零售商采购资金约束下的低碳供应链融资决策研究

doi:10.12005/orms.2021.0254

运筹与管理 ›› 2021, Vol. 30 ›› Issue (8): 108-116.DOI: 10.12005/orms.2021.0254

零售商采购资金约束下的低碳供应链融资决策研究

张克勇¹, 李春霞¹, 姚建明², 李江鑫¹

1.中北大学经济与管理学院,山西太原 030051;
2.中国人民大学商学院,北京 100872

收稿日期:2019-03-14 出版日期:2021-08-25
作者简介:张克勇(1972-),博士,中北大学经济与管理学院教授,硕士生导师,研究方向:供应链管理、物流选址与优化;李春霞(1996-),中北大学经济与管理学院硕士研究生,研究方向:供应链管理;姚建明(1974-),博士后,中国人民大学商学院教授,博士生导师,研究方向:供应链管理、战略管理。
基金资助:
国家自然科学基金资助项目(71472183)

Research on Low Carbon Supply Chain Financing Decision under the Purchase Capital Constraint of the Retailer

ZHANG Ke-yong¹, LI Chun-xia¹, YAO Jian-ming², LI Jiang-xin¹

1. School of Economics and Management, North University of China, Taiyuan 030051; China;
2. School of Business, Renmin University of China, Beijing 100872, China

Received:2019-03-14 Online:2021-08-25

摘要/Abstract

摘要： 在政府补贴低碳供应链中,研究采购资金不足零售商的融资决策问题。链内融资模型分为制造商融资、制造商投资和组合融资;链外融资模型分为银行借贷和股权融资。研究表明制造商提供链内融资时,组合融资效果最优,但只有制造商投资模式比例与制造商投资利率相等时才存在最优组合比例,促使双方均接受组合融资模式。制造商不提供链内融资时,零售商的风险规避特性不影响其链外融资渠道选择,银行借贷对零售商更有利。随着制造商投资模式比例和银行借贷利率的增加,零售商的最优融资决策从组合融资变为银行借贷。

关键词: 低碳供应链, 资金约束, 制造商投资, 组合融资, 风险规避

Abstract: In the government subsidized low-carbon supply chain, the issue of financing decisions for retailer with insufficient procurement funds is studied. The internal financing model is divided into manufacturer financing, manufacturer investment and portfolio financing, and the external financing model is divided into bank lending and equity financing. The results show that the portfolio financing effect is the best when the manufacturer provides internal financing. But only when the ratio of the manufacturer's investment model is equal to the manufacturer's investment rate, the optimal combination ratio exists, which means that both parties accept the combined financing model. When manufacturers do not provide internal financing, the retailer's risk aversion characteristics will not affect the choice of external financing channels, and the bank lending will be more beneficial to the retailer than equity financing. As the proportion of manufacturer's investment model and the bank lending rate increase, the retailer's optimal financing decision changes from portfolio financing to bank lending.

Key words: low carbon supply chain, capital constraints, manufacturer investment, portfolio financing, risk aversion

中图分类号:

F272

张克勇, 李春霞, 姚建明, 李江鑫. 零售商采购资金约束下的低碳供应链融资决策研究[J]. 运筹与管理, 2021, 30(8): 108-116.

ZHANG Ke-yong, LI Chun-xia, YAO Jian-ming, LI Jiang-xin. Research on Low Carbon Supply Chain Financing Decision under the Purchase Capital Constraint of the Retailer[J]. Operations Research and Management Science, 2021, 30(8): 108-116.

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零售商采购资金约束下的低碳供应链融资决策研究

Research on Low Carbon Supply Chain Financing Decision under the Purchase Capital Constraint of the Retailer

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