以保理费率不低于临界值为前提。当保理费率高于一定水平时,授信额度较高,供应商将在额度内进行赊销交易。否则,供应商将超出授信额度进行赊销交易,并且此时,若固定破产成本高于阈值,供应商最优赊销量存在上限,保理对供应链的作用主要体现在其风险分担功能上;若固定破产成本低于阈值,供应商最优赊销量存在下限,保理对供应链的作用主要体现在其融资功能上。

关键词: 供应链管理, 保理融资, 授信额度, 破产成本