Research On Optimization Of Supply Chain Financing Decision Under Repurchase Guarantee Contract

Funding is the life of an enterprise,especially for small and medium-sized enterprises(SMEs).With the deepening of China’s marketization,industrialization,urbanization,informatization,agricultural modernization,and "mass entrepreneurship and innovation," "Made in China 2025","Internet+","Belt and Road" and the accelerated implementation of other major strategic initiatives,the number of SMEs has shown a spurt of growth,and the issue of financial constraints for SMEs has become more prominent.At the same time,with the globalization of economy and the refinement of social production division,a new management model—supply chain management is changing with each passing day,which brings a new opportunity for SMEs financing to a certain extent.But for a long time,the main theory of supply chain management and its practice are concentrating on logistics and information flow,ignoring the fund management or financial chain management.In the practice of supply chain,core enterprises often rely on their strong position to require downstream SMEs to prepay their accounts when ordering,which makes the SMEs that are already very tight in capital turnover worse.This phenomenon brings a lot of risk to the continuous development of the supply chain.Financial constraint of small and medium-sized enterprises has once plagued the healthy and rapid development of China’s economy.How to break through the financing bottleneck of small and medium-sized enterprises has always been a matter to the government and scholars.In recent years,the Chinese government has made a series of measures to promote the lending of financial institutions to SMEs and gradually established a relevant legal system,which laid a solid legal foundation for solving the financing bottleneck of SMEs.At the same time,the academic community has also made a series research on the financing of SMEs.However,previous studies have often taken the bank’s perspective as a model reference for maximizing the return of banks.It is very important to innovate supply chain financing products to provide new models for node enterprises on the supply chain,especially for SMEs.This paper starts with the background of supply chain finance,and introduces the classification,advantages and risks of supply chain repurchase guarantee model,as well as the key points of bank credit.Under the framework of the secondary supply chain with core enterprises as suppliers and SMEs as retailers,this paper studies optimization of supply chain repurchase-guarantee contracts.The research shows that by combining the supply chain repurchase contract with the cost-sharing contract and the sales incentive contract,it could greatly change the phenomenon of bank lending to SMEs under the traditional financing mode,which can not only effectively solve the funding problem of SMEs,but also achieve mutual benefit for all parties involved in the supply chain.However,in the case of considering the probability of repurchase,the repurchase probability will have an impact on the original factors in the model.