考虑资金时间价值的风险厌恶供应链定价策略研究
|
摘要
在零售商资金约束下,考虑销售初期和末期资金的价值不同,研究风险厌恶制造商与风险厌恶零售商组成的双渠道供应链定价模型。给出了资金充足和资金不足情况下的风险厌恶制造商与零售商的最优价格策略。探讨了资金时间价值、制造商与零售商风险厌恶程度以及筹集资金方式对决策者最优价格与运作绩效的影响。研究结果显示无论是制造商还是零售商,决策者的风险规避程度越大,其供应链参与者的最优定价越低。另外,用资金折现率衡量资金的时间价值,研究表明资金折现率越大,相应的最优定价越低。最后,通过数值算例分析不仅验证上述结论的正确性,还得出资金时间价值和风险规避程度与制造商和零售商运作绩效的关系。
In this paper, considering the capital constraint of the retailer as well as the variation of the capital value between the start and end of a selling period, we studied the pricing model of a duo-channel supply chain composed by a risk-averse manufacturer and retailer,presented the optimal pricing strategy of the two respectively when under and not under capital constraint, and discussed the impact of the time value of the capital, the extent of the risk aversion of the manufacturer and the retailer as well as the fundraising means on the optimal price and operational performance of the supply chain. At the end, through a numerical example, we verified the conclusions reached above and clarified the relationship between the time value of the capital and the extent of the risk aversion of the manufacturer and the retailer.
In this paper, considering the capital constraint of the retailer as well as the variation of the capital value between the start and end of a selling period, we studied the pricing model of a duo-channel supply chain composed by a risk-averse manufacturer and retailer,presented the optimal pricing strategy of the two respectively when under and not under capital constraint, and discussed the impact of the time value of the capital, the extent of the risk aversion of the manufacturer and the retailer as well as the fundraising means on the optimal price and operational performance of the supply chain. At the end, through a numerical example, we verified the conclusions reached above and clarified the relationship between the time value of the capital and the extent of the risk aversion of the manufacturer and the retailer.
引文
[1]Wu C H,Chen C W,Hsieh C C.Competitive pricing decision in a two-echelon supply chain with horizontal and vertica competition[J].International Journal of Production Economics2012,135(1):265-274.
[2]贾静静.电子商务环境下考虑消费者退货的双渠道供应链价格及服务竞争[J].物流技术,2015,34(3):254-256.
[3]Zhang P,Xiong Y,Xiong Z.Coordination of a dual-channel supply chain after demand or production cost disruptions[J].International Journal of Production Research,2015,53(10):3141-3 160.
[4]Yan R,Pei Z.Retail services and firm profit in a dual-channel market[J].Journal of Retailing and Consumer Services,2009,16(4):306-314.
[5]Chen J,Zhang H,Sun Y.Implementing coordination contracts in a manufacturer Stackelberg dual-channel supply chain[J].Omega,2012,40(5):571-583.
[6]Birge X X J R.Operational Decisions,Capital Structure,and Managerial Compensation:A News Vendor Perspective[J].Engineering Economist,2008,53(3):173-196.
[7]赵爱梅,李敏.非竞争情形下资金约束供应链的融资与定价研究[J].中国管理科学,2012,2(2):521-527.
[8]Lai G,Debo L G,Sycara K.Sharing inventory risk in supply chain:The implication of financial constraint[J].Omega,2009,37(4):811-825.
[9]Raghavan N R S,Mishra V K.Short-term financing in a cashconstrained supply chain[J].International Journal of Production Economics,2011,(2):407-412.
[10]张小娟,王勇.零售商资金约束的双渠道供应链决策[J].控制与决策,2014,2(2):299-306.
[11]李凯,陈卫华.零售商资金约束的多渠道供应链定价策略[J].东北大学学报:自然科学版,2015,36(10):1 511-1 515.
[12]Chiu C H,Choi T M.Supply chain risk analysis with meanvariance models:a technical review[J].Annals of Operations Research,2016,(2):489-507.
[13]Xu G,Dan B,Zhang X,et al.Coordinating a dual-channel supply chain with risk-averse under a two-way revenue sharing contract[J].International Journal of Production Economics,2014,(1):171-179.
[14]Wang Y,Zhang Y.Remanufacturer’s production strategy with capital constraint and differentiated demand[J].Journal of Intelligent Manufacturing,2014,11(2):1-14.
[15]王虹,周晶.竞争和风险规避对双渠道供应链决策的影响[J].管理科学,2010,1(1):10-17.
[16]Li Q,Li B,Chen P,et al.Dual-channel supply chain decisions under asymmetric information with a risk-averse retailer[J].Annals of Operations Research,2015,(1):1-25.
[17]陈卫华,李凯,冯俏.考虑资金约束和风险态度的供应链定价策略研究[J].软科学,2015,(9):43-48.
[18]陶青,仲伟俊.资金时间价值因素对延迟策略选择的影响研究[J].管理科学学报,2002,5(5):30-37.
[19]Yue X,Liu J.Demand forecast sharing in a dual-channel supply chain[J].European Journal of Operational Research,2006,(1):646-667.
[20]Wei Y,Choi T M.Mean variance analysis of supply chains under wholesale pricing and profit sharing schemes[J].European Journal of Operational Research,2010,(2):255-262.
[2]贾静静.电子商务环境下考虑消费者退货的双渠道供应链价格及服务竞争[J].物流技术,2015,34(3):254-256.
[3]Zhang P,Xiong Y,Xiong Z.Coordination of a dual-channel supply chain after demand or production cost disruptions[J].International Journal of Production Research,2015,53(10):3141-3 160.
[4]Yan R,Pei Z.Retail services and firm profit in a dual-channel market[J].Journal of Retailing and Consumer Services,2009,16(4):306-314.
[5]Chen J,Zhang H,Sun Y.Implementing coordination contracts in a manufacturer Stackelberg dual-channel supply chain[J].Omega,2012,40(5):571-583.
[6]Birge X X J R.Operational Decisions,Capital Structure,and Managerial Compensation:A News Vendor Perspective[J].Engineering Economist,2008,53(3):173-196.
[7]赵爱梅,李敏.非竞争情形下资金约束供应链的融资与定价研究[J].中国管理科学,2012,2(2):521-527.
[8]Lai G,Debo L G,Sycara K.Sharing inventory risk in supply chain:The implication of financial constraint[J].Omega,2009,37(4):811-825.
[9]Raghavan N R S,Mishra V K.Short-term financing in a cashconstrained supply chain[J].International Journal of Production Economics,2011,(2):407-412.
[10]张小娟,王勇.零售商资金约束的双渠道供应链决策[J].控制与决策,2014,2(2):299-306.
[11]李凯,陈卫华.零售商资金约束的多渠道供应链定价策略[J].东北大学学报:自然科学版,2015,36(10):1 511-1 515.
[12]Chiu C H,Choi T M.Supply chain risk analysis with meanvariance models:a technical review[J].Annals of Operations Research,2016,(2):489-507.
[13]Xu G,Dan B,Zhang X,et al.Coordinating a dual-channel supply chain with risk-averse under a two-way revenue sharing contract[J].International Journal of Production Economics,2014,(1):171-179.
[14]Wang Y,Zhang Y.Remanufacturer’s production strategy with capital constraint and differentiated demand[J].Journal of Intelligent Manufacturing,2014,11(2):1-14.
[15]王虹,周晶.竞争和风险规避对双渠道供应链决策的影响[J].管理科学,2010,1(1):10-17.
[16]Li Q,Li B,Chen P,et al.Dual-channel supply chain decisions under asymmetric information with a risk-averse retailer[J].Annals of Operations Research,2015,(1):1-25.
[17]陈卫华,李凯,冯俏.考虑资金约束和风险态度的供应链定价策略研究[J].软科学,2015,(9):43-48.
[18]陶青,仲伟俊.资金时间价值因素对延迟策略选择的影响研究[J].管理科学学报,2002,5(5):30-37.
[19]Yue X,Liu J.Demand forecast sharing in a dual-channel supply chain[J].European Journal of Operational Research,2006,(1):646-667.
[20]Wei Y,Choi T M.Mean variance analysis of supply chains under wholesale pricing and profit sharing schemes[J].European Journal of Operational Research,2010,(2):255-262.