CAJ | 학술논문

本文研究供应链金融中存货质押融资模式下回购契约的设计问题，即在需求不确定和银行下侧风险（ Downside-risk）规避的前提下，通过对契约合同中变量范围的控制实现供应链的协调。文中首先给出了考虑银行利息与风险规避在内的供应链契约模型，然后分别分析了银行下侧风险控制模型下供应商的促销成本分担比例的下限值和在不减少供应商期望收益原则下该比例的上限值，最终得出该下限值由银行下侧风险控制指标和质押量共同决定，而当销售商的订购量越多时，供应商愿意接受的努力成本分担比例上限值也越大，并给出相应的上下限值。
본문연구공응련금융중존화질압융자모식하회구계약적설계문제，즉재수구불학정화은행하측풍험（ Downside-risk）규피적전제하，통과대계약합동중변량범위적공제실현공응련적협조。문중수선급출료고필은행이식여풍험규피재내적공응련계약모형，연후분별분석료은행하측풍험공제모형하공응상적촉소성본분담비례적하한치화재불감소공응상기망수익원칙하해비례적상한치，최종득출해하한치유은행하측풍험공제지표화질압량공동결정，이당소수상적정구량월다시，공응상원의접수적노력성본분담비례상한치야월대，병급출상응적상하한치。
Considering the small and medium-sized enterprises’ liquidity funds shortage problem in supply chain coordination management, this paper combines SCF with contract design aiming at the unsure need, by control-ling the variable scope of the contract to help the system make a reasonable response to bank’ s downside-risk. We figure out the contract and the scope of the suppliers’ promotion cost sharing proportion under the bank’ s downside-risk, finding the lower limit affected by bank’ s related indexes and pledge amount greatly.Besides, by analyzing the upper limit of repurchase price and promotion cost sharing proportion’ s increase to ensure that the suppliers’ expect income won’ t reduce, it turns out the upper limit is positively related to the sellers’ order quantity.