The Study On The Financing Strategy Of The Supply Chain Finance Company With The "reciprocity Preference"

According to the statistics of the China Federation of Industry and Commerce,the Industrial Products Value of SMEs is 60% of the National Industrial Products Value,SMEs provided 75% of the jobs of cities and towns.Thus,we can see that the SMEs plays an important role in the national economic system.While the credit amount of the SMEs only 40%.Due to the importance of the SMEs and the heavily financing trouble,the method to solve it becomes an hot topic in the corporate finance and micro finance while the supply chain finance is an financial innovation which designed to solve the problem and improve the entire supply chain.This paper first discuss the historical background of the supply chain finance,based on that,this paper picked fours insights to analysis the reason of the emerging of the supply chain finance,each of them are supply chain management theory 、information asymmetric theory、the transaction cost theorythe principle agent theory.based on that,the paper discussed the three mode of the supply chain finance :Accounts Receivable Financing Mode,Advance Payment Financing Mode and Inventory Financing Mode.Nowadays,most mathematical model about the supply chain finance are based on the principal-agent model,use the classical Holmstorm-Milgrom model as an fundamental tool,while the principal-agent theory is based on the “selfish agent”assumption,it lacks the consideration of the fairness demand of the agent.This paper first discuss the fairness theory and reciprocity theory which advocated by the Santé.Fe Institute.then use the “reciprocity theory”which established by Matthew.Rabin added into Holmstorm-Milgrom Agent principal theory,use the newly model to analysis the financing problem of the core enterprise and the cooperate enterprise.in this process,focus on the “reciprocity preference ”of the participants.Firstly,to build a classic Holmstorm-Milgrom models to study the traditional financing problem between the core firm and the collaborative firms.Secondly,introduce the reciprocal preference to Holmstorm and Milgrom model,comparative analysis of changes in earnings parties.Third,,use the calibration method,give a specific numerical case study.At last,we give possible future direction of development models in the future.The results showed that: by introducing reciprocal preference,under certain mathematical conditions,there may exists Pareto improvement space between the core firm and collaborative firm.