43 /304
43
臺大管理論叢
2018/4
第
28
卷 第
1
期
43-86
DOI:10.6226/NTUMR.201804_28(1).0002
應用賽局理論探討信用擔保機制於供應鏈採購
模式之研究
Applying Game Theory to Credit Guarantee Mechanism on
Supply Chain Sourcing Model
摘 要
中小企業在臺灣扮演著舉足輕重的角色，不但與大企業形成完整的供應鏈，也是就
業機會的主要提供者，因此中小企業是經濟發展的基礎重心所在。
中小企業成長時需要資金融通，然而卻因其資訊不透明、財會制度不健全等因素，
且無力提供擔保品下，而無法取得銀行授信。本研究透過供應鏈中製造商與銀行間
達成違約時債務分攤協議，提供上游中小企業供應商信用擔保，並確保銀行放款後
的期望投資報酬，降低銀行的風險，提升銀行放款意願，進而達到供應鏈雙方與銀
行三方皆贏的模式。
本研究建構一領導者與追隨者的賽局模型，上游供應商為一資金缺乏之中小企業，
並在供應鏈中為追隨者，下游製造商為領導者，建立一雙方極大化自身利潤之供應
鏈採購模型，透過逆向歸納法
(Backward Induction)
獲得各狀況下雙方之最佳決策與
利潤，並進行敏感度分析並提出結論，冀望能提供未來供應鏈運作面臨資金融通議
題時的決策參考。
【關鍵字】
中小企業、信用擔保機制、供應鏈、賽局理論
Abstract
Small and medium enterprises (SME) have been a major force in Taiwan. They play the part
as a bridge between larger enterprises. In short, SMEs are essential foundations for the
economic development in Taiwan.
However, due to unhealthy financial/accounting systems which result in the risk of loaning,
SMEs are required to provide collateralization as a guarantee when applying for financial
support. This study is aimed to discuss the credit guarantee mechanism. The manufacturer
provides collateralization for upstream SMEs as well as the expected return after the loan is
lent by the bank, in order to reduce the risk of loaning and to make loaning easer; thus,
achieving a win-win situation for the supply chain.
A leader-follower game is introduced in this paper, with the upstream suppliers as a follower,
and the downstream manufacturer as the leader. Both sides of parties are seeking to
maximize profit and build up their supply chain purchase model. Backward induction is
applied to obtain the optimal decision and profit maximization; additionally, certain
important factors in the sensitivity analysis are discussed. The results provide references and
solutions to the loaning decision making process for all parties in supply chain financing.
【
Keywords
】
small and medium enterprise, credit guarantee, supply chain, game theory
蔣明晃
/
國立臺灣大學工商管理學系暨商學研究所教授
David Ming-Huang Chiang
, Professor, Department and Graduate Institute of Business Administration,
National Taiwan University
吳成峯
/
湖北經濟學院物流與工程管理學院講師、海峽兩岸中小企業發展研究院研究員
Cheng-Feng Wu
, Lecturer, School of Logistics & Engineering Management, Hubei University of Economics,
Researcher at Institute for Development of Cross-strait Smaill and Medium Enterprises, Hubei
葉明憲
/
國立臺灣大學商學研究所碩士
Ming-Shian Ye
, Master, Graduate Institute of Business Administration, National Taiwan University
Received 2015/3, Final revision received 2015/7