面向资金约束供给方的融资与运营策略研究

In the process of China's economic transformation and development, it is urgent to promote the supply-side structural reform. The combination between industry and finance and the development of supply chain finance are important measures to achieve this structural reform, which can not only solve the financing difficulties that enterprises face in the process of the reform, but also improve the overall operating efficiency of these enterprises. This proposal takes this as a practical background, and investigates the choice of financing channels for financially constrained suppliers and the interaction between financial and operational decisions by combining the different financing strategies for the suppliers (such as early payment discount financing, buyer direct financing/investment, buyer-guaranteed financing, purchase order financing) and the operational decisions such as capacity investment and cost reduction for the suppliers, and information sharing and procurement strategies for the retailers. On the one hand, this study can further enrich the research on supply chain finance and the interface between operations and finance; on the other hand, it can also provide managerial insights to both the suppliers in the supply chain and the policy makers in the government in decision making. Thus, this proposal is of great significance to both the development of the theory and the practice.

我国经济转型发展过程中迫切需要推进供给侧结构性改革。产融结合以及发展供应链金融是实现供给侧结构性改革的重要举措，不仅可以解决改革过程中企业面临的融资难融资贵的问题，同时也可高企业整体的运营效益。本项目以此为实践背景，拟把面向供应商的不同融资策略（如提前支付折扣融资、买者直接融资/投资、买者担保融资、订单融资）与产能投资、成本降低以及零售商的信息分享和采购等运营方面的决策结合起来进行研究，探讨资金约束的供给方的融资渠道选择以及金融与这些运营决策之间的交互作用等问题。本项目的研究成果一方面可进一步丰富供应链金融以及运营与金融交叉领域的研究，另一方面也可为供应链中的供给方和政府部门在决策和政策的制定上提供一定的参考，具有重要的理论价值和现实意义。

我国经济转型发展过程中迫切需要推进供给侧结构性改革。然而，在改革的过程中，供应商往往面临着资金约束的问题。为了解决企业面临的资金约束的问题，同时也为了提高企业整体的收益，国家出台了一系列的政策和举措。本项目以此为背景，主要研究了面向资金约束供给方的融资与运营策略，探讨了资金约束的供应商的融资渠道选择以及融资与一些运营决策之间的交互影响等问题。具体地，本项目主要从以下三个方面开展研究并完成既定目标。第一，本项目对已有关于运营与金融交叉领域的研究进行了总结，并梳理了风险管理中运营与金融交叉领域的研究进展与机会。第二，本项目对不对称需求信息下供应商的产能投资和融资策略问题进行了研究。第三，本项目对不对称成本信息下供应商的成本降低和融资策略问题进行研究。这些研究均表明，将公司运营方面的决策与公司金融/财务方面的决策整合起来考虑对于企业来说有着至关重要的意义。本项目的研究成果一方面可进一步丰富供应链金融以及运营与金融交叉领域的研究，另一方面也可为供应链中的供给方和政府部门在决策和政策的制定上提供一定的参考，具有重要的理论价值和现实意义。