在经济全球化和一体化过程中，供应链管理在企业经营中所扮演的角色越来越重要。许多企业的成功实践表明，供应链管理的思想、技术和方法能帮助企业赢得与时俱进的竞争优势。

In the process of economic globalization and integration,Supply chain management is playing an increasingly important role in enterprise management.Successful practice shows that many enterprises,The thought of supply chain management/Techniques and methods can help companies win the competitive advantage of keeping the pace with The Times.

　　所谓供应链管理，一般是指对企业所在供应链中的物料流、信息流和资金流及其相互之间的协调和管理，以实现“三流”中供给和需求的匹配，从而降低供应链成本、提高供应链收益。

The so-called supply chain management,Generally refers to the enterprise's material flow in the supply chain/Between information flow and cash flow and their mutual coordination and management,In order to realize the"Third grade"In the supply and demand matching,To reduce supply chain costs/Improve the supply chain benefits.

　　不要忽视资金流管理

Don't ignore cash flow management

　　然而，却很少有供应链管理实践与研究文献把资金流管理纳入到供应链管理框架中。这种缺失使得一些企业丧失很多创造价值的新机会。更为严重的是，在金融危机过后，很多企业更多关注资金流的协调和管理问题，却忽略了资金流和物料流集成协调的供应链管理思想。

however,But there are few literatures on supply chain management practices and the cash flow management to supply chain management framework.The loss of some enterprises is missing many new opportunities to create value.More seriously,In the wake of the financial crisis,Many enterprises pay more attention to the coordination and management of cash flow problems,Ignore the cash flow and material flow integrated coordination of supply chain management thoughts.

　　例如，在金融危机后，很多企业日益意识到现金流管理的重要性，希望通过降低库存水平和资金周转周期等方式来保证现金流的安全。

Such as the,After the financial crisis,Many companies increasingly realize the importance of cash flow management,Hope by reducing inventory levels and capital turnover cycle to ensure the safety of cash flow.

　　对企业而言，降低资金周转周期最有效的做法是，尽量早向下游客户收取货款，尽量晚向上游客户支付货款。这种做法会导致供应链中“以大欺小，以强凌弱”现象的出现。那些大企业或谈判能力强的企业就会尽可能多地挤压上下游小企业的资金，从而加剧了上下游中小企业的资金困境，增加了上下游企业因资金短缺而破产的风险，使得供应链断裂风险也在上升。

For business,The most effective way is to reduce the cash flow cycle,As far as possible early payment to the downstream customers,As far as possible upstream customers make payment later.This approach can lead to supply chain"With big deceit small,bullying"The emergence of the phenomenon.Those big companies or negotiating ability of the enterprise will be squeezed as much as possible of upstream and downstream small businesses,Adding to the upstream and downstream small and medium-sized enterprise financing difficulties,Increase the risk of upstream and downstream enterprises went bankrupt because of shortage of funds,Makes the supply chain risk is rising.

　　这些企业往往口头倡导“实践供应链管理理念、推动上下游企业合作”，却在供应链管理实践中无视资金流领域的合作。

These companies often oral advocacy"Practice of supply chain management concept/Push downstream enterprises cooperation",But ignore the cash flow in the supply chain management practice in the field of cooperation.

　　贸易信用合同可做协调工具

Trade credit contract can do coordination tool

　　针对这样的现实问题，我们提出，贸易信用合同（允许买者延迟支付的信用销售合同，例如，“赊销合同”等）可以作为一种供应链管理的协调工具，从资金流、物料流以及信息流等三个方面有效地协调供应链上下游企业，为资金不足的供应链创造新价值。

On the realistic problems,We have put forward,Trade credit contract(Allow buyers to defer contract for the sale of credit,Such as the,"Credit sales contract", etc.)Can serve as a tool of the coordination of supply chain management,From the cash flow/Three aspects such as the material flow and information flow effectively coordinate the supply chain upstream and downstream enterprises,To create new value for insufficient funds in the supply chain.

　　很多产业实践者把贸易信用合同归类为销售激励的手段，从营销激励方面来讨论它们。例如，供应商通过这种销售方式激励下游企业采购更多产品，或大型零售商迫使供应商采用贸易信用销售方式等。

Many industry practitioners of the trade credit contract to be classed as sales incentives,From the aspects of marketing incentives to discuss them.Such as the,Supplier by this sales incentives to the downstream enterprise procurement is more products,Or large retailers forcing suppliers by way of trade credit sales.

　　然而，在国际金融和经济领域中，贸易信用通常被当作一种非常重要的非正式融资渠道，是正式融资渠道（银行信用的融资方式）的补充。

however,In the field of international financial and economic,Trade credit is often treated as a kind of very important informal financing channels,Is a formal financing channels(Bank credit financing)The supplement.

　　很多文献都指出，北美和欧洲的企业，贸易信用（如应收账款）通常占企业总资产的比例达25%以上，以说明这种非正式融资渠道的重要性。根据近年来的文献调查和研究，国内企业的贸易信用占企业总资产的比例约为10%-15%。也就是说，国内企业还是较少地把贸易信用作为一种重要的非正式融资渠道来看待，更多地把贸易信用理解为销售激励手段。

A lot of literature are pointed out,North American and European firms,Trade credit(Such as accounts receivable)Usually accounted for more than 25% of the total assets of the enterprise,To illustrate the importance of the informal financing channels.Based on literature investigation and study in recent years,Domestic enterprises trade credit accounted for the proportion of the total assets of about 10% to 10%.That is to say,Domestic companies or less use trade credit as a kind of important informal financing channels,The trade credit to understand more to sales incentives.

　　结合当前企业贸易信用合同实践，我们从供应链合同理论的角度，深入分析贸易信用的价值，指出贸易信用合同不仅可以为资金不足的供应链创造价值，而且还可以被视为有效的供应链协调工具。

Combining with the current enterprise trade credit contract practice,We are from the perspective of the theory of supply chain contract,In-depth analysis of the value of trade credit,Pointed out that trade credit contract not only can create value for insufficient funds in the supply chain,But also can be seen as effective supply chain coordination tool.

　　为供应链创造更多价值

Create more value for the supply chain

　　基于企业是有限责任的假设，我们从理论上证明，给定贸易信用合同参数（产品批发价），零售商存在着最优的订货量，并且这个最优订货量随着企业自有资金的减少而增加。

Based on the hypothesis that is enterprise co., LTD,We prove theoretically,Given the trade credit contract parameters(Product wholesale price),There is the optimal order quantity for retailers,And the optimal order quantity with the enterprise increases with the decrease of its own funds.

　　这个结论预示着，越是有资金风险的企业，订货策略越激进。当然，在风险控制的前提下，这种激进的订货策略对整个供应链而言也不一定是坏事，因为它可以增加供应数量，从而创造更多的供应链价值。

The conclusion indicates,The more capital risk,The more radical order strategy.Of course,,On the premise of risk control,This radical order strategy is not necessarily a bad thing for the entire supply chain,Because it can increase the supply,To create more value of supply chain.

　　对管理实践而言，跟“穷企业”做生意收益可能反而更大！因为“穷企业”（例如，自有资金缺乏等）容易缺乏顾虑，在“有限责任”的假设下，反而觉得没有什么好输的，即便输也没有损失多少。

For management practice,with"Poor business"Business income may be more!Because of the"Poor business"(Such as the,Their own lack of funds, etc)Easy to lack of concern,In the"Co., LTD."Under the assumption of,It has nothing to lose,Even if no loss lose, how much.

　　我们的研究表明，通过贸易信用的方式，供应商可以为这些资金不足的企业提供间接的非正式融资服务（即允许买者延迟一定时间支付货款），以激励它们订购更多数量的产品，为供应链创造出更多收益。

Our research shows,By way of trade credit,Supplier can offer these under-funded enterprises indirectly informal financing services(That allowed the buyer delayed payment time),To encourage them to order more quantity of products,Create more revenue for the supply chain.

　　对于供应商而言，这种方式比与那些资金充足的采购商所采用的传统批发合同交易方式更有效、更有价值！其中蕴含的理论依据是：企业的有限责任制激励资金不足的企业实施更加激进的订货策略。显然，供应商提供贸易信用是有风险的。所以，我们还从供应商的角度出发，讨论供应商如何制定贸易信用合同的产品价格，来规避贸易信用风险。例如，针对不同信用风险的企业，采用不同的贸易信用价格等。

For the supplier,This way than with those adopted by the cash-rich buyers traditional wholesale contract way to trade more effectively/More valuable!Which contains the theory basis is:Enterprise of incentive insufficient funds of limited liability enterprise implementation of more radical ordering strategy.clearly,Suppliers provide trade credit is risky.so,We also from the perspective of suppliers,Discuss the supplier how to develop the trade credit contract price,To circumvent trade credit risk.Such as the,According to different credit risk of the enterprise,Adopt different price of trade credit, etc.