农业供应链金融能有效缓解企业的融资约束？——涉农企业参与精准扶贫的实证研究

农业供应链金融为涉农企业融资难问题提供了新思路。本文以上市涉农上市企业2016~2018年的财务数据为样本,探讨了农业供应链金融对缓解企业融资约束的影响,以及涉农企业参与精准扶贫对缓解融资约束的调节作用。研究发现:涉农企业普遍面临融资约束问题,而农业供应链金融显著缓解了涉农企业的融资约束,且对参与精准扶贫企业的融资约束缓解更为显著。本文揭示了:农业供应链金融能有效缓解涉农企业的融资约束问题,再次证明了农业供应链金融缓解涉农企业融资约束的重要性和必要性,拓展了供应链金融研究的领域,同时对企业参与精准扶贫,响应新时期涉农企业社会责任的具体要求,形成政府、企业等共同承担社会责任的多元化减贫治理机制,助力乡村振兴提供相应借鉴。     

市场需求信息不对称下的保兑仓融资风险控制策略

信息不对称风险广泛存在于保兑仓融资过程当中,本文运用Stackelberg博弈模型刻画融资系统成员关系,运用动态规划优化分析方法求解对应博弈均衡策略。总结出需求信息不对称的三种表现形式:信息造假,信息优势及信息隐匿,分析各类信息不对称情形对融资系统所造成影响,并相应提出实现信息显示功能的契约甄别机制。研究表明:零售商可从信息不对称中获取巨大信息优势,但对其他成员造成损害,其中信息隐匿对生产商损害程度更高;二部定价机制可实现信息甄别,但生产商须为之付出信息租金,造成效率损失;而合理参数设定下的二部定价加回购机制有助于进一步改进融资系统及各成员收益,甚至达到次协调状态,最终实现融资成员收益的帕累托改进。本研究对于控制供应链融资中的信息风险、改善融资效率提供了理论依据及决策参考。     

The long‐term extreme price risk measure of portfolio in inventory financing: An application to dynamic impawn rate interval

Different from the short‐term risk measure for traditional financial assets (stocks, bonds, etc.), the key to illiquid inventory portfolio traded in the over‐the‐counter markets is to estimate the long‐term extreme price risk with time varying volatility. In this article, a new long‐term extreme price risk (value at risk and conditional value at risk) measure method for inventory portfolio and an application to dynamic impawn rate interval are proposed. To realize this, we first establish AutoRegressive Moving Average‐Exponential Generalized Autoregressive Conditional Heteroskedasticity‐Extreme Value Theory model and multivariatet‐Copula to depict the autocorrelation, fat tails, and volatility clustering of returns of inventories and the nonlinear dependence structure of inventories. Furthermore, we obtain the long‐term extreme price risk with time varying volatility via Monte Carlo simulation instead of square‐root‐of time rule. The results show that, first, benefits from risk diversification is significant; second, long‐term extreme price risk measure of inventory portfolio via Monte Carlo method outperforms the square‐root‐of time rule; the last is that the dynamic rate interval based on the long‐term price risk is superior to the crude rules of thumb in terms of reducing efficiency loss and improving risk coverage. In summary, this article provides a new quantitative framework for managing the risk of portfolio in inventory financing practice for banks constrained by risk limitation. © 2014 Wiley Periodicals, Inc. Complexity 20: 17–34, 2015     

基于博弈论的融资租赁保证金确定方法研究

针对融资租赁中租金偿还违约风险的防范问题,研究了如何合理设置租赁保证金来防范违约风险.运用博弈理论建立了租金偿还的动态博弈模型,采用逆向归纳法求解该博弈模型并推导出了预防性保证金确定方法及其适用条件,通过边界条件的改变继而推导出了补偿性保证金确定方法及其适用条件.算例分析表明,运用两种方法来计算租赁保证金时,只需已知租赁项目各期租金和租赁资产的价值而无需知道租赁项目的各期收益,仅以出租人预期租赁项目在各期的收益与租金之间的大小作为判据来选择保证金确定方法.两种保证金确定方法具有较高的实用性和可操作性,是出租人合理地确定租赁保证金的有效方法.     

关于融资收缩现象成因的一个模型解释

本文通过构建一个关于企业融资与经济增长的理论模型对融资收缩形成的内在机理进行了揭示.     

考虑不同融资金额需求的授权再制造融资策略研究

考虑授权再制造企业融资金额无法满足资金短缺需求的情况,构建资金约束下再制造企业的决策模型,研究初始资金及融资策略对再制造企业生产决策的影响。研究表明:资金约束下初始资金成为影响再制造企业生产决策的关键,同时授权费的增加会增大资金压力,限制其利润的增长;不论融资金额是否能满足资金短缺需求,再制造企业融资策略的选择都受初始资金限制,当其融资偏好为风险厌恶型时,可选择混合融资策略;在一定条件下再制造企业选择股权融资可提升再制造产品的社会效益。     

Lot‐sizing policies for deterioration items under two‐level trade credit with partial trade credit to credit‐risk retailer and limited storage capacity

The main purpose of this article is to investigate the optimal wholesaler's replenishment decisions for deterioration items under two levels of the trade credit policy and two storage facilities in order to reflect the supply chain management situation within the economic order quantity framework. In this study, each of the following assumptions have been made: (1) The own warehouse with limited capacity always is not sufficient to store the order quantity, so that a rented warehouse is needed to store the excess units over the capacity of the own warehouse; (2) The wholesaler always obtains the partial trade credit, which is independent of the order quantity offered by the supplier, but the wholesaler offers the full trade credit to the retailer; (3) The wholesaler must take a loan to pay his or her supplier the partial payment immediately when the order is received and then pay off the loan with the entire revenue. Under these three conditions, the wholesaler can obtain the least costs. Furthermore, this study models the wholesaler's optimal replenishment decisions under the aforementioned conditions in the supply chain management. Two theorems are developed to efficiently determine the optimal replenishment decisions for the wholesaler. Finally, numerical examples are given to illustrate the theorems that are proven in this study, and the sensitivity analysis with respect to the major parameters in this study is performed. Copyright © 2016 John Wiley & Sons, Ltd.     

考虑RFID应用的资金约束供应链订购决策研究

RFID技术的应用在有效降低商品库存损耗率的同时,也增加了供应链企业的运营成本,尤其是具有资金压力的供应链中小企业。在零售商具有资金约束的二级供应链下分析RFID技术的应用对资金约束供应链绩效的影响,通过构建贸易信贷下基于批发价合同的Stackelberg博弈模型,对比采用RFID前后资金约束供应链成员的均衡决策及期望收益,探讨了该供应链采用RFID的必要条件。结果显示当RFID标签成本低于某个阈值,或RFID库存损耗恢复率高于某个阈值时,供应链成员会选择采用RFID。此外,当RFID单位标签成本或零售商标签成本分摊系数较低,或RFID库存损耗恢复率较高时,制造商会提供比不采用RFID时更高的批发价;在采用RFID的条件下,零售商订购数量低于不采用RFID时的数量。通过设计收益分享契约实现了采用RFID时资金约束供应链的协调。     

Mathematics performance on integers of students with mathematics difficulties

The purpose of this study was to report on findings regarding an integer module intervention. We provided the effects of the integers module lessons intervention on the mathematics performance of 7th grade students with mathematics difficulties. We provided an analysis of the mathematics interventionists’ and their students’ perspectives about the integer module to help explain the findings. A total of 908 students participated in the study and were randomized to one of two conditions. The research design was class-randomized with classes allocated to the treatment or control condition. The analyses showed that the condition predicted students’ slope estimate, on average (β = 0.61, p = .004) where students receiving treatment made greater gains than students in the control condition. Regarding the interventionists’ and students’ perspectives about the integer module lessons, both interventionists and students had overall positive ratings of the intervention components. Implications of these findings are discussed.     

基于仓单质押融资的物流企业与银行的演化博弈分析

物流企业与银行之间的良好合作关系是物流金融业务继续发展的前提和基础。以仓单质押融资业务为例,运用演化博弈理论对物流企业与银行之间的监督包庇问题进行了分析,构建复制动态方程和运用动态相位图分析群体策略的演化过程及结果,为建立良好的合作关系提供理论依据。分析结果表明:该动态系统的演化方向受到博弈支付矩阵以及系统的初始状态的影响。银行监督成本、银行的收益损失、物流企业的包庇成本和物流企业的罚金是影响演化结果的关键性因素。通过外部力量的加入,可促使系统演化至(不包庇,不监督)这一期望演化稳定策略。