經銷商運用融通倉模式下之最佳存貨質押比率與再訂購策略研究

Abstract

融通倉是結合物流和資金流的創新商業模型，透過融通倉模式企業可藉由其所擁有之生產原料、存貨等動產進行融資，以解決過去財務上的融資問題，而對於銀行與協力之第三方物流商而言，則是突破過去業務之侷限，銀行進入其無法拓展之業務，增加其潛在客戶群，提升資金盈利能力；而對於物流商來說，融通倉則協助物流商朝向加值型服務(value up)發展，開拓新型服務，提升物流商之獲利能力。 然而由於融通倉模式同時涉及物流與金流條件，因此對於企業實際操作上較為複雜，同時考量兩者的限制，亦使得過去傳統存貨等相關理論不復適用，而相關數量研究在過去學術領域上也較為缺乏，因此，本研究欲建立一個數量模型，囊括金流與物流之限制，探討融通倉下質押融資模式相關參數對融資企業與其協作提供金融服務之物流商雙方利潤之影響。 根據研究模式發現，融通倉質押融資的確能有效提升具預算限制企業以及其合作物流商之利潤。單就質押轉換率來說，其值不影響雙方之利潤；而就貸款利率來說，其值越高則經銷商融資金額與訂購量減少，將對經銷商之利潤造成負面影響，而貸款利率與物流商利潤呈正向關係，唯貸款利率越高物流商利潤提高幅度越小。整合經銷商對質押轉換率與貸款利率不同之因應策略，可提供未來物流商制定其質押轉換率與貸款利率之參考。而第二次訂購成本之提升與物流商之產品剩餘價值比率的下降均會造成雙方利潤之減損，因此雙方須設法合作，以維持其較有利之環境。

Financing Warehouse is a new business model, which combines products flow and cash flow. In the model of financing warehouse, firms can mortgage its raw materials, inventories and other movable property to banks or third party logistics providers for the loan they need to solve their financing problems in the past. For banks and third party logistics providers, financing warehouse breaks the limitations of the scope of their business. Banks expand its business into new area, increase its potential client base and enhance the profitability of its funds. As for logistics providers, it helps them develop towards value-added services and improves their profitability. However, due to the concept of combination of both products flow and cash flow, it’s more complex for firms to implement the financing warehouse model in reality. Both limitations on products flow and cash flow make traditional inventory theory and other related theories in the past no longer available, as well as we have few literatures in this area. Thus this study is to establish a quantitative model including the limitations of cash flow and products flow and to investigate how the pledge related parameters affect the profits of firms and third party logistics providers. According to the results, financing warehouse really does enhance the profits of firms with budget constraints as well as its co-operative third party logistics providers. The value of pledge conversion rates does not affect the profits of both parties, while the higher the interest rate on the loan the less the amount of money dealer borrows and the less quantity dealer orders. Thus the interest rate has a negative correlation with dealer's profit, and it has a positive correlation with the logistics provider’s profit inversely. Together, dealer’s responses to the pledge conversion rate and interest rate provide ideas for the logistics providers to develop its pledge conversion rates and interest rates in the future. And the rise in the cost of the second order as well as the decline in the logistics provider’s salvage value ratio decrease profits of firms, therefore the firms shall seek to cooperate in order to maintain a more favorable environment for both of them.