A Study On Risk Control Of Supply Chain Financing Based On Guarantee Scheme

It is extremely difficult for some small and medium-size enterprises to obtain finance from the bank.It is a serious problem for both small and medium-size enterprises and the entire supply chain system.The credit guarantee schemes exactly compensate for the financing gap.There are two main kinds of guarantee scheme which is provided by third-party or the core company.Although the financing with guarantee can overcome the serious financing gap,a number of bad loans will make the guarantor's profit be negative even go bankruptcy.Consequently,it is worthwhile to make a related research about the online financing and supply chain finance with guarantee and this research has an important theoretical meaning and practical value.We first consider a purchase-order financing with guarantee from the core company in the pull supply chain.What's more,a partial credit guarantee scheme which is provided by third or supplier in the supply chain finance is studied.Then we have an extension about the research on online financing.We analyze impact of the guarantee from the third-party on the optimal financing decision and each member's profit.There are six chapters in this dissertation.The first chapter introduces the related background,the main contents and the innovation points.Chapter 2 presents the review of some related literature about the intersection of financing and operational decisions,the risk management and the current research of online financing.In Chapter 3,the process of a purchase-order financing model in a pull supply chain is studied.We establish a supply chain financing model with guarantee by a core company,who will pay the bank when the supplier is bankrupt.Moreover,we analyze the impact of this guarantee mechanism on the optimal decision and each member's profit mainly concerned the change of the total financing rate.This result shows that when the total financing rate in the guarantee model is lower,all members can benefit from the guarantee model.When the total financing rate is higher in the guarantee model,there is no possibility that all members can benefit from the guarantee model.When the financing rate is equal in the financing model with guarantee or without guarantee,there is no possibility that all members can benefit or loss in the guarantee model.In Chapter 4,a supply chain finance model with partial credit guarantee is studied,in which a supplier or a third-party guarantee company provides partial credit guarantee when the retailer borrows from a bank.We analyze the impact of several key parameters,such as the guarantee coefficient and the guarantee rate and so on,on the equilibrium order quantity and each member's profit,respectively.Furthermore,we do some comparative analysis about the difference between the two partial credit guarantee models based on the different guarantee coefficient.This result shows that if the guarantee coefficients in the two models are the same or the coefficient in the supplier guarantee model is larger,the retailer,the bank and the supplier all prefer the supplier guarantee model.When the coefficient of the supplier guarantee model is smaller,there is a strong relationship between the parameters and each member's preference.In Chapter 5,we study an online financing model with third-party guarantee and analyze the effect of the cash deposit and the loan limit on the optimal decision of financing company and expected profit of guarantee company.Furthermore,with some numerical experiments,we analyze the effect of the cash deposit and the loan limit on bad debt rate of the online financing platform.The result shows that using the financing model with loan limit can stop the financing company from excessive financing,improve the expected profit of the guarantee company and lower the bad debt rate of the online financing platform.However,the guarantee mechanism with the cash deposit has a few limitations.In Chapter 6,we discuss the conclusion and the direction of future research which can be improved.The innovation points of this dissertation are summarized as follows.(1)This research considers a purchase-order financing based on the pull supply chain,we analyze the value of the guarantee scheme which means the core company provides a financing guarantee for his supplier.Former research about the supply chain is mainly studied in the push supply chain.What's more,few studies consider this case where the downstream provides a financing guarantee for his upstream.This study is based on the process of a purchase-order financing model,considering the downstream provides a financing guarantee for his upstream,and we analyze the impact of the financing rate on each member's profit.(2)This research considers the impact of the guarantee coefficient on the financing decision and each member's profit.In the real business,few third-party guarantee companies and the core companies are willing to provide a full guarantee for capital-constrained companies.With a guarantee scheme,the bank can't avoid the bad loan risk completely.Different with some full guarantee models,we analyze the influence of guarantee coefficient on the financing decision and each member's profit.We consider two cases where the guarantee scheme provided by third-party or the supplier and reveal the value of the partial credit guarantee scheme.(3)We perform a mathematical model to research an online finance with guarantee provided by third-party.We further focus on the cash deposit and the loan limit to analyze the impact on the financing risk.Previous research is mainly studied by some related data.Although these researches have made a great progress,the related data has an evident limitation to continue a further research about the operation scheme and find out the origin of risk.This research shows that low initial capital and the less mortgage asset are both the factors of the increasing risk of bad loan.Through a detailed analysis,we find that the cash deposit has a few limitations.Setting loan limit is an effective mechanism to lower bankruptcy risk of the financing company and increase the profit of the guarantee company.