Abstract: This paper researches how to coordinate the two-stage supply chain through a contract, when the retailer is a leader and the supplier‘s initial capital is limited. By combination of advance payment financing and option contract, this paper forms a new model, the option contract model under advance payment financing. Then we design the contract parameters which can coordinate the supply chain and find out the optimal decision system under the contract. It is shown that when the initial capital of the supplier is greater than or equal to one critical value, the supply chain coordination can be achieved through the contract. If less, supply chain cannot be coordinated through one contract. And with the reduction of the initial capital, the retailer’s optimal preorder quantity increases monotonously, supplier’s optimal production quantity decreases monotonously, and the profit of the retailer, supplier and the whole supply chain decreases monotonously. In addition, compared to the no financing mode, the advance payment mode can improve the profit of the.retailer, supplier and the whole supply chain.

Key words: supply chain coordination, option contracts, advance payment financing, capital constraint

摘要： 本文研究零售商占主导、供应商自有资金有限的二级供应链如何通过契约实现协调的问题。在预付款融资的基础上加入期权契约方法,构建用于预付款融资的期权契约模型,并求解出该模型下所能协调供应链的契约参数与此时零售商供应商双方的最优决策系统。研究表明当供应商自有资金大于等于某临界值时通过预付款融资下的期权契约可实现供应链协调。若小于则无法通过该契约协调,并且供应商自有资金约束越大,零售商最优订购数量越多,同时供应商的最优生产数量随着自有资金的减少而减少,供应链的参与者及整个供应链的利润也随着供应商自有资金的减少单调递减;另外,相比于无融资下的期权契约,预付款模式能提高零售商、供应商以及整个供应链的收益。

关键词: 供应链协调, 期权契约, 预付款融资, 资金约束