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珞珈经管精英论坛第36期——经济学论坛
时间:2023-03-24    点击数:

讲座题目:Middlemen and Reverse Factoring (中间商与反向保理)

主讲人:胡博 复旦大学经济学院 助理教授

时间:3月31日周五上午10:00

地点:经管院A221

讲座内容摘要:

This paper introduces a novel framework for examining reverse factoring, a prominent type of supply chain finance. The model features a middleman who acts as a reseller for suppliers and offers them reverse factoring contracts. This enables the middleman to pool suppliers' liquidity by deferring payment to them, while providing immediate payment to those with pressing liquidity needs. The middleman optimizes its profits by drawing liquidity from suppliers with high liquidity and low productivity, and gaining profits from suppliers with low liquidity and high productivity. We show that the market cost of liquidity, represented by the nominal interest rate, has a limited impact on reverse factoring, and identify conditions under which the middleman can operate without its own liquidity.

本文介绍了一个研究逆向保理的新框架,这是一种突出的供应链金融类型。该模式的特点是一个中间人充当供应商的经销商,并向他们提供反向保理合同。这使得中间商能够通过延迟向供应商付款来汇集供应商的流动性,同时向那些迫切需要流动性的人提供即时付款。中间商通过从流动性高、生产率低的供应商那里获取流动性,从流动性低、生产率高的供应商那里获取利润来优化其利润。我们证明了流动性的市场成本,以名义利率为代表,对反向保理的影响有限,并确定了中间商可以在没有自身流动性的情况下运作的条件。

主讲人简介:

胡博,现任复旦大学经济学院助理教授,博士毕业于阿姆斯特丹自由大学和丁伯根研究所。研究方向为应用微观理论,关注的研究问题包括搜寻经济学、平台经济等。其文章发表于Rand Journal of Economics,《经济研究》等国内外顶尖学术期刊。主持国家自然科学基金,上海市浦江人才计划等项目。胡博教授还担任International Economic Review, Journal of Health Economics等国际A类期刊的匿名审稿人。