考虑保证金率的资金约束零售商运营决策
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摘要
在供应商和资金不足的零售商组成的资金约束供应链中,供应商愿意为资金不足的零售商提供商业信用合同,零售商可以一定比例支付初始保证金,并且供应商允许零售商延迟支付剩余款项.研究了当零售商的初始运营资金处于不同水平时零售商的最优订购决策,讨论了保证金率和初始运营资金等参数对零售商决策和供应链利润的影响.结果表明:零售商在初始运营资金不足的情况下,采用部分商业信用合同会使双方的收益都提高;当零售商存在破产风险且承担有限责任时,商业信用能激励零售商提高订购量,且初始运营资金越少订购量越大.
In the capital-constraint supply chain composed of one supplier and one capital-constrained retailer,the retailer's own capital is taken as a constraint condition while supplier allows retailer to take on partial trade credit.It means that retailer needs to pay a certain margin so that it can make a delayed payment to supplier.The retailer's best ordering decision is studied when the retailer's own capitals are on different level,analyzing the decision of retailer and the effect to profit of setting the margin rate and own capital.It finds that taking on partial trade credit from supplier would greatly improve the profit of all members in supply chain.And it also shows trade credit can encourage a capital-constrained retailer with limited liability to make a greater ordering level which is decreasing in the retailer's working capital.
In the capital-constraint supply chain composed of one supplier and one capital-constrained retailer,the retailer's own capital is taken as a constraint condition while supplier allows retailer to take on partial trade credit.It means that retailer needs to pay a certain margin so that it can make a delayed payment to supplier.The retailer's best ordering decision is studied when the retailer's own capitals are on different level,analyzing the decision of retailer and the effect to profit of setting the margin rate and own capital.It finds that taking on partial trade credit from supplier would greatly improve the profit of all members in supply chain.And it also shows trade credit can encourage a capital-constrained retailer with limited liability to make a greater ordering level which is decreasing in the retailer's working capital.
引文
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[13]ZHOU J,GROENEVELT H.Impacts of financial collaboration in a three-party supply chain[D].Rochester,NY:The Simon School,University of Rochester,2007.
[14]KOUVELI S P,ZHAO W.Financing the newsvendor:Supplier vs.bank,and the structure of optimal trade credit contracts[J].Operations Research,2012,60(3):566-580.
[15]任建标,官振中.基于资产的零售商延期付款与供应链协调[J].上海交通大学学报,2009,43(4):578-582.
[16]CALDENTEY R,CHEN X F.The role of financial services in procurement contracts[M].The Handbook of Integrated Risk Management in Global Supply Chains.New York:John Wiley&Sons,Inc,2009:289-326.
[17]张义刚,唐小我.部分延期付款下的制造商决策与供应链协调[J].管理学报,2012,9(10):1536-1547.
[18]陈祥峰.资金约束供应链中贸易信用合同的决策与价值[J].管理科学学报,2013,16(12):13-20.
[19]ZHOU Y W,WEN Z L,WU X.A single-period inventory and payment model with partial trade credit[J].Computer&Industrial Engineering,2015,90:132-145.
[2]FERRAND A,MULIER K.Do firms use the trade credit channel to manage growth?[J].Journal of Banking&Finance,2013,7(8):3035-3046.
[3]GE Y,QIU J P.Financial development,bank discrimination and trade credit[J].Journal of Banking and Finance,2007,31(2):513-530.
[4]CHANG C T.An EOQ model with deteriorating items under inflation when supplier credits linked to order quantity[J].International Journal of Production Economics,2004,88(3):307-316.
[5]张钦红,骆建文.双边不完全信息下的供应链信用期激励机制[J].系统工程理论与实践,2009,29(9):32-40.
[6]于丽萍,黄小原,徐家旺.随机需求下供应链商业信用契约协调[J].运筹与管理,2009,18(6):33-36.
[7]ZHOU Y W,ZHONG Y G,WAHAB M I M.How to make the replenishment payment strategy under flexible two-part trade credit[J].Computer&Operation Research,2013,40(5):1328-1338.
[8]王志宏,邵奇明,袁袁.商业信用和收入共享组合合同下集成服务提供商与其客户间的协调[J].管理工程学报,2015,29(1):143-148.
[9]XU Y,ZHANG J.On the selection of supply chain coordination contracts:The role of capital constraints[R].Working Paper,University of Miami,2006.
[10]任建标,陈庆伟.考虑零售商延期付款的供应链协调机制研究[J].工业工程与管理,2009,14(2):10-15.
[11]任建标.基于商业信用的供应链协调研究[D].上海:上海交通大学安泰经济和管理学院,2009.
[12]JING B.,CHEN X F,CAI G S.Equilibrium financing in a distribution channel with capital constraint[J].Production and Operations Management,2012,21(6):1090-1101.
[13]ZHOU J,GROENEVELT H.Impacts of financial collaboration in a three-party supply chain[D].Rochester,NY:The Simon School,University of Rochester,2007.
[14]KOUVELI S P,ZHAO W.Financing the newsvendor:Supplier vs.bank,and the structure of optimal trade credit contracts[J].Operations Research,2012,60(3):566-580.
[15]任建标,官振中.基于资产的零售商延期付款与供应链协调[J].上海交通大学学报,2009,43(4):578-582.
[16]CALDENTEY R,CHEN X F.The role of financial services in procurement contracts[M].The Handbook of Integrated Risk Management in Global Supply Chains.New York:John Wiley&Sons,Inc,2009:289-326.
[17]张义刚,唐小我.部分延期付款下的制造商决策与供应链协调[J].管理学报,2012,9(10):1536-1547.
[18]陈祥峰.资金约束供应链中贸易信用合同的决策与价值[J].管理科学学报,2013,16(12):13-20.
[19]ZHOU Y W,WEN Z L,WU X.A single-period inventory and payment model with partial trade credit[J].Computer&Industrial Engineering,2015,90:132-145.