基于商业信用的供应商支付策略选择研究
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摘要
传统的考虑提前支付或延期支付等商业信用的供应链模型,都是假定在支付模式已定情况下,探讨供应链成员的最优决策问题。但在实际市场环境中,供应商会根据其自身的利益去选择不同的支付模式。当需求率依赖于供应商给定的批发价格和商业信用期时,本文研究供应商的最优支付模式选择和零售商的补货策略。研究表明,提前支付下,零售商补货周期和批发价格会随着提前支付期的增加而减少;延期支付下,随着延期支付期的增加,零售商补货周期降低而批发价格增加。当批发价格对需求率的影响系数较大时,供应商更倾向于选择提前支付来增加自己的利润;当延期支付的违约风险和资金机会成本较小时,供应商更倾向于选择延期支付。
The traditional supply chain models considering trade credit,such as advance payment or credit payment study that the optimal decisions of supply chain members when the payment mode is determined. However,in the real market environment,the supplier will choose different payment modes according to its profit. We study the supplier's optimal payment mode selection and the retailer's replenishment strategy when demand rate is dependent on the wholesale price and trade credit period offered by the supplier. The study shows that under advance payment,the retailer's replenishment cycle and the wholesale price will decrease as the advance payment period increases. While under credit payment,the retailer's replenishment cycle will decrease and the wholesale price will increase as the credit payment period increases. When the impact coefficient of wholesale price on the demand rate is larger,the supplier tends to choose advance payment to increase profit; when the default risk and capital opportunity cost are smaller,the supplier tends to choose credit payment.
The traditional supply chain models considering trade credit,such as advance payment or credit payment study that the optimal decisions of supply chain members when the payment mode is determined. However,in the real market environment,the supplier will choose different payment modes according to its profit. We study the supplier's optimal payment mode selection and the retailer's replenishment strategy when demand rate is dependent on the wholesale price and trade credit period offered by the supplier. The study shows that under advance payment,the retailer's replenishment cycle and the wholesale price will decrease as the advance payment period increases. While under credit payment,the retailer's replenishment cycle will decrease and the wholesale price will increase as the credit payment period increases. When the impact coefficient of wholesale price on the demand rate is larger,the supplier tends to choose advance payment to increase profit; when the default risk and capital opportunity cost are smaller,the supplier tends to choose credit payment.
引文
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[3] Goyal S K. Economic order quantity under conditions of permissible delay in payments[J]. Journal of the Operational Research Society,1985,36(4):335-338.
[4] Lee H H,Zhou J,Wang J. Trade credit financing under competition and its impact on firm performance in supply chains[J]. Manufacturing&Service Operations Management,2017,20(1):36-52.
[5] Yang S A,Birge J R. Trade credit,risk sharing,and inventory financing portfolios[J]. Management Science,2017,64(8):3667-3689.
[6] Peura H,Yang S A,Lai G. Trade credit in competition:a horizontal benefit[J]. Manufacturing&Service Operations Management,2017,19(2):263-289.
[7] Du R,Banerjee A,Kim S L. Coordination of twoechelon supply chains using wholesale price discount and credit option[J]. International Journal of Production Economics,2013,143(2):327-334.
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[10] Taleizadeh A A. An EOQ model with partial backordering and advance payments for an evaporating item[J].International Journal of Production Economics,2014,155:185-193.
[11]马利军,葛羊亮,薛巍立,等.不确定环境下损失厌恶零售商的提前支付决策[J].系统工程理论与实践,2015,35(2):315-323.
[12] Maiti A K,Maiti M K,Maiti M. Inventory model with stochastic lead-time and price dependent demand incorporating advance payment[J]. Applied Mathematical Modelling,2009,33(5):2433-2443.
[13]彭扬,陈金叶,傅培华.时变需求下基于部分预付策略的易腐品库存控制[J].系统工程,2016,34(3):19-24.
[14] Teng J T. Optimal ordering policies for a retailer who offers distinct trade credits to its good and bad credit customers[J]. International Journal of Production Economics,2009,119(2):415-423.
[15]周永务,郭金森,钟远光.基于提前订货折扣和延期支付策略下两零售商竞争问题研究[J].控制与决策,2012,27(3):468-472.
[16] Li R,Chan Y L,Chang C T,et al.. Pricing and lotsizing policies for perishable products with advancecash-credit payments by a discounted cash-flow analysis[J]. International Journal of Production Economics,2017,193:578-589.
[17] Jing B,Chen X,Cai G. Equilibrium financing in a distribution channel with capital constraint[J]. Production and Operations Management, 2012, 21(6):1090-1101.
[18] Teng J T,Lou K R,Wang L. Optimal trade credit and lot size policies in economic production quantity models with learning curve production costs[J]. International Journal of Production Economics,2014,155:318-323.
[19] Li R,Skouri K,Teng J T,et al.. Seller’s optimal replenishment policy and payment term among advance,cash,and credit payments[J]. International Journal of Production Economics,2018,197:35-42.
[20] Wu C,Zhao Q,Xi M. A retailer-supplier supply chain model with trade credit default risk in a supplierStackelberg game[J]. Computers&Industrial Engineering,2017,112:568-575.
[2] Petersen M A,Rajan R G. Trade credit:theories and evidence[J]. The Review of Financial Studies,1997,10(3):661-691.
[3] Goyal S K. Economic order quantity under conditions of permissible delay in payments[J]. Journal of the Operational Research Society,1985,36(4):335-338.
[4] Lee H H,Zhou J,Wang J. Trade credit financing under competition and its impact on firm performance in supply chains[J]. Manufacturing&Service Operations Management,2017,20(1):36-52.
[5] Yang S A,Birge J R. Trade credit,risk sharing,and inventory financing portfolios[J]. Management Science,2017,64(8):3667-3689.
[6] Peura H,Yang S A,Lai G. Trade credit in competition:a horizontal benefit[J]. Manufacturing&Service Operations Management,2017,19(2):263-289.
[7] Du R,Banerjee A,Kim S L. Coordination of twoechelon supply chains using wholesale price discount and credit option[J]. International Journal of Production Economics,2013,143(2):327-334.
[8]张晓建,沈厚才,吴婷.供应链中的批量与信用期联合决策研究[J].中国管理科学,2011,19(5):42-49.
[9]杨树,梁樑,董骏峰.延期支付条件下单个生产商多个销售商库存模型[J].系统工程,2007,25(4):9-14.
[10] Taleizadeh A A. An EOQ model with partial backordering and advance payments for an evaporating item[J].International Journal of Production Economics,2014,155:185-193.
[11]马利军,葛羊亮,薛巍立,等.不确定环境下损失厌恶零售商的提前支付决策[J].系统工程理论与实践,2015,35(2):315-323.
[12] Maiti A K,Maiti M K,Maiti M. Inventory model with stochastic lead-time and price dependent demand incorporating advance payment[J]. Applied Mathematical Modelling,2009,33(5):2433-2443.
[13]彭扬,陈金叶,傅培华.时变需求下基于部分预付策略的易腐品库存控制[J].系统工程,2016,34(3):19-24.
[14] Teng J T. Optimal ordering policies for a retailer who offers distinct trade credits to its good and bad credit customers[J]. International Journal of Production Economics,2009,119(2):415-423.
[15]周永务,郭金森,钟远光.基于提前订货折扣和延期支付策略下两零售商竞争问题研究[J].控制与决策,2012,27(3):468-472.
[16] Li R,Chan Y L,Chang C T,et al.. Pricing and lotsizing policies for perishable products with advancecash-credit payments by a discounted cash-flow analysis[J]. International Journal of Production Economics,2017,193:578-589.
[17] Jing B,Chen X,Cai G. Equilibrium financing in a distribution channel with capital constraint[J]. Production and Operations Management, 2012, 21(6):1090-1101.
[18] Teng J T,Lou K R,Wang L. Optimal trade credit and lot size policies in economic production quantity models with learning curve production costs[J]. International Journal of Production Economics,2014,155:318-323.
[19] Li R,Skouri K,Teng J T,et al.. Seller’s optimal replenishment policy and payment term among advance,cash,and credit payments[J]. International Journal of Production Economics,2018,197:35-42.
[20] Wu C,Zhao Q,Xi M. A retailer-supplier supply chain model with trade credit default risk in a supplierStackelberg game[J]. Computers&Industrial Engineering,2017,112:568-575.