关键词: 保理融资, 委托代理, 供应链

Abstract: This paper uses the principal-agent model to place the factor in the supply chain system, and analyzes the payment combination mechanism of cash and accounts receivable to encourage enterprises to expand the scale of production, when the upstream and downstream enterprises in the supply chain have information asymmetry. Furthermore, from the perspective of the full supply chain, this paper demonstrates that the problem of information asymmetry between enterprises will result in the loss of the overall utility level of the supply chain. When supplier companies use general bank credit financing and recourse factoring financing, it will not improve the overall utility. However, if the company adopts non-recourse factoring financing, it can reduce the supply chain utility loss to a certain extent. It proves that non-recourse factoring financing can exchange the information of all parties in the supply chain, reduce systematic risks, improve the utility level of the supply chain, promote the development of the industry, and contribute to the economic growth.

Key words: Factoring Financing, Entrusted Agent, Supply Chain