A Research On Factoring Financing Mode Of Small And Medium-sized Technology-based Enterprises Under Asymmetric Information

Small and medium-sized technology-based enterprises are the carrier of realizingtechnological innovation effectively in our country. They can accelerate the process ofthe technical achievements transformation and shorten new product developmentcycle. They play an important role in the process of building an innovative country inChina. But due to the ability of original innovation and key technology research arestill weak, small and medium-sized technology-based enterprises need a lot of moneyin order to survive and gain development. However, information asymmetry, highfinancing cost and less funding channels are widespread in every growth periods ofsmall and medium-sized technology-based enterprises, making the most of them havesubstantial financial gap, especially the ones in their growth period because they areto complete the transition mature period. But the existing financing models are notsuitable for the small and medium-sized technology-based enterprises which are in thegrowth period.Therefore, this paper puts forward the innovative accounts receivable factoringfinancing model based on supply chain, aimed at resolving the financing difficultiesof the small and medium-sized technology-based enterprises in the growth period.Under the condition of asymmetric information, this paper attempted to combinefactoring financing mode with the wholesale price contract, and of principal-agentmodel, discusses the problem of operation contract parameters design and changesunder the two-echelon supply chain(small and medium-sized suppliers-coremanufacturer) with financial-constraint.Also studied how the factoring financingmode influence the performance of supply chain, through comparing the performanceof the supply chain under direct bank loans, a better mode of financing mode was got.Principal-agent model under direct financing mode and factoring financing modeare build. The supplier’s optimal wholesale price, the manufacture’s optimal orderquantity, the transfer payment that manufacturer pays to supplier and the gross profitof the supply chain is got. By introducing a case, the process of factoring financingwas analyzed and the validity of the model was verified.The corresponding researchconclusion was obtained in the end. The results show that under the two financing mode, the optimal wholesale priceincreases with the manufacturer’s process cost increase; the optimal order quantity,the transfer payment and the gross profit of the supply chain decrease with themanufacturer’s process cost increase. The manufacturer’s optimal order quantity, thegross profit of the supply chain and the transfer payment under factoring financingmode are larger than that under direct financing mode. So under the condition ofconsidering the total profit of the supply chain system, factoring financing mode isbetter than direct loans. What’s more, the gross profit of the manufacturer underfactoring financing mode are larger than that under direct financing mode and themanufacturer obtained the most profit while the cost that he reports to the supplier isreal.