進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-2106201913383600
論文名稱(中文) 供應鏈共同融資之研究
論文名稱(英文) The Joint Financing in a Supply Chain
校院名稱 成功大學
系所名稱(中) 交通管理科學系
系所名稱(英) Department of Transportation & Communication Management Science
學年度 107
學期 2
出版年 108
研究生(中文) 龔葶
研究生(英文) Ting Kung
學號 R56074052
學位類別 碩士
語文別 英文
論文頁數 62頁
口試委員 指導教授-林正章
口試委員-張瀞之
口試委員-陳嬿如
中文關鍵字 供應鏈金融  營運資金限制  銀行融資  協同  信用保證 
英文關鍵字 Supply chain finance  Capital constraints  Bank financing  Collaborative  Credit guarantee 
學科別分類
中文摘要 全球經濟的不穩定性與破產的高風險性,使得企業透過銀行融資所取得的資金是有限的。因此,供應鏈融資(SCF)的相關議題被提出。供應鏈融資中包含不同策略,以提升供應鏈內部金流使用效率。本研究提出結合信用保證的共同融資模式(JBF),為提升整條供應鏈成員由銀行融資取得足夠資金的機會,進而使此供應鏈中的每一位成員期望收益提升。為達到上述目的,分別建立個別融資(BFS)及共同融資(JBF)的數學模式。此外,我們以數值測試的方式具體比較供應鏈成員分別在兩種策略下的期望收益。研究結果顯示,在共同融資的模式中,供應鏈成員可以達到更高的訂購量,以增加每一位成員的期望收益。最後,我們呈現在訂購量與供應鏈成員破產的分析,並進一步討論市場需求的不確定性與規模經濟的影響。
英文摘要 As the growing of globalization, the competition between each supply chain becomes fiercer. However, because of the economic variation and high bankruptcy risk, the availability of credit financing is limited. Supply chain finance (SCF) is proposed to ease the situation. SCF includes solutions to make the cash flow in the supply chain efficiently used. This research aims to increase the opportunities for obtaining bank loan to gain sufficient cash flow within entire supply chain and approach higher profit individually. We propose a SCF scheme by joint bank financing with credit guarantee (JBF). To reveal the advantages of JBF, we build mathematical models of bank financing separately (BFS) and JBF, respectively. The results show that under JBF, the supply chain is able to approach higher order quantity and thus the profit of each member in the supply chain increases. We further present numerical analysis of each member's profit under BFS and JBF. In addition, we demonstrate the bankruptcy risk of each order quantity, the sensitivity analysis of demand market risk and the analysis of economic of scale.
論文目次 口試合格證明 I
摘要 II
Abstract III
誌謝 IV
Outline of content V
List of Table VII
List of Figure VIII
Chapter 1 Introduction 1
1.1 Research background and motivation 1
1.2 Purpose and research question 3
1.3 Research framework 3
Chapter 2 Literature review 6
2.1 Supply chain finance 6
2.1.1 Supply chain internal finance 7
2.1.2 Supply chain external finance 11
2.1.3 Supply chain internal and external finance 12
2.1.4 Conclusion 17
2.2 Cash flow models 23
2.3 Line of credit and interest rate of bank loan 30
2.4 Conclusion 32
Chapter 3 Mathematical Model 33
3.1 Assumption and research range 33
3.2 Notations 34
3.3 Bank financing separately (BFS) 35
3.3.1 Mathematical Model 36
3.3.2 Derivation 38
3.4 Joint Bank financing with credit guarantee (JBF) 39
3.4.1 Mathematical Model 41
3.4.2 Derivation 42
3.5 Solving algorism 44
Chapter 4 Numerical Analysis 45
4.1 Maximum profit under BFS 45
4.2 Maximum profit under JBF 46
4.3 Comparing BFS and JBF 47
4.4 Analysis of bankruptcy 48
4.5 Analysis of market demand and R’s profit 51
4.6 Analysis of economic of scale 52
Chapter 5 Conclusion 55
Reference 57
參考文獻 Blackman, I.D., Holland, C.P., Westcott, T. (2013) Motorola’s global financial supply chain strategy. Supply Chain Management: An International Journal, Vol. 18 No. 2, 132-147.
Bi, G., Chen, P., Fei, Y. (2018) Optimal decisions and coordination strategy of a capital-constrained supply chain under customer return and supplier subsidy. Journal of Modelling in Management, Vol. 13, Issue: 2, 278-301.
Chen, X. (2015) A model of trade credit in a capital-constrained distribution channel. Int. J. Production Economics 159, 347-357.
Chen, X., Hu, C. (2011) The value of supply chain finance. Supply Chain Management – Application and Simulations, 111-132.
Deng, S., Gu, C., Cai, G., Li, Y. (2018) Financing multiple heterogeneous suppliers in assembly systems: buyer finance vs. bank finance. Manufacturing & Service Operations Management, 20(1), 53-69.
Devalkar, S.K., Krishnan, H. (2019) The impact of working capital financing costs on the efficiency of trade credit. Production and Operation Management, Vol. 28 No. 4, 878-889.
Gelsomino, L.M., Mangiaracina, R., Perego, A., Tumino, A. (2016) Supply chain finance: a literature review. Int. J. Phys. Distrib. Logist. Manag. 46, 348–366.
Gomm M.L. (2010) Supply chain finance: applying finance theory to supply chain management to enhance finance in supply chains. International Journal of Logistics Research and Applications, Vol. 13 No. 2, 133-142.
Hofmann, E. (2009) Inventory financing in supply chains: a logistics service provider approach. International Journal of Physical Distribution and Logistics Management, 716-740.
Hofmann, E., Kotzab, H. (2010) A supply chain-oriented approach of working capital management. Journal of Business Logistics, Vol. 31, No.2, 305-330.
Hofmann, E., Zumsteg, S. (2015) Win-win and no-win situations in supply shain finance: The case of accounts receivable programs. Supply Chain Forum: An International Journal, 16:3, 30-50.
Huang, S., Fan, Z., Wang, X. (2019a) The impact of transportation fee on the performance of capital-constrained supply chain under 3PL financing service. Computers & Industrial Engineering, 130, 358-369.
Huang, J., Yang, W., Tu, Y. (2019b) Supplier credit guarantee loan in supply chain with financial constraint and bargaining. International Journal of Production Research, 1-16.
Ivakina, A., Zenkevich N. (2017) Coordinating working capital management model in collaborative supply chains. Working Paper, St. Petersburg State University Graduate School of Management. 1-16.
Jin W., Zhang Q., Luo, J. (2018a) Non-collaborative and collaborative financing in a bilateral supply chain with capital constraints. Omega 000, 1-13.
Jin W., Zhang Q., Luo, J. (2018b) Optimal ordering and financing decisions under advance selling and delayed payment for a capital-constrained supply chain. Journal of the Operational Research Society, 1-16.
Kouvelis, P., Zhao, W. (2012) Financing the newsvendor: supplier vs. bank and the structure of optimal trade credit contract. Operation Research, Vol. 60, No. 3, 566-580.
Lekkakos, S.D., Serrano, A. (2016) Supply chain finance for small and medium sized enterprises: the case of reverse factoring. International Journal of Physical Distribution & Logistics Management, Vol. 46, Issue: 4, 367-392.
Li, H., Mai, L., Zhang, W., Tian, X. (2019) Optimizing the credit term decision in supply chain finance. Journal of Purchasing and Supply Management, 25, 146-156.
Lin, Q., Xiao, Y. (2018) Retailer credit guarantee in a supply chain with capital constraint under push & pull contract. Computers & Industrial Engineering, 125, 247-257.
Protopappa-Sieke, M., Seifert, R.W. (2010) Interrelating operational and financial performance measurements in inventory control. European Journal of Operational Research 204, 439–448.
Protopappa-Sieke, M., Seifert, R.W. (2017) Benefits of working capital sharing in supply chains. Journal of the Operational Research Society 68, 521-532.
Raghavan, N.R.S., Mishra, V.K. (2011) Short-term financing in a cash-constrained supply chain. Int. J. Production Economics 134, 407-412.
Stewart, G. (1995) Supply chain performance benchmarking study reveals keys to supply chain excellence. Logistics Information Management, Vol. 8 No. 2, pp. 38-44.
Silvestro, R., Lustrato, P. (2014) Integrating financial and physical supply chains: the role of banks in enabling supply chain integration. International Journal of Operations & Production Management, Vol. 34 Issue:3, 298-324
Simatupang, T.M., Sridharan, R. (2002) The collaborative supply chain. The international journal of logistics management, 13(1), 15-30.
Tang, C.S., Yang, S.A., Wu, J. (2018) Sourcing from suppliers with financial constraints and performance risk. Manufacturing & Service Operations Management, 20(1), 70-84.
Tunca, T.I., Zhu, W. (2018) Buyer intermediation in supplier finance. Management Science, 64(12), 5631-5650.
Wandflush, M., Hofmann, E., Schoensleben, P. (2015) Financing buyer-supplier dyads: an empirical analysis on financial collaboration in the supply chain. International Journal of Logistics: Research and Applications, 200-217.
Wesley, S., Randall, M., Theodore, F. Ⅱ (2009) Supply chain financing: using cash-to-cash variables to strengthen the supply chain. International Journal of Physical Distribution & Logistics Management, Vol. 39 Issue:8, 669-689
Wuttke, D.A., Blome, C., Henke, M. (2013) Focusing the financial flow of supply chains: an empirical investigation of financial supply chain management. International Journal of Production Economics, Vol. 145 No. 2, 773-789.
Wuttke, D.A., Blome, C., Heese, H.S., Protopappa-Sieke, M. (2016) Supply chain finance: Optimal introduction and adoption decisions. Int. J. Production Economics 178, 72-81.
Xiao, Y., Zhang, J. (2018) Preselling to a retailer with cash flow shortage on the manufacturer. Omega, 80, 43-57.
Xu, X., Chen, X., Jia, F., Brown, S., Gong, Y., Xu, Y. (2018) Supply chain finance: A systematic literature review and bibliometric analysis. International Journal od Production Economics 204, 160-173.
Yan, N., He, X., Liu, Y. (2018) Financing the capital-constrained supply chain with loss aversion: supplier finance vs. supplier investment. Omega, 000, 1-17.
Yan, N., Liu, C., Liu, Y., Sun, B. (2017a) Effects of risk aversion and decision preference on equilibriums in supply chain finance incorporating bank credit with credit guarantee. Applied Stochastic Models in Business and Industry, 33, 602-625.
Yan, N., Liu, Y., Liu, C., Dai, H. (2017b) Coordination in Supply Chain Finance Under CVaR Criteria. IEEE International Conference on Industrial Engineering and Engineering Management, 455-459.
Yan, N., Sun, B. (2015) Comparative analysis of supply chain finance strategies between different financing modes. Journal of Industrial and Management Optimization, Vol. 11, No. 4, 1073-1087.
Yan, N., Sun, B., Zhang, H., Liu, C. (2016) A partial credit guarantee contract in a capital-constrained supply chain: Financing equilibrium and coordinating strategy. Int. J. Production Economics 173, 122-133
Zhang, J.J., Nie, T., Huang, J.Z., Chen, Y. (2016) Joint financing strategy for a cash-constrained supply chain. IEEE International Conference on Industrial Engineering and Engineering Management, 764-768.
Credit Basics: Setting Credit Limits, National Association of Credit Management,
https://nacm.org/pdfs/articles/CreditBasicsSettingCreditLimits.pdf
Website of Bank of America
https://www.bankofamerica.com/smallbusiness/business-financing/business-financing-loans-faqs/#secured-business-loan__how-interest-determined
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2024-07-01起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw