风险规避与信用担保比例对供应链融资选择的影响

研究资金充足制造商和资金约束零售商构成的供应链的融资选择问题。运用CVaR方法，构建风险规避的制造商和零售商在贸易信用融资和核心企业部分信用担保融资下的风险收益模型，分析制造商和零售商的风险规避程度和制造商提供的信用担保比例对双方收益以及供应链融资选择的影响。结果表明，制造商与零售商的风险规避程度对收益起反向影响，且双方的收益对制造商的风险规避程度更敏感；制造商提供的担保比例或者银行利率越高，零售商收益越高，但是制造商收益越低；制造商风险规避度和提供的担保比例满足一定条件情况下，零售商和制造商都会选择内部融资方式。

Impacts of Risk Aversion and Credit Guarantee Ratio on Supply Chain Financing Choices

The financing options of a supply chain consisting of a well-funded manufacturer and a capital-constrained retailer are examined. The CVaR method is used to construct the risk-return model of risk-avoiding manufacturers and retailers under trade credit financing and core enterprise partial credit guarantee financing. The impacts of the risk-aversion degree of manufacturers and retailers and the ratio of credit guarantee provided by manufacturer on both parties' profits and financing choices were analyzed. The results show that the risk aversion of the manufacturer and the retailer has a negative impact on profits, and the benefits of both parties are more sensitive to the risk aversion of the manufacturer; the higher the guarantee ratio or the bank interest rate provided by the manufacturer, the higher the retailer's profit and the lower the manufacturer's profit. As the manufacturer's risk aversion and the proportion of guarantees provided meet certain conditions, both retailers and manufacturers will choose internal financing methods.