運用融通倉概念整合金物流模型之研究

Abstract

融通倉是結合物流和資金流的創新商業模型，在融通倉模式中，企業可以將其所擁有的生產原料、存貨等動產，交由第三方物流商保管，銀行再根據該動產的特性與價值，提供企業所需的貸款，第三方物流商除了倉儲服務外，還要負責監管貨物的流動情形，提供銀行所需的各類資訊。 由於融通倉模式是一個創新商業模式，涉及企業物流與金流的條件，在過去只有非常少數的研究，同時考慮兩者的限制。同時，由於融通倉融資之標的物，包含企業待銷售之商品，這使得商品本身的價格走勢，對於企業使用融通倉模式之成效影響甚大。因此，本研究欲建立一個數量模型，其囊括金流與物流之限制條件，且能顯現企業商品價格走勢差異，來探討融通倉模式適用的環境。 根據模式結果發現，在商品每期進價上漲，售價不變的情境中，融通倉模式能對企業發揮較大的效用。在商品進價漲幅大於售價漲幅的產業中，企業應用融通倉融資的額度，遠高於商品售價漲幅大於進價漲幅的產業，意即，在進價漲幅大於售價漲幅的大眾物資產業中，融通倉模式能提供企業較大的效益。同時，本研究透過實驗設計發現，當企業在通路中的影響力愈低時，對於融通倉融資的需求愈大。當銀行願意承做企業存貨融資的乘數較小時，將使企業的平均利潤較小但是融資總額較多，反之，當銀行願意承做企業存貨融資的乘數較大時，企業的平均利潤較高，融資總額卻較少。當商品需求的變化幅度較大時，企業的融資總額較多，平均利潤也較高。

Financing warehouse is a new business model which combined fund and product flows. In the model of financing warehouse, firms can hand over its personal properties, such as manufacturing material and inventory to third-party logistic company. The bank provides loan which the firms need based on the characteristic and value of the properties. Besides warehousing service, the third-party logistics company is also responsible for monitoring the conditions of product flows, and providing all kinds of information the bank needs. Since that financing warehouse is such an innovation business model which includes the criteria for enterprise’s fund and product flows, there are few literatures simultaneously considered the limitations from both sides. Moreover, the financing targets of financing warehouse contain the merchandises of the firms’ daily sales. This causes the fluctuation of commodity price to be the major influence on the performance generated by the financing warehouse. Therefore, this research dedicates to establish a quantitative model, which considers the limitations of both fund and product flow sides, and reveals the difference of commodity price fluctuations, to investigate the suitable environment of financing warehouse. According to the results, financing warehouse can be most effective for firms, when the pattern in the commodity each period of purchasing price rise, in the selling price invariable situation. The industry in which commodity purchasing price rising-scope is larger than the selling price rising-scope, the financing amount of the firms with financing warehouse, is higher than the industry in which commodity selling price rising-scope to be larger than the purchasing price rising-scope. Namely, the industry in which the purchasing price rising-scope is larger than the selling price rising-scope, such as commodity industry, financing warehouse can be most effective for firms. In addition, this research found that, the lower the power of firms in channel is, more eager it is to finance with financing warehouse. When the bank is willing to set a smaller inventory-financing multiplicator, the average profit of the financing firm will be smaller, but the total financing amount greater. In the opposite, when the bank is willing to set a higher inventory-financing multiplicator, the average profit of the financing firm will be higher, but the total financing amount fewer. When the variation of commodity demand is large, the total financing amount of the financing firm will be greater, and the average profit higher.