摘要
近年来，越来越多的企业发展供应链金融业务，以解决链条上中小企业融
资难、融资贵等问题，缓解中小企业融资约束，推动供应链各节点企业共同发
展。2019年，茅台集团提出要发展供应链金融业务，实现巩固供应链管理、缓
解上下游中小企业资金压力和深化金融布局的目标。
本文以此为背景，选取茅台集团为研究对象，研究其供应链金融业务模
式。首先，运用文献研究法深入探讨供应链金融的内涵、作用及相关理论，特
别是对供应链金融模式进行详细分类；其次，着重分析两个代表性企业海尔集
团和UPS发展供应链金融的经验，并以此为借鉴；再次，对茅台集团发展供应
链金融业务内外环境进行深入分析，在此基础上提出茅台集团发展供应链金融
“双轮驱动”的业务模式，并基于这一模式构建，对传统供应链金融业务模式
和互联网供应链金融业务模式进行设计；最后，结合供应链金融未来的发展趋
势，引入区块链技术对茅台集团供应链金融的下阶段发展进行展望并做相关的
流程设计。
论文对茅台集团发展供应链金融业务建议如下：1.制定符合自身供应链金
融的发展战略；2.设立商业保理公司和小额贷款公司；3.主动与供应链上下游
企业沟通；4.强化供应链金融专业人才培养；5.更好地利用大数据进行风险控
制；6.加快区块链技术在供应链金融业务中的应用。
关键词：茅台集团；供应链金融；业务模式；双轮驱动
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Abstract
In recent years, more and more companies have developed the financial business
of the supply chain to solve the problem of financing and expensive financing of small
and medium-sized enterprises in the chain, ease the restrictions on financing of small
and medium-sized enterprises, and promote the joint development of companies with
various words in the supply chain In 2019, Moutai Group announced that it will advance
its supply chain financing operations to achieve the goal of solidifying supply chain
management, easing funding pressures from upper and lower SMEs, and deepening
financial distribution.
Against this background, this paper selects the Moutai group as a research target
and examines the supply chain financial business model. First, we used literature
research methods to delve deeply into the internals, roles and related theories of supply
chain finance, and in particular classify supply chain finance models in detail. Secondly,
it focuses on analyzing the experience of two representative companies Haier Group
and UPS in the development of supply chain finance, and uses this as a reference;
thirdly,conducts an in-depth analysis of the internal and external environment of Moutai
Group's development of supply chain finance business, and proposes the development
of Moutai Group on this basis. Supply chain finance "two-wheel drive" business model,
and based on this model, the traditional supply chain finance business model and the
Internet supply chain finance business model are designed.Finally, in line with future
trends in supply chain finance, we will introduce blockchain technology to look at the
development of the next stage of supply chain finance for the Moutai group and design
related processes.
The paper's recommendations for Moutai Group's development of supply chain
finance business are as follows:1.Formulate a development strategy that is in line with
its own supply chain finance.2.Set up a commercial factoring company and a small loan
company.3.Proactively communicate with upper or lower companies.4.Strengthen the
training of supply chain finance professionals.5.Better use of big data to control
risk.6.Accelerate the application of blockchain technology in supply chain financial
services.
Key words: Moutai Group; supply chain finance; business model; two-wheel drive
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目录
摘要................................................................I
Abstract...........................................................II
1.1研究背景和意义..............................................1
1.1.1研究背景...............................................1
1.1.2研究意义...............................................1
1.2文献综述....................................................2
1.2.1关于供应链金融概念的研究...............................2
1.2.2关于供应链金融模式的研究...............................3
1.2.3关于企业供应链金融发展的研究...........................3
1.2.4文献评述...............................................4
1.3研究思路及框架..............................................4
1.4研究方法及内容..............................................5
1.4.1研究方法...............................................5
1.4.2研究内容...............................................5
1.5创新点......................................................6
2供应链金融概念界定及相关理论......................................7
2.1供应链金融概念..............................................7
2.1.1供应链金融的内涵.......................................7
2.1.2供应链金融的作用.......................................7
2.1.3供应链金融模式的分类...................................8
2.2供应链金融发展的基础理论...................................12
2.2.1信息不对称理论........................................12
2.2.2交易成本理论..........................................13
2.2.3委托代理理论..........................................13
3国内外知名企业发展供应链金融经验及其借鉴.........................14
3.1海尔集团供应链金融业务模式分析.............................14
3.1.1海尔集团供应链金融产生背景............................14
3.1.2供应链金融模式分析....................................14
3.1.3发展供应链金融的效果分析..............................15
3.2 UPS公司供应链金融业务模式分析..............................18
3.2.1 UPS供应链金融产生背景................................18
3.2.2供应链金融模式分析....................................18
3.2.3发展供应链金融的效果分析..............................18
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。。。以下略