供应链金融视角下利率市场化的鲁棒分析模型

本文从供应链金融的视角出发,在需求信息缺失的情况下研究了银行贷款利率的制定对供应链及其节点企业运营状况的影响。在利率市场化的背景下,构建了银行参与的由供应商和零售商组成的供应链三方博弈模型。运用鲁棒的报童方法和极小极大后悔方法刻画了银行决定利率、供应商决定批发价格和零售商决定订货量的三方博弈情景,并获得其博弈均衡。研究表明:在部分信息下银行的参与能有效提高供应链绩效;供应商自有资金量的多少是判断利率政策(政府调控与利率市场化)对供应链效益影响的重要指标;利率市场化并不能完全解决银行业占取实体经济利益的现状,适度的政府调控是不可或缺的。

The Robust Model of Interest Rates Iberalization from Supply Chain Finance Perspective

It has been a real problem that banks squeeze the real economy interests these years, while the promoting of interest rates iberalization policy failed to solve the small and middle-sized enterprises(SME) financing problems. From the supply chain finance perspective, the influence of bank's lending rate decision on the operation of the supply chain enterprises under limited demand information is investigated. In the context of interest rates iberalization, a trilateral game model operating under a wholesale price contract with the decision order being bank-retailer-supplier is constructed. Robust newsvendor method and the mini-max method are applied to characterize the trilateral game, which is, the bank decides lending rate r, then the retailer decides its order quantity Q and the supplier decides its price w, the equilibrium solution was obtained. A numerical analysis on a supply chain selling high-margin products with highly market demand uncertainty is conducted, and results show that bank's involvement will increase supply chain performance under limited information;The amount of supplier's own funds is an important indicator to measure the impact of interest rates policy did to supply chain efficiency;Interest rates iberalization cannot solve the problem of bank's embezzlement of benefit to the real economy and moderate government control is indispensable.The interaction between logistics and fund flow with a financial institution such as a bank joining the supply chain is studied, proving a brand new perspective for traditional supply chain research. The process of using robust newsvendor method and mini-max method to describe the trilateral game among bank, retailer and supplier then obtain the equilibrium solution offering a new technique to solve multi-player game and newsvendor problem.