保兑仓模式下银行承兑汇票最优承诺费率研究

本文从汇票承诺费率的角度探索银行承兑汇票承诺费的减免对银行利润的影响。通过建立零售商、制造商和银行的利润模型并依次分析零售商订货量、制造商对融资模式的选择和银行汇票承诺费率,结果发现,保兑仓模式下订货量低于赊销模式,但制造商提前贴现汇票能冲抵订货量的劣势,对银行而言,将汇票承诺费率降低至临界值以下才能使保兑仓模式优于赊销而成为制造商的选择,最优汇票承诺费率是银行利润函数求解基础上考虑赊销与保兑仓模式竞争关系的结果。银行为执行“减税降费”政策而减免汇票承诺费有利于增加保兑仓业务量,同时也有利于提高供应链效率。

Study of Optimal Commitment Rate of Acceptance Bill in Confirming Warehouse

This paper intends to search the change of bank’s profit when bank reduces even remitted commitment fee of acceptance bill from the standpoint of commitment rate. By establishing profit models of the retailer, the manufacturer and the bank, and successive analyses of retailer’s order quantity, manufacturer's choice of financing modes and bank's commitment fee rate, we find the following results: Commitment fee makes order quantity in confirming warehouse less than that in delaying payment, but the advantage that manufacturer can discount bank bill in advance can offset the disadvantage of order quantity. For bank, only commitment rate is reduced to be of critical value can confirming warehouse prior to delaying payment be manufacturer's choice of financing retailer. The optimal commitment rate is the result of both solving function of bank’s profit and considering competition between these two financing modes. Consequently, although banks reduce even remit commitment fee of acceptance bill for implementing the policy of “tax reductions and fee cuts”, they do not necessarily decrease their profit, and they can increase business of confirming warehouse. At the same time, reducing even remitting commitment fee of acceptance bill does good to improving supply chain efficiency.