Research On Financing Decision Of Supply Chain Based On Credit Insurance

In recent years, the problem of financing of small and medium enterprises was more and more attention. How to solve the problem financing of small and medium enterprises has been widely concerned. Due to the asymmetry of information, the credit status of small and medium enterprises was not clear. Resulting the upper reaches of enterprises and banks did not want to finance SMEs financing, which was one of the important reasons. Credit insurance as a new financing risk sharing mechanisms, could share the SMEs financing credit risks, solved small and medium enterprises due to the lack of credit and financing difficult problem and has been applied in the financing of small and medium-sized enterprises, and became one of the financing difficulties of small and medium-sized enterprises, which was an important way of the problem.This article introduces the credit insurance risk sharing mechanism, promote the formation of the whole process of financing. Based on the newsboy model with stochastic programming, using backward induction and analysis method of game model, analyzes the different means of financing parties to the financing decisions. The manufacturer does not exist internal financing of capital constraints, the manufacturer of accounts receivable for credit insurance, then financing to the retailer. The paper analyzes the different wholesale price retailer's ordering decisions and manufacturer of insurance decision. For makers of funding constraints of internal and external mixed financing, manufacturer of accounts receivable for credit insurance, the insurance policy pledge to the bank. Then banks financed retailers, the paper analysis the different interest rates to the retailer's optimal ordering strategy, the bank's interest rate decision and the manufacturer's investment decision.Through the analysis shows that:(1) In internal financing, retailers should avoid default, formulation reasonable order quantity, in order to maximize their profits; while the manufacturers hope to low default rate of retailers for financing, reasonable insurance decision the is favorable.(2) In mixed internal and external financing, manufacturers hope to supply low default rate of retailers, banks also want lower default rates for retailers financing. Retailers control their default rate, through a reasonable order to achieve their own profit optimization. The bank determined the reasonable interest rates and according to the manufacturer's insurance level to determine the amount of financing, in order to optimize their profits. The manufacturer achieved their benefits through reasonable insurance level and the wholesale price decision. Among them, the credit insurance to the financing of the parties are favorable, and promote the formation of the whole process of financing. Then, the corresponding conclusion is verified by the example analysis.