摘 要

目前我国正处于经济转型时期，市场机制和经济环境也在不断发展，越来越多的中小企业在市场中崛起，占有较多的市场比例。但是中小企业的信用等级普遍都较低，银行不愿承担高风险贷款给这些小企业，所以普遍都面临着难以融资的困难。传统的流动资金授信已经不再适用于现在的商业环境，目前应用更多的是一种新的供应链融资方式，银行考察的不再是孤立的中小企业的资信实力，关注的主体是供应链上各参与方的综合资信实力。保兑仓融资模式是供应链融资中的一种，保兑仓融资适用的主体通常是处于上游的核心企业和处于下游的分销商。保兑仓融资模式具体流程是融资企业与核心企业签订交易合同，并向银行申请融资，然后银行审核供应链上各企业的综合资信实力和交易的真实性，审核通过之后开具以核心企业为收款人的银行承兑汇票，然后核心企业将货物发送到银行指定的仓库，由银行控制货物权，融资企业再向银行缴纳一定比例的保证金，银行根据保证金的金额来发放相应的货物。卖家要对提货不足部分的货物价值承担向银行的回购责任。

供应链金融中，银行主要考察核心企业的信用等级和经营状况等信息，并由核心企业来制定中小企业的准入制度，对中小企业进行管理，从而实现银行对整个供应链条的资金流和物流的管理。并且根据贸易自偿性融资特点将独立企业的信用风险转移到供应链中，变为供应链中整体的操作风险。通过采用保兑仓融资模式不但能缓解核心企业的流动资金不足的问题，更关键的是能改善供应链中中小经销商融资困难的问题，最终提高供应链的运行效率。但是目前的大多数保兑仓融资模式研究都是通过定性的方法来分析它的运行机理，风险转移方法，目前研究中比较缺乏的是具有实际操作性的定价模型的研究。本文主要是站在整条供应链的角度来分析保兑仓融资模式，首先定性的分析保兑仓模式的运作机理，然后重点分析各参与主体的参与决策过程，并通过数学建模方法来建立合理的数据模型定量的分析供应链上各参与主体的收益。本文的主要研究内容有以下几个方面：

首先，本文先介绍保兑融资的概念和特点、研究意义和目的、以及我国的保兑仓融资发展现状。详细的从整体供应链的参与主体、运行机理等方面分析保兑仓融资模式，重点介绍两种典型模式--没有物流监管企业参与的三方保兑仓融资模式和有物流监管企业参与的四方保兑仓融资模式。

然后，通过定量分析方法，计算供应链中各参与主体的成本函数和期望收益函数。根据线上保兑仓融资模式中各个参与主体的位置特点和在整个融资过程中的贡献力，来制定合理的定价模型，分配各自应得的利润。一方面是将核心企业的银行信用顺利向下游中小企业扩散，另一方面也是鼓励核心企业和中小企业的积极配合参与。

最后，对本文的相关结论进行总结，进一步指出本文的未来发展方向。

本文首先研究的是保兑仓融资模型的概念，特点以及涉及到的相关理论基础。详细介绍了三方保兑仓融资模式和四方保兑仓融资模式的运行流程和步骤，根据各参与主体的自身情况及在保兑仓融资过程中的贡献度。结合国内外现有的线上保兑仓融资模式，通过数学建模的方法来建立一种具有可行性的定价模型，为线上保兑仓融资模式的利润分配提出理论建议。

关键词：保兑仓融资；核心企业；经销商；博弈论

Abstract

At present, China is in a period of economic restructuring, market mechanisms and economic environment is also growing, more and more SMEs in the market rise, occupy more market share. But the credit rating of SMEs in general are low, banks are reluctant to bear the high risk loans made to small businesses, so generally are facing difficulties in financing difficult. Traditional liquidity credit is no longer applicable to the current business environment, the current application is more of a new supply chain financing, the bank is no longer an isolated study credit strength of SMEs, the main concern is the supply chain each party involved in the comprehensive credit strength. Confirming warehouse financing model is one in supply chain financing, confirming warehouse financing applicable subject is usually in the upper reaches of the core business and in the downstream distributors. Confirming warehouse financing model specific process is the core business of financing companies signed a transaction contract and apply for bank financing and bank audit the supply chain enterprises comprehensive strength and credit transactions authenticity, issued by the audit after the core business as revenue payee's bank acceptances, and the core enterprise sends goods to warehouses designated by the Bank, the bank control of goods, further bank financing companies to pay a certain percentage of deposit, according to the amount of the deposit bank to issue the corresponding goods. Repo seller to bear the responsibility for the bank to pick up the shortfall in the value of the goods.

Supply chain, finance, banking mainly on the core business of the credit rating and operating conditions and other information, the core business to develop access system by SMEs, SME management, enabling banks to the entire supply chain and capital flow logistics management. According to self-liquidating trade and financial characteristics of the independent corporate credit risk is transferred to the supply chain, the whole supply chain becomes operational risk. By adopting confirming warehouse financing model can not only alleviate the problem of shortage of working capital of the core business, but the key is to improve the supply chain of small and medium auto financing difficult problem, and ultimately improve the operating efficiency of the supply chain. However, most of the current financing model against security research positions through qualitative methods to analyze its operation mechanism, risk transfer methods, the present study is to study the comparative lack of practical operational Pricing Model. This article is standing in the whole supply chain perspective to analyze confirming warehouse financing mode, operation mechanism first qualitative analysis confirming warehouse mode, and then focuses on participating in decision-making process of the subject, and by mathematical modeling method to establish.

Firstly, we introduce insurance against financing concepts and features, significance and purpose, and the status of confirming warehouse financing development in China. Details from the participants, the overall supply chain operation mechanism and other aspects of analysis confirming warehouse financing model focuses on two typical modes - no supervision of logistics enterprises to participate in the tripartite confirming warehouse financing modalities and logistics have regulatory protection enterprises to participate in the Quartet financing against warehouse.

    Then, quantitative analysis method to calculate the cost function and the expected revenue function of the supply chain of the participating body. According to online confirmation warehouse financing model in each location characteristic of participants and contributions in force throughout the financing process, to develop a reasonable pricing model, assign their deserved profits. On the one hand is the core business of banking credit to the smooth diffusion downstream SMEs, on the other hand is encouraged to actively cooperate with the core enterprise and SME participation.

    Finally, the conclusions of this paper summarizes, further pointed out the future direction of this article.

Firstly, research is confirming warehouse financing model concept, characteristics and related theoretical foundation involved. Details of the tripartite confirming warehouse financing models and operating processes and procedures Quartet confirming warehouse financing mode, according to the participants own situation and contribution in confirming warehouse financing process. Combined with the existing line at home and abroad confirming warehouse financing models to establish the feasibility of having a pricing model through mathematical modeling methods for online theory put forward recommendations confirming profit distribution warehouse financing model.

Keywords: confirmation warehouse financing； core businesses； dealers；Game Theory