Supply Chain Financing Strategies for a Capital Constrained Supplier with Yield and Demand Uncertainty

doi:10.12005/orms.2018.0274

Abstract

Abstract: We consider a supply chain containing a capital constrained supplier and a retailer, where the retailer faces the demand uncertainty and the supplier faces the yield uncertainty. We propose the concept of excepted interest rate and a coordination mechanism of advance payment. Based on this, we analyze the optimal strategies of financing, ordering and production under the bank financing case and the advance payment coordination mechanism. The result shows that the retailer is always willing to finance the supplier by advance payment with the expected interest rate which is not higher than the bank loan interest rate; through negotiating an appropriate level of the expected interest rate of the advance payment, the advance payment coordination mechanism can realize Pareto improvement in the supply chain system over the bank financing.

Key words: supply chain finance, advance payment, bank financing, Stackelberg game

摘要： 以包含一个供应商和一个分销商的供应链为研究对象,其中分销商面临市场需求不确定性,供应商存在资金约束且面临产出不确定性。提出期望利率的概念,研究银行贷款期望利率一定的情况下,供应链银行融资最优策略。构建了供应链预付款融资机制,在此基础上研究预付款模式下供应链的融资与生产订购的最优策略,并讨论了预付款期望利率的可行范围。研究表明,预付款融资模式下,分销商愿意以低于银行贷款利率的期望利率向供应商提供预付款; 存在预付款期望利率可行区间,实现预付款协调模式下供应链系统的帕累托改进。

关键词: 供应链金融, 预付款, 银行融资, Stackelberg博弈

CLC Number:

F272

PENG Hong-jun, PANG Tao. Supply Chain Financing Strategies for a Capital Constrained Supplier with Yield and Demand Uncertainty[J]. Operations Research and Management Science, 2018, 27(12): 10-18.

彭红军,庞涛. 产需不确定下面向资金约束供应商的供应链融资策略研究[J]. 运筹与管理, 2018, 27(12): 10-18.

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