政府資助供應鏈信用擔保機制下銀行最佳決策之研究

Abstract

在臺灣，中小型企業的數量眾多且被視為國內經濟發展的重要推動力。然而，這些中小企業經常陷入資金短缺的困境，也因為這類型企業的規模較小，因此難以取得有利的銀行貸款條件。這類困境對整個供應鏈產生了一連串影響，可能導致生產中斷和財務危機。 為了面對此類議題，本研究基於信用擔保機制，著重在供應鏈金融(Supply Chain Finance)的特點，也就是「火金姑模式」。在這個模式中，零售商作為規模較大的企業，扮演了擔保者的角色，幫助供應商克服資金壓力。當供應商無法按時還款時，零售商、銀行以及政府共同承擔部分風險。因為有了零售商擔保，從而提高了供應商的信貸可得性。而除了零售商擔保外，本研究也加入政府角色協助銀行出資，如此一來不但可以降低銀行風險，還能提高其貸款意願。 本研究使用Stackelberg模型，銀行作為領導者，在了解零售商的反應函數後，決定其放款利率。而零售商則根據銀行制定的利率來調整自己的訂購數量和價格。這種方式使得銀行能夠最大程度地提高自己的利潤以及最小化損失成本，同時加入政府的角色以確保供應商能夠獲得所需的資金支持。 透過對不同情境下的利率決策進行探討，以及對關鍵因素進行敏感度分析，本研究旨在政府出資協助下，銀行如何在信用擔保機制下扮演更有效的領導角色，從而促進中小企業的完整發展。

In Taiwan, small and medium-sized enterprises (SMEs) are numerous and considered a vital driving force for domestic economic development. However, these SMEs often face the predicament of funding shortages. Due to their smaller scale, it is difficult for them to obtain favorable bank loan conditions. Such challenges create a ripple effect throughout the supply chain, potentially leading to production interruptions and financial crises. To address these issues, this study focuses on the features of Supply Chain Finance (SCF) based on a credit guarantee mechanism, specifically the " Firefly Counterpart Guarantee". In this model, retailers, as larger enterprises, play the role of guarantors, helping suppliers overcome financial pressures. When suppliers cannot repay on time, retailers, banks, and the government share part of the risk. With the guarantee from retailers, the credit availability for suppliers increases. Besides the retailer's guarantee, this study also involves the government in co-financing with the lead bank. This approach not only reduces the bank's risk but also enhances its willingness to lend. The study uses the Stackelberg model, where banks act as leaders, setting loan interest rates after understanding the retailers' response functions. Retailers then adjust their order quantities and prices based on the interest rates set by the banks. This method allows banks to maximize their profits and minimize loss costs, with the government's involvement ensuring that suppliers receive the necessary financial support. By exploring interest rate decisions in different scenarios and conducting sensitivity analysis on key factors, this study aims to examine how banks, with government assistance, can play a more effective leadership role under the credit guarantee mechanism, thereby promoting the comprehensive development of SMEs.