摘要

当今时代，无论是经济发达国家还是相对落后的发展中国家，中小企业在国民经济中都占据着举足轻重的关键位置，然而中小企业由于天然特性，存在融资困难，制约其发展。供应链融资依托供应链上真实的上下游交易关系,通过核心企业、第三方物流企业等信用担保，进行融资策略创新,增强中小企业融资能力,降低其融资成本,成为缓解中小企业融资困境的优选方案。

在此背景下，基于对国内外有关中小企业融资及供应链融资策略、供应链融资成本理论的研究，本文运用提出问题、分析问题、解决问题的逻辑方法对中小企业供应链融资策略及融资成本问题进行了分析。首先是相关概念与理论概述。主要界定了中小企业的范畴，介绍了融资及成本理论基础，分析了中小企业融资困境的成因及供应链融资对中小企业融资困境的缓解机制。其次，本文对中小企业供应链融资策略进行分析，分析了供应链融资四个主要参与者：中小企业、核心企业、银行及第三方物流企业之间的委托代理关系；并依据中小企业在供应链中所处的不同阶段将供应链融资策略分为：供应商应收账款策略、制造商存货质押策略和分销商预付账款策略。再次，本文基于对三种不同的供应链融资策略的特点，分析供应链融资成本的形成机制，构建成本度量模型；通过对不同融资策略的中小企业供应链融资成本比较模型的求解和比较，得出中小企业的供应链融资最优策略。最后，结合A公司实际背景及财务数据，进行案例分析，并提出对策及建议。中小企业供应链融资的发展不仅需要供应链上下游参与者的积极协作，政府政策引导和支持也是必不可少的。

关键词：中小企业，供应链融资，融资策略，融资成本

ABSTRACT

Nowadays, small and medium-sized enterprises (SMEs) in both developed and developing countries are playing a key role in the national economy. However, due to the natural feature, a majority of SMEs have difficulties in financing, which hampers their further development. In this situation, supply chain financing (SCF) has become an optimum plan for easing the financing plight of SMEs. Supported by real trading relationships between upstream and downstream enterprises, with key enterprises and third-party logistics companies as the credit guarantor, the approach can innovate financing strategies so as to improve financing capability and reduce financing cost for SMEs.

Against this background, guided by previous research on SMEs financing and strategies and cost of SCF both home and abroad, this paper utilizes the logic method of question raising, analyzing and solving to probe into the issues of SCF strategies and cost of SMEs. First, it provides an overview of related concepts and theories, giving a definition of SMEs, introducing the theories of financing and cost and discussing how SCF serves to ease the plight of SMEs. Second, an analysis of SCF strategies is conducted, involving the agency relationships between four major participants: SMEs, key enterprises, banks and third-party logistics service providers; according to the different phases of SMEs in the supply chain, financing strategies are divided into receivable strategy of suppliers, stock mortgage strategy of manufacturers and prepayment strategy of distributors. Third, based on the characteristics of the three strategies, it analyzes the cost structure of SCF and then builds a model for cost measurement; the optimum strategy of SCF is obtained through the solution and comparison of various models under different financing strategies. Finally, suggestions are offered after a case study of Company A’s practical situation and financial data.The development of SCF of SMEs requires not only close coordination between upstream and downstream participants, but also the guidance and support of government policies, which plays a big part in the process of development.

Keywords：small and medium-sized enterprises, supply chain financing, financing strategy, financing cost