不同需求信息分享模式下供应链贸易信贷融资决策及协调研究

The development of trade credit financing in supply chain has become an irreversible trend. Under different modes of information sharing, decisions and coordination of trade credit financing in supply chain are the core issues to be resolved, which responds the credit crunch, cracks financing difficulties of small and medium enterprises and achieves sustained and healthy development of the national economy. But it has not reported this issue from a theoretical aspect. In this project, information sharing modes of market demand among supply chain members were the entry points, and the impacts of information sharing modes on trade credit financing were described based on game structure of the supply chain. Supply chain trade credit financing stochastic optimization models were presented under different information sharing modes, in order to fully reflect the incentives and risks of supply chain trade credit financing and to reveal the impacts of production patterns, information related mechanisms and the competition level on trade credit financing decisions. The coordination mechanism was designed when the competitive multi-retailer adopted trade credit financing with information asymmetry, in order to reveal the impacts of information sharing modes, signaling effect and learning behavior on performance and to improve the performance of trade credit financing. The project seeks to form trade credit financing theory of supply chain under different demand information sharing modes, enrich and improve the existing supply chain finance theory and provide a basis to solve the financing difficulties of small and medium enterprises.

发展供应链贸易信贷融资已成为一股不可逆转的潮流。在不同需求信息分享模式下，研究供应链贸易信贷融资决策及协调是应对信贷紧缩和破解中小企业融资困境、实现国民经济持续健康发展需解决的核心问题。但目前尚未见到从理论上探讨该问题的文献报道。本项目以供应链成员间需求信息分享模式为切入点，立足供应链博弈结构刻画需求信息分享模式对供应链贸易信贷融资的影响；构建不同信息分享模式下供应链贸易信贷融资随机优化决策模型，以充分体现供应链贸易信贷融资激励与风险，揭示生产模式、信息关联机制、竞争水平等对供应链贸易信贷融资决策的影响规律；设计不对称信息下多零售商竞争供应链贸易信贷融资协调机制，揭示信息分享模式、信号效用和学习行为等对供应链贸易信贷融资绩效的影响规律，实现资金约束供应链的绩效改进。本项目力图形成需求信息分享下供应链贸易信贷融资理论，丰富和完善现有供应链金融理论，为解决供应链中小企业融资困境提供决策依据。

在不同需求信息分享模式下，研究供应链贸易信贷融资决策及协调是应对信贷紧缩和破解中小企业融资困境、实现国民经济持续健康发展需解决的核心问题。但目前尚未见到从理论上探讨该问题的文献报道。.本项目以供应链成员间需求信息分享模式为切入点，旨在探究不同信息分享模式下供应链决策主体间的贸易信贷融资规律，调查供应链中物流、资金流和信息流的交互影响。研究了碳排放抵押的供应链融资及协调; 研究了碳排放与限额交易机制下供应链的融资偏好与绩效；研究零售商不同信息分享模式(分享信息或者不分享信息)与供应商的契约决策(贸易信息契约或批发价格契约)的交互影响，研究发现在贸易信贷契约下的零售商缺乏激励去共享需求信息，但批发价格契约下零售商自有资金很少时会分享需求信息；同时零售商的自有资金水平会影响供应商的契约决策。.碳排放约束通常被认为对企业的运营具有负面影响，然而本项目从供应链碳金融的视角认为碳排放权进行抵押融资可以对企业运营产生积极作用。碳排放权质押融资模式不但能够激励企业减排并承担社会责任，在有限偿还责任机制下还使企业大幅提高了生产效率。调查了碳排放与限额交易机制下供应链的融资偏好与绩效，发现低碳供应链所处的政策环境以及碳减排投资的存在并不会影响低碳供应链的最优融资，并且，不管碳排放依赖型供应链是否选择碳减排投资，贸易信贷始终是其最优的融资方式。 .在原有研究内容的基础上，考虑2020初开始爆发的新冠肺炎疫情的影响，从消费者的社会学习行为出发，深入探究社会学习下疫苗供应链最优决策及干预机制，拓展了相关研究。丰富和完善现有供应链金融理论，为解决供应链中小企业融资困境提供决策依据。.取得了一批重要成果：在国内外重要期刊发表（录用）论文20余篇，其中SCI/SSCI 收录14篇，被SCI/SSCI他引95次。在项目执行期间，获2018年湖南省杰出青年基金，获2020年国家自然科学基金面上项目，项目主持人及博士生先后到香港城市大学、香港中文大学进行访问研究。