目　录
推　荐　序
作者介绍
前　　
言
致　　谢
第1部分
供应链金融基础
第1章　供应链金融概论 ·················2
1.1　导言 ········································ 2
1.2　供应链金融的定义 ······················ 3
1.3　供应链金融的历史 ······················ 5
1.4　小企业的融资困境 ······················ 6
1.5　供应链金融的重要性 ··················10
1.6　总结 ·······································11
1.7　练习 ·······································12
1.8　参考资料 ·································13
第2章　供应链金融特征 ················15
2.1　导言 ·······································15
2.2　供应链上的四类“流” ·················17
2.3　供应链金融机制分类 ··················20
2.5　供应链金融效应 ························25
2.6　衡量和选择融资方案的原则 ·········27
2.7　总结 ·······································31
2.8　练习 ·······································32
2.9　参考资料 ·································33
第3章　财务分析 ··························35
3.1　导言 ·······································35
3.2　财务报表 ·································36
3.3　利润和资产比率 ························40
3.4　杜邦分析法 ······························46
3.5　链式综合指标 ···························51
3.6　总结 ·······································53
3.7　练习 ·······································54
3.8　附录：沃尔玛股份有限公司
2018—2020 年度财务报表 ···········55
3.9　参考资料 ·································58
第4章　营运资本管理 ···················60
4.1　导言 ·······································60
4.2　现金和营运资本 ························61
4.3　现金转换周期 ···························63
4.4　零售业现金转换周期的影响 ·········70
4.5　流动性指标 ······························73
2.4　供应链金融的利与弊 ··················22
4.6　总结 ·······································78
XIII
第7章　买家主导的供应链金融 ····143
4.7　练习 ·······································79
4.8　参考资料 ·································80
第2部分
供应链金融机制
第5章　贸易金融：供应链金融
　　　　的早期模式 ······················84
5.1　导言 ·······································84
5.2　预付现金和推式供应链 ···············85
5.3　寄售和拉式供应链 ·····················86
5.4　信用证 ····································87
5.5　赊销 ·······································92
5.6　跟单托收 ·································97
5.7　国际贸易术语解释通则 ···············98
5.8　案例研究：Enlightened公司的
　寄售选择 ······························· 100
5.9　总结 ····································· 103
5.10　练习 ··································· 104
5.11　附录：学术思考 ····················· 105
5.12　参考资料 ····························· 107
第6章　卖家主导的供应链金融 ····110
6.1　导言 ····································· 110
6.2　保理 ····································· 111
6.3　福费廷 ·································· 120
6.4　发票贴现 ······························· 124
6.5　订单融资 ······························· 125
6.6　卖家主导的应收账款证券化 ·······129
6.7　总结 ····································· 136
6.8　练习 ····································· 137
6.9　附录：学术思考 ······················ 139
7.1　导言 ····································· 143
7.2　动态贴现 ······························· 144
7.3　反向保理 ······························· 148
7.4　买家主导的应付账款反向证
券化 ····································· 160
7.5　案例研究：延长付款期限条款
　的影响 ·································· 162
7.6　总结 ····································· 167
7.7　练习 ····································· 168
7.8　附录：学术思考 ······················ 169
7.9　参考资料 ······························· 172
第8章　库存和第三方物流公司
　主导的融资 ····················· 174
8.1　导言 ····································· 174
8.2　库存融资 ······························· 175
8.3　第三方物流公司主导的在途
　库存融资 ······························· 179
8.4　第三方物流公司主导的供应
　链金融创新案例 ······················ 185
8.5　总结 ····································· 187
8.6　练习 ····································· 188
8.7　附录：学术思考 ······················ 189
8.8　参考资料 ······························· 192
第9章　其他供应链金融机制 ········194
9.1　导言 ····································· 194
9.2　分销商融资 ···························· 194
9.3　银行付款责任 ························· 197
9.4　结构化商品融资 ······················ 206
9.5　总结 ····································· 211
9.6　练习 ····································· 211
9.7　参考资料 ······························· 213
6.10　参考资料 ····························· 140
XIV
12.7　运营对冲 ····························· 293
第3部分
供应链金融风险分析
第10章　供应链金融风险分类
　与评估 ························· 216
10.1　导言 ··································· 216
10.2　供应链金融风险管理体系 ·········217
10.3　供应链金融风险分类 ··············· 217
10.4　定性风险评估 ························ 226
10.5　定量风险评估 ························ 229
10.6　总结 ··································· 236
10.7　练习 ··································· 236
10.8　参考资料 ····························· 238
第11章　供应链金融风险评估 ······240
11.1　导言 ··································· 240
11.2　风险价值······························ 241
11.3　条件风险价值 ························ 247
11.4　压力测试······························ 248
11.5　风险调整回报率 ····················· 251
11.6　总结 ··································· 254
11.7　练习 ··································· 255
11.8　附录：学术思考 ····················· 256
11.9　参考资料······························ 260
第12章　供应链金融风险缓解
　和管理 ························· 261
12.1　导言 ··································· 261
12.2　供应链金融风险缓解基础 ·········262
12.3　传统风险缓解策略 ·················· 266
12.4　基于供应链金融的保险与
　　　信用担保 ····························· 277
12.5　供应链企业担保融资 ··············· 284
12.8　法规、道德和可持续性 ············295
12.9　总结 ··································· 299
12.10　练习 ·································· 299
12.11　附录：学术思考 ··················· 302
12.12　参考资料 ···························· 304
第4部分
供应链金融技术
第13章　供应链金融数字化与
　技术 ···························· 310
13.1　导言 ··································· 310
13.2　供应链数字化 ························ 310
13.3　供应链金融平台 ····················· 315
13.4　其他供应链金融技术 ··············· 318
13.5　总结 ··································· 322
13.6　练习 ··································· 323
13.7　参考资料 ····························· 324
第14章　区块链技术 ··················· 326
14.1　导言 ··································· 326
14.2　区块链结构 ·························· 327
14.3　比特币区块链 ························ 329
14.4　其他公有区块链和加密货币 ······343
14.5　加密货币的风险与未来发展 ······351
14.6　私有区块链 ·························· 355
14.7　联盟区块链 ·························· 356
14.8　混合区块链 ·························· 359
14.9　总结 ··································· 361
14.10　练习 ·································· 362
14.11　附录：共识机制 ··················· 364
14.12　参考资料 ···························· 365
12.6　金融对冲 ····························· 285
第15章　区块链在供应链金融
XV
15.5　区块链供应链面临的挑战 ·········391
　中的应用 ······················ 372
15.1　导言 ··································· 372
15.2　区块链在供应链管理和金融
　中的应用 ····························· 373
15.3　数字代币 ····························· 380
15.4　首次代币发行 ························ 387
15.6　区块链在供应链金融中的应用 ···393
15.7　总结 ··································· 396
15.8　练习 ··································· 397
15.9　参考资料 ····························· 400
术语表 ········································ 405