اقتصاد و سیاست گذاری مالی

اقتصاد و سیاست گذاری مالی

صندوق های سرمایه گذاری در تأمین مالی زنجیره تأمین مبتنی بر اوراق بهادار: مرور سیستماتیک

نوع مقاله : مقاله پژوهشی

نویسندگان
گروه اقتصاد،دانشگاه تهران، تهران، ایران
چکیده
تأمین مالی زنجیره تأمین در سال‌های اخیر، به‌دلیل نقش آن در بهبود نقدشوندگی، مدیریت سرمایه در گردش و کاهش ریسک اعتباری، به یکی از حوزه‌های مهم در ادبیات مالی تبدیل شده است. در این میان، اوراق بهادار با پشتوانه دارایی به‌عنوان ابزاری نوین برای تبدیل مطالبات و سایر دارایی‌های غیرنقد به اوراق قابل معامله، امکان توسعه سازوکارهای ساختارمند و بازارمحور تأمین مالی را فراهم کرده است. در این چارچوب، صندوق‌های سرمایه‌گذاری به‌عنوان سرمایه‌گذاران نهادی، می‌توانند از طریق مشارکت در ساختارهای مبتنی بر ABS، نقشی مؤثر در تعمیق بازار، افزایش نقدشوندگی و پایداری تأمین مالی زنجیره تأمین ایفا کنند. هدف این پژوهش، مرور نظام‌مند ادبیات موجود درباره نقش صندوق‌های سرمایه‌گذاری در تأمین مالی زنجیره تأمین مبتنی بر ABS و شناسایی استراتژی‌ها و عوامل مؤثر بر تصمیم‌گیری آن‌ها است. پژوهش حاضر با بهره‌گیری از چارچوب PRISMA و از طریق جستجو در پایگاه‌های Scopus، Web of Science، ScienceDirect و Google Scholar انجام شده و مطالعات منتخب پس از غربالگری وارد مرحله تحلیل شده‌اند. یافته‌ها نشان می‌دهد که تصمیم صندوق‌های سرمایه‌گذاری برای مشارکت در ساختارهای ABS-SCF عمدتاً تحت تأثیر عواملی نظیر ساختار و توزیع ریسک اوراق، میزان نقدشوندگی، کیفیت و قابلیت اعتبارسنجی دارایی پایه، سطح شفافیت اطلاعات و به‌کارگیری فناوری‌های نوین مالی قرار دارد. همچنین، نتایج بیانگر آن است که ادبیات موجود با شکاف‌هایی همچون کمبود مطالعات تجربی در بازارهای نوظهور، نبود تبیین منسجم از استراتژی‌های سرمایه‌گذاری صندوق‌ها و فقدان مدل‌های یکپارچه برای تحلیل رابطه ریسک و بازده مواجه است.

چکیده تصویری

صندوق های سرمایه گذاری  در تأمین مالی زنجیره تأمین مبتنی بر اوراق بهادار: مرور سیستماتیک
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Investment Funds in Securities-Based Supply Chain Finance: Systematic Review

نویسندگان English

Hossein Ghasemi
Mohsen Mehrara
.Department of Economics, University of Tehran, Tehran, Iran
چکیده English

In recent years, Supply Chain Finance (SCF) has become a key focus of financial research due to its importance in liquidity, working capital management, and credit risk mitigation. In this context, the utilization of Asset-Backed Securities (ABS) as an innovative instrument for transforming non-liquid receivables and assets into tradable securities has created new opportunities for structured finance. Investment funds are among the major players in this domain, capable of playing a decisive role in the development and sustainability of supply chain finance by participating in ABS structures. This study aims to systematically examine the roles, strategies, and factors influencing the decision-making of investment funds within ABS-based SCF mechanisms. Adhering to the PRISMA framework, this systematic review first searched databases including Scopus, Web of Science, ScienceDirect, and Google Scholar, and subsequently analyzed the studies selected after screening. The results indicate that the participation of funds in ABS-SCF is influenced by factors such as the risk structure of the securities, liquidity, credit assessment of underlying assets, technological features, and information transparency. Furthermore, the scarcity of empirical studies in emerging markets, the lack of clarity regarding fund investment strategies, and the absence of integrated risk-return models are identified as the most significant research gaps.

کلیدواژه‌ها English

Supply Chain Finance (SCF)
Asset-Backed Securities (ABS)
Investment Funds
Receivables Securitization
Institutional Investors
Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500.
Babich, V., & Hilary, G. (2020). Distributed ledgers and operations: What operations management researchers should know about blockchain technology. Manufacturing & Service Operations Management, 22(2), 223–240.
Bissoondoyal‑Bheenick, E., Brooks, R., Mishra, S., & Powell, R. (2015). Do asset‑backed securities ratings matter on average? Research in International Business and Finance.
Bodie, Z., Kane, A., & Marcus, A. J. (2021). Investments (12th ed.). McGraw-Hill.
Boesel, N., Ongena, S., Schindele, I., & Streitz, D. (2018). Do European banks with a covered bond program issue asset‑backed securities for funding? Journal of International Money and Finance.
Botshekan, M. H. (2022). Supply Chain Finance and Financial Development Impact on Profitability of Listed Real Estate Firms in Tehran Stock Exchange and Iran Farabourse. Financial Management Strategy, 10(2), 29-46. doi: 10.22051/jfm.2022.35910.2542.( In Persian)
Cao, X., Wang, J., & Li, Y. (2022). Financial innovations and SME financing: An empirical study on supply chain finance. Sustainability, 14, 14452. https://doi.org/10.3390/su141114452
Chesney, M., Stromberg, J., & Wagner, A. (2020). Managerial incentives to take asset risk. Journal of Corporate Finance.
Coval, J. D., Jurek, J. W., & Stafford, E. (2009). The economics of structured finance. The Journal of Economic Perspectives, 23(1), 3–25.
 de Goeij, C., Steeman, M., & van der Vliet, K. (2023). Supply chain finance: A systematic literature review and future research agenda. International Journal of Physical Distribution & Logistics Management, 53(5/6), 477–503.
 Dong, Y., Skillicorn, D., & Li, X. (2021). Structured finance and risk management in supply chains. International Journal of Production Economics, 236, 108121. https://doi.org/10.1016/j.ijpe.2021.108121
 Dou, X., & Zhao, Y. (2024). Institutional investors’ impact on supply chain finance: Evidence from ABS markets. Sustainability, 16, 8234. https://doi.org/10.3390/su16118234
 Fabozzi, F. J., & Kothari, V. (2008). Introduction to securitization. John Wiley & Sons.
 Feng, Q., Zhu, D., Li, M., & Yuan, Y. (2019). A survey on privacy protection in blockchain systems. Journal of Network and Computer Applications.
Fotros,M H and MazharyAva,M . (2025). Comparison between Foreign Direct Investment and Russian Sanctions on BRICS Exports and Imports. Economics and Finanncial Polycmaking, 2(2), 29-43. doi: 10.61838/efp.21.( In Persian)
 Gelsomino, L. M., Mangiaracina, R., Perego, A., & Tumino, A. (2016). Supply chain finance: A literature review. International Journal of Physical Distribution & Logistics Management, 46(4), 348–366.
 Gheidar-Kheljani, J. and Halat, K. (2024). A Model for R&D Investment, Operational Decision-Making and Cooperative Contracts of a Supply Chain in Complex Product Systems: Game Theoretic Approach. Journal of Industrial Management Perspective, 14(1), 35-56. doi: 10.48308/jimp.14.1.35. (In Persian)
 Gorton, G. B., & Pennacchi, G. G. (1995). Banks and loan sales: Marketing nonmarketable assets. Journal of Monetary Economics, 35(3), 389–411.
 Gorton, G. B., & Souleles, N. S. (2007). Special purpose vehicles and securitization. In M. Carey & R. M. Stulz (Eds.), The risks of financial institutions (pp. 549–602). University of Chicago Press.
 Higgins, E. J., Mason, J. R., & Smith, C. (2004). What is the value of recourse to asset‑backed securities? A clinical study of credit card banks. Journal of Banking and Finance.
 Hofmann, E. (2005). Supply chain finance: Some conceptual insights. In Beiträge zu Beschaffung und Logistik (pp. 203–214). Haupt.
 Hofmann, E., Strewe, U. M., & Bosia, N. (2018). Supply chain finance and blockchain technology: The case of reverse securitisation. Springer.
 Hui, K. W., Guo, L., & Zhang, Y. (2016). On the persistence and pricing of industry‑wide and firm‑specific earnings, cash flows, and accruals. Journal of Accounting and Economics.
 Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
 Jobst, A. A. (2008). What is structured finance? The Securitization Conduit, 11, 1–6.
 Kao, Y.‑C., Shen, K.‑Y., Lee, S.‑T., & Shieh, J. C. P. (2022). Selecting the FinTech strategy for supply chain finance: A hybrid decision approach for banks. Mathematics, 10, 2393. https://doi.org/10.3390/math10142393
 Kendall, L. T., & Fishman, M. J. (1996). A primer on securitization. MIT Press.
 Kitchenham, B., & Charters, S. (2007). Guidelines for performing systematic literature reviews in software engineering. EBSE Technical Report, Keele University.
 Klapper, L. (2006). The role of factoring for financing small and medium enterprises. Journal of Banking & Finance, 30(11), 3111–3130.
 Li, J., Wang, H., & Zhang, L. (2023). Bridging SME financing gap through supply chain finance: A literature review. Sustainability, 15, 7857. https://doi.org/10.3390/su15097857
Mao, R., Liu, Q., & Chen, S. (2025). Institutional roles in asset‑backed securities within supply chain finance. Sustainability, 17, 2207. https://doi.org/10.3390/su17062207
 Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91.
Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & The PRISMA Group. (2009). Preferred reporting items for systematic reviews and meta‑analyses: The PRISMA statement. PLoS Medicine, 6(7), e1000097.
sefidgaran,S S , Aghaie,M A , Arabzadeh,M and Ghodrati,H . (2026). improved model of capital assets Pricing on basis of disorder principals. Economics and Finanncial Polycmaking, 3(2), doi: 10.22034/efp.2026.2085872.1033. (In Persian)
 Siddaway, A. P., Wood, A. M., & Hedges, L. V. (2019). How to do a systematic review: A best practice guide for conducting and reporting narrative reviews, systematic reviews, and meta‑analyses. Annual Review of Psychology, 70, 747–770.
 Slavinskaitė, A., Zhang, W., & Wang, L. (2025). Evolution of financial structuring: From ABS to SCF instruments. Sustainability, 17, 1002. https://doi.org/10.3390/su17021002
 Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410.
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence‑informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222.
Wang, Y., Chen, F., & Liu, X. (2024). Risk and efficiency in supply chain finance markets. Sustainability, 16, 5418. https://doi.org/10.3390/su16085418
Williamson, O. E. (1985). The economic institutions of capitalism. Free Press.
Wu, K., Huang, H., & Chen, J. (2024). The intersection of institutional investment and supply chain financing. Sustainability, 16, 7268. https://doi.org/10.3390/su16127268
Wuttke, D. A., Blome, C., Heese, H. S., & Protopappa-Sieke, M. (2013). Supply chain finance: Optimal introduction and adoption decisions. International Journal of Production Economics, 145(1), 340–350.
Xu, X., Chen, X., Jia, F., Brown, S., Gong, Y., & Xu, Y. (2018). Supply chain finance: A systematic literature review and bibliometric analysis. International Journal of Production Economics, 204, 160–173.
 Zhang, X., Zhao, D., & Liu, Y. (2025). The evolving landscape of supply chain finance and securitization. Sustainability, 17, 2207. https://doi.org/10.3390/su17062207
Zhou, G., Cao, Y., & Wu, L. (2022). Supply chain finance and institutional dynamics: A review. Sustainability, 14, 14452. https://doi.org/10.3390/su14114452