Abstract: At present, dynamic discounting based on the working capital matching platform is a new supply chain finance model which is gradually concerned by the industry. This paper builds a dynamic discounting decision model of two-stage supply chain, and reveals the mechanism of dynamic discounting to improve the cash flow of supply chain participants. First of all, by considering the independent decision-making of dynamic discounting, this paper obtains the boundary condition of daily discount rate, the daily discount rate when the utility of both parties is maximum, the optimal preparation scheme and the minimum boundary value of working capital under the buyer's mixed payment mode. Secondly, considering the optimal decision of dynamic discounting, this paper derives the optimal payment strategy under different relationship between discount rate, and it shows that dynamic discounting can obviously improve the profit situation of both supply and demand.

Key words: supply chain finance, dynamic discounting, working capital, working capital information matching platform

摘要： 当前逐渐受到实业界关注的一种新型供应链金融模式是基于营运资金信息匹配平台的动态折扣。本文针对两级供应链的动态折扣决策问题进行建模,揭示了动态折扣的应用对于改善供应链参与方现金流的影响机理。首先通过考虑供需双方动态折扣的独立决策,得出日折扣率的边界条件、双方效用最大时的日折扣率、买方混合还款方式下营运资金的最优准备方案和最低边界值;其次考虑供需双方动态折扣的最优决策,推导出在不同折扣率和利率关系下的最优还款策略,研究表明动态折扣可以明显提升供需双方的利润情况。

关键词: 供应链金融, 动态折扣, 营运资金, 营运资金信息匹配平台