论文总字数：18050字

摘 要

随着互联网金融的快速发展，基于电子商务平台开展的供应链金融业务也开始出现并不断增多。这种全新的线上供应链融资模式主要是通过控制商品交易中产生的商流、物流、资金流和信息流来为整条产业链提供系统性的融资支持，可以帮助中小企业脱离融资难和交易成本高等困境，并加强融资企业对各类信息的掌握程度。

本文以京东供应链金融产品为切入点，对以京东为核心企业的线上供应链金融模式进行了研究。通过对国内外文献的梳理总结，发现京东供应链金融产品之所以发展如此迅速，主要是因为它不仅降低了信息的不对称成本、操作流程更加便捷，而且还降低了信贷融资风险，使得风险与收益相匹配。凭借这些优势，京东吸引了大量的供应商、零售商与其合作，于是“京保贝”、“京小贷”等新型金融产品也就应运而生。但是，线上供应链融资仍存在着监管空白和人才储备不足等缺点，这就需要多方的共同制约，以促进京东供应链融资业务的健康长久发展。在介绍京东供应链金融产品情况的基础上，本文运用博弈论、CVaR模型等分析工具，分析了以京东为核心的线上供应链融资模式，建立了以京东为核心企业，供应商和零售商为追随者的斯坦克伯格博弈模型，探究了零售商、供应商和京东的期望收益和决策模型，并对京东供应链融资模式存在的风险因素进行了分析。

关键词：供应链金融 京东 CVaR模型 收益函数

Online Supply Chain Financing Decision-making and Dependent Risk Simulation Analysis: Taking Jingdong as an Example

Abstract

With the rapid development of internet finance, supply chain finance services based on e-commerce platforms have also begun to emerge and continue to increase. This brand-new online supply chain financing model mainly provides systematic financing support for the entire industry chain by controlling the business flow, logistics, capital flow, and information flow generated in commodity trading, and can help SMEs get out of financing difficulties. The high transaction costs are difficult, and the degree of ownership of various types of information by financing companies is strengthened.

This paper takes Jingdong supply chain financial products as the starting point and studies the online supply chain finance model with Jingdong as the core enterprise. Through the review of domestic and foreign literature, it was found that the reason why Jingdong supply chain financial products developed so rapidly was mainly because it not only reduced the asymmetric cost of information and made the operation process more convenient, but also reduced the risk of credit financing, making the risk Revenue matches. With these advantages, Jingdong has attracted a large number of suppliers and retailers to cooperate with it. Therefore, new types of financial products such as Jingbao Bay and Beijing Small Loan came into being. However, there are still shortcomings such as regulatory gaps and insufficient talent pools for online supply chain financing. This requires multiple and common constraints to promote the healthy and long-term development of JD's supply chain financing business. Based on the introduction of Jingdong supply chain financial products, this paper uses the analysis tools such as game theory and CVaR model to analyze the online supply chain financing model with Jingdong as the core and establish Jingdong as the core enterprise, supplier and retailer. As the follower's Stunkberg game model, he explores the expected returns and decision models of retailers, suppliers, and Jingdong, and analyzes the risk factors in JD's supply chain financing model.

Key Words: Supply chain finance;Jingdong; CVaR model;Earnings function

目 录

摘要…………………………………………………………………………………I

ABSTRACT…………………………………………………………………………II

第一章 绪论………………………………………………………………………1

1.1 研究背景……………………………………………………………………1

1.2 研究意义……………………………………………………………………1

1.3 文献综述……………………………………………………………………2

1.3.1 供应链金融国内外研究现状………………………………………2

1.3.2 线上供应链金融的国内外研究现状………………………………2

1.4 研究内容和方法……………………………………………………………3

1.4.1 研究内容……………………………………………………………3

1.4.2 研究方法……………………………………………………………4

第二章 京东供应链金融介绍…………………………………………………5

2.1 京东供应链金融发展概况…………………………………………………5

2.2 京东供应链金融特色融资模式……………………………………………6

2.2.1 京保贝模式…………………………………………………………6

2.2.2 京小贷模式…………………………………………………………6

2.2.3 京东同大型供应商合作模式………………………………………7

第三章 以京东为核心企业的线上供应链融资决策分析………………9

3.1 条件风险值CVaR简介……………………………………………………9

3.2 前提假设…………………………………………………………………9

3.3 京东、零售商和供应商收益函数及三方决策…………………………10

3.3.1 符号定义…………………………………………………………10

3.3.2 收益期望函数……………………………………………………10

3.3.3 三方决策模型……………………………………………………11

3.4 数值仿真…………………………………………………………………13

第四章 京东线上供应链融资模式的风险管控…………………………15

4.1 风险类型………………………………………………………………15

4.2 京东线上供应链金融风险管理的实施步骤…………………………16

4.3 建议……………………………………………………………………16

第五章 总结……………………………………………………………………18

参考文献…………………………………………………………………………19

附录………………………………………………………………………………20

致谢………………………………………………………………………………22

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