供应链资金约束下数量柔性契约设计研究
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摘要
供应链是由多个企业组成的一种动态联盟,其中每一个企业属于不同的经济实体,以各自目标最大化来进行决策,从而使供应链面临着“双边际化效应”以及“牛鞭效应”。有效的供应链契约可以用来协调供应链中各方的利益关系,合理地在供应链成员企业间分担风险,加强企业间的合作,实现供应链的协调。目前供应链契约的研究主要集中在资金充足的情况,然而随着全球经济的发展和市场竞争的加剧,供应链企业较普遍存在资金约束的问题,尤其是中小型企业。
本文将供应链下游企业面临资金约束时的融资方式分为两种:供应链外部融资和供应链内部融资,并将供应链融资方式融入到资金约束型供应链中,在一种特殊的供应链契约——数量柔性契约的基础上,探索基于最优融资模式的契约协调,使结合资金因素的数量柔性契约更符合实践要求。
通过研究得到以下主要结论或管理启示:(1)相对于仅采用外部融资而言,当供应商信用较好时,采用内部融资不仅可以降低资金成本,而且有助于激励零售商订购更多的产品,使供应链绩效达到最优;(2)调节内部融资利率对供应链有一定的协调作用,但相对于调节数量柔性大小来看,其协调作用有限。供应商在激励零售商时,应以数量柔性大小为主要的协调手段,融资利率的调节仅可作为一种辅助方法。
Supply chain is a dynamic alliance consisting of many enterprises which belong to different economic entities and make decisions with the aim of benefit maximization respectively, which contributes to double-marginalization effect and bullwhip effect on supply chain. Effective supply chain contract can be used to coordinate benefit-based relationships and assign risk-sharing among every member of supply chain, reinforce the collaboration of enterprises, and realize the coordination of supply chain. Now most of researches on supply chain contract are made on the assumption that supply chain members don’t face any financial constraints which is ideal. With the development of global economy and intensifying market competence, it is ubiquitous that enterprises of supply chain face financial constraint problems, especially small and medium enterprises.
Dividing supply chain enterprises’financing ways into external financing and internal financial, this paper introduces financing ways into financial-constrained supply chain and searches after supply chain coordination on the basis of quantity flexibility contract under the best financing way, which makes the supply chain contract more practical.
We got those following conclusions.Firstly, compared to external financing, while the supplier is a good credit rating company, internal financing can not only reduce the capital cost, but also is helpful to encourage the retailer to order more products, and thus makes supply chain more profitable. Secondly, setting internal financing rate is helpful to coordinate supply chain but its effect is limited compared to the flexibility of quantity. While motivating the retailer, the supplier should adjust the flexibility of quantity as well as the flexibility of quantity.
本文将供应链下游企业面临资金约束时的融资方式分为两种:供应链外部融资和供应链内部融资,并将供应链融资方式融入到资金约束型供应链中,在一种特殊的供应链契约——数量柔性契约的基础上,探索基于最优融资模式的契约协调,使结合资金因素的数量柔性契约更符合实践要求。
通过研究得到以下主要结论或管理启示:(1)相对于仅采用外部融资而言,当供应商信用较好时,采用内部融资不仅可以降低资金成本,而且有助于激励零售商订购更多的产品,使供应链绩效达到最优;(2)调节内部融资利率对供应链有一定的协调作用,但相对于调节数量柔性大小来看,其协调作用有限。供应商在激励零售商时,应以数量柔性大小为主要的协调手段,融资利率的调节仅可作为一种辅助方法。
Supply chain is a dynamic alliance consisting of many enterprises which belong to different economic entities and make decisions with the aim of benefit maximization respectively, which contributes to double-marginalization effect and bullwhip effect on supply chain. Effective supply chain contract can be used to coordinate benefit-based relationships and assign risk-sharing among every member of supply chain, reinforce the collaboration of enterprises, and realize the coordination of supply chain. Now most of researches on supply chain contract are made on the assumption that supply chain members don’t face any financial constraints which is ideal. With the development of global economy and intensifying market competence, it is ubiquitous that enterprises of supply chain face financial constraint problems, especially small and medium enterprises.
Dividing supply chain enterprises’financing ways into external financing and internal financial, this paper introduces financing ways into financial-constrained supply chain and searches after supply chain coordination on the basis of quantity flexibility contract under the best financing way, which makes the supply chain contract more practical.
We got those following conclusions.Firstly, compared to external financing, while the supplier is a good credit rating company, internal financing can not only reduce the capital cost, but also is helpful to encourage the retailer to order more products, and thus makes supply chain more profitable. Secondly, setting internal financing rate is helpful to coordinate supply chain but its effect is limited compared to the flexibility of quantity. While motivating the retailer, the supplier should adjust the flexibility of quantity as well as the flexibility of quantity.
引文
[1]陈祥锋,供应链金融服务创新论,上海:复旦大学出版社,2008,1~12
[2]王迎军,顾客需求驱动的供应链契约问题综述,管理科学学报,2005,8(2):68~76
[3]Tayur S, Ganeshan R, Magazine M. Quantitative models for supply chain management. Boston: Kluwer Academic Publishers, 1999, 61~73
[4]Cachon G., Supply chain coordination with contracts. Working Paper, The Wharton School of Business, University of Pennsylvania, Philadelphia, 2001
[5]杨德礼、郭琼、何勇等,供应链契约研究进展,管理学报,2006,3(1):117~125
[6]Cachon G, Lariviere M A. Contracting to assure supply: how to share demand forecasts in a supply chain. Management Science, 2001, 47(5): 629~646
[7]Barnes-Schuster D, Bassok Y, Anupindi R. Coordination and flexibility in supply contract with options. Manufacturing and Service Operations Management, 2002, 4(3): 171~207
[8]Tsay A A. The quantity flexibility contract and supplier-customer incentives. Management Science, 1999, 45(10): 1339~1358.
[9]Lee H, Padmanabhan V, Whang S. The bullwhip effect in supply chain. Sloan Management Review, 1997, 38(3): 93-102
[10]Lariviere M A. Supply chain contracting and coordination with stochastic demand, quantitative models for supply chain management. Boston: Kluwer Academic Publishers, 1999:233~268
[11]Bassok Y, Anupindi R. Analysis of supply contracts with commitments and flexibility. Working Paper, Northwestern University, 1997
[12]Barnes-Schuster D, Bassok Y, Anupindi R. Coordination and flexibility in supply contracts with options. Manufacturing & Service Operations Management, 2002, 4(3): 171~207.
[13]Tsay A A, Lovejoy W S. Quantity flexibility contracts and supply chain performance.Manufacturing and Service Operations Management, 1999, 1(2): 89~111
[14]Chung-Lun L, Kouvelis P. Flexible and risk-sharing supply contracts under price uncertainty. Management Science, 1999, 45(10): 1378~1398.
[15]Anupindi R, Bassok Y. Analysis of supply contracts with total minimum commitment and flexibility. IIE Transactions, 1997, 29(5): 373~381
[16]Plambeck E, Taylor T. Sell the plant? The impact of contract manufacturing on innovation, capacity and profitability. Management Science, 2002, 51(1):133~150
[17]Eppen G, Iyer A. Backup agreements in fashion buying-the value of upstream flexibility. Management Science, 1997, 43 (11) : 1469~1484
[18]Ferguson M, Decroix G, Zipkin P. When to commit in a multi-echelon supply chain with partial information updating. Duke University, 2002.
[19]Cachon G. The allocation of inventory risk and advanced purchase discounts in a supply chain. University of Pennsylvania, 2002.
[20]何勇、吴清烈、杨德礼,考虑努力因素的弹性数量契约模型,统计与决策(理论版),2007,(4):8~10
[21]Chapman C B, Ward SC, Cooper D F, et al. Credit policy and inventory control. Journal of Operations Research Society, 1984, 35(12):1055~1065.
[22]Rachamandugu R. Effect of delayed payments (trade credit) on order quantities. Journal of Operations Research Society, 1989, 40(9):805~813
[23]Xiang-Feng C. Trade credit contract with limited liability. 2007 International Conference of System Science, Management Science& System Dynamics, 2007
[24]Babitch V, Aydm G, et al. Risk, financing and the optimal number of supplier. Working paper. University of Michigan, 2005
[25]Gupta, D, Wang L. A stochastic inventory model with trade-credit. Working paper. University of Minneapolis, 2005
[26]Xiang-Feng C, Jing B. Financial services and procurement contracts with limited liability. Working paper. Stern School of Business in New York University, 2007
[27]Xu X D, Birge J R. Joint production and financing decisions: modeling and analysis. Working paper. The university of Chicago Graduate school of business, 2004
[28]Buzacott J A, Zhang R Q. Inventory management with asset-based financing, Management Science, 2004, 50(9):1274~1292
[29]Xu X D, Birge J R. Operational decisions, capital structure, and managerial compensations: A new vender prospective. Working paper. The university of Chicago graduate school of business, 2005
[30]Caldentey, Rene, Xiang-Feng C. The role of financial services in procurement contract. Working paper, INFORMS, and Stern School of Business in New York University. Submitted to MSOM. 2007
[31]Boyabatli O, L.B. Toktay. Capacity investment in imperfect capital markets: the interaction of operational and financial decision. Working paper, INSEAD, Fontainebleau, France, 2006
[32]李毅学、冯耕中、徐渝,价格随机波动下存货质押融资业务质押率研究,系统工程理论与实践,2007,27(12):42~48
[33]李娟、徐渝、冯耕中等,基于存货质押融资业务的阶段贷款最优决策研究,运筹与管理,2007,16(1):9~13
[34]资金约束与供应链中的融资和运营综合决策研究
[35]时广静,基于供应链金融的契约协调研究,硕士学位论文,西南交通大学,2008
[36]Lee C H, Rhee B D. Coordination Contracts in the Presence of Positive Inventory Financing Costs. International Journal of Production Economics, 2010,24(2):331~339
[37]Mashall L F. What is the right supply chain for your product? A simple framework can help you figure out the answer. Harvard Business Review, 1997,(3-4):105~106
[38]Malone T W. Modeling coordination in organization and markets. Management science, 1987, 33(10):3317~1332
[39]Hewitt F. Supply chain redesign. The International Journal of Logistics Management, 1994,5(2):1~9
[40]Romanmo P. Coordination and integration mechanisms to manage logistics processes across supply networks. Journal of Purchasing & Supply Management, 2003, 9(3):119~134
[41]Simatupang T M, Wright A C, Scridharan R. The knowledge of coordination for supply chain integration. Business Process management. 2002, 8(3):289~308
[42]庄品,供应链协调控制机制研究,博士学位论文,南京航空航天大学,2004
[43]陈剑、蔡连侨,供应链建模与优化,系统工程理论与实践, 2001,21(6):26~33
[44]Bhatnagar R, Chandra P, Goyal S K. Models for multi-plant coordination. European Journal of Operational Research, 1993, 67(2): 141~160
[45]Thomas D J, Griffin P M. Coordinated supply chain management. European Journal of Operational Research, 1996, 94(1): 1~15
[46]Solis A O. Supply chain integration and coordination. The Criterion, 2001:1-3
[47]薛岭、蒋馥,供应链的模式与协调问题研究,系统工程理论方法应用,1998,7(3):34~44
[48]陈志祥,供应链管理模式下的生产计划与控制研究,博士学位论文,华中理工大学,2000
[49]张慧颖,不确定需求下的供应链库存协调管理研究,博士学位论文,天津大学,2003
[50]Chopra S, Meindl P. Supply chain management: strategy, planning, and operation. Prentice Hal, 2001
[51]Weng C Y, Johansen H H. Supply chain coordination problems: literatures review. Working paper, Aalborg University, 2004
[52]王迎军,供应链管理实用建模方法及数据挖掘,北京:清华大学出版社,2001,107~120
[53]Tayur S, Ganeshan R, Magazine M. Quantitative models for supply chain management. Kluwer Academic Publishers. 1999: 147~196
[54]刘咏梅、夏至刚,供应链契约研究综述,企业技术开发,2006,25(12):77~79
[55]Mortimer J H. The effects of revenue-sharing contracts on welfare in vertically separated market: evidence from the video rental industry. Working paper. University of California, 2000
[56]Cachon G, Lariviere M. Supply chain coordination with revenue-sharing: strengths and limitations. Working paper. University of Pennsylvania, 2002
[57]Weng Z K. Channel coordination and quantity discounts. Management Science, 1995, 41(9):1509~1522
[58]Hoffman W, Banking on global logistics. Traffic World, 2005, 269(3): p15~15
[59]周颖,深发展救赎供应链,中国物流与采购,2007,(1):48~50
[60]Hart B, The next stage in integrating trade finance with the global supply chain. World Trade, 2005, 18(11):26~28
[61]Putzger I, Ups integrates importers. Traffic World, 2004, 268(37): 23~24
[62]Risk Metrics Group. Credit Metric. Technical Document[R/OL], http://www.riskmetrics.com/research. 1997
[63]Carty & Lieberman. Moody’s Investor Service Global Credit Research, 1997
[64]Keenan, Sean C. Special comment: historical default rates of corporate bond issuers, Moody’s Investors Service, 1999:1920~1998
[65]Crouhy M, Galai D, Mark R. A comparative analysis of current credit risk model. Journal of banking & Finance, 2000, 24(1-2) :59~117
[2]王迎军,顾客需求驱动的供应链契约问题综述,管理科学学报,2005,8(2):68~76
[3]Tayur S, Ganeshan R, Magazine M. Quantitative models for supply chain management. Boston: Kluwer Academic Publishers, 1999, 61~73
[4]Cachon G., Supply chain coordination with contracts. Working Paper, The Wharton School of Business, University of Pennsylvania, Philadelphia, 2001
[5]杨德礼、郭琼、何勇等,供应链契约研究进展,管理学报,2006,3(1):117~125
[6]Cachon G, Lariviere M A. Contracting to assure supply: how to share demand forecasts in a supply chain. Management Science, 2001, 47(5): 629~646
[7]Barnes-Schuster D, Bassok Y, Anupindi R. Coordination and flexibility in supply contract with options. Manufacturing and Service Operations Management, 2002, 4(3): 171~207
[8]Tsay A A. The quantity flexibility contract and supplier-customer incentives. Management Science, 1999, 45(10): 1339~1358.
[9]Lee H, Padmanabhan V, Whang S. The bullwhip effect in supply chain. Sloan Management Review, 1997, 38(3): 93-102
[10]Lariviere M A. Supply chain contracting and coordination with stochastic demand, quantitative models for supply chain management. Boston: Kluwer Academic Publishers, 1999:233~268
[11]Bassok Y, Anupindi R. Analysis of supply contracts with commitments and flexibility. Working Paper, Northwestern University, 1997
[12]Barnes-Schuster D, Bassok Y, Anupindi R. Coordination and flexibility in supply contracts with options. Manufacturing & Service Operations Management, 2002, 4(3): 171~207.
[13]Tsay A A, Lovejoy W S. Quantity flexibility contracts and supply chain performance.Manufacturing and Service Operations Management, 1999, 1(2): 89~111
[14]Chung-Lun L, Kouvelis P. Flexible and risk-sharing supply contracts under price uncertainty. Management Science, 1999, 45(10): 1378~1398.
[15]Anupindi R, Bassok Y. Analysis of supply contracts with total minimum commitment and flexibility. IIE Transactions, 1997, 29(5): 373~381
[16]Plambeck E, Taylor T. Sell the plant? The impact of contract manufacturing on innovation, capacity and profitability. Management Science, 2002, 51(1):133~150
[17]Eppen G, Iyer A. Backup agreements in fashion buying-the value of upstream flexibility. Management Science, 1997, 43 (11) : 1469~1484
[18]Ferguson M, Decroix G, Zipkin P. When to commit in a multi-echelon supply chain with partial information updating. Duke University, 2002.
[19]Cachon G. The allocation of inventory risk and advanced purchase discounts in a supply chain. University of Pennsylvania, 2002.
[20]何勇、吴清烈、杨德礼,考虑努力因素的弹性数量契约模型,统计与决策(理论版),2007,(4):8~10
[21]Chapman C B, Ward SC, Cooper D F, et al. Credit policy and inventory control. Journal of Operations Research Society, 1984, 35(12):1055~1065.
[22]Rachamandugu R. Effect of delayed payments (trade credit) on order quantities. Journal of Operations Research Society, 1989, 40(9):805~813
[23]Xiang-Feng C. Trade credit contract with limited liability. 2007 International Conference of System Science, Management Science& System Dynamics, 2007
[24]Babitch V, Aydm G, et al. Risk, financing and the optimal number of supplier. Working paper. University of Michigan, 2005
[25]Gupta, D, Wang L. A stochastic inventory model with trade-credit. Working paper. University of Minneapolis, 2005
[26]Xiang-Feng C, Jing B. Financial services and procurement contracts with limited liability. Working paper. Stern School of Business in New York University, 2007
[27]Xu X D, Birge J R. Joint production and financing decisions: modeling and analysis. Working paper. The university of Chicago Graduate school of business, 2004
[28]Buzacott J A, Zhang R Q. Inventory management with asset-based financing, Management Science, 2004, 50(9):1274~1292
[29]Xu X D, Birge J R. Operational decisions, capital structure, and managerial compensations: A new vender prospective. Working paper. The university of Chicago graduate school of business, 2005
[30]Caldentey, Rene, Xiang-Feng C. The role of financial services in procurement contract. Working paper, INFORMS, and Stern School of Business in New York University. Submitted to MSOM. 2007
[31]Boyabatli O, L.B. Toktay. Capacity investment in imperfect capital markets: the interaction of operational and financial decision. Working paper, INSEAD, Fontainebleau, France, 2006
[32]李毅学、冯耕中、徐渝,价格随机波动下存货质押融资业务质押率研究,系统工程理论与实践,2007,27(12):42~48
[33]李娟、徐渝、冯耕中等,基于存货质押融资业务的阶段贷款最优决策研究,运筹与管理,2007,16(1):9~13
[34]资金约束与供应链中的融资和运营综合决策研究
[35]时广静,基于供应链金融的契约协调研究,硕士学位论文,西南交通大学,2008
[36]Lee C H, Rhee B D. Coordination Contracts in the Presence of Positive Inventory Financing Costs. International Journal of Production Economics, 2010,24(2):331~339
[37]Mashall L F. What is the right supply chain for your product? A simple framework can help you figure out the answer. Harvard Business Review, 1997,(3-4):105~106
[38]Malone T W. Modeling coordination in organization and markets. Management science, 1987, 33(10):3317~1332
[39]Hewitt F. Supply chain redesign. The International Journal of Logistics Management, 1994,5(2):1~9
[40]Romanmo P. Coordination and integration mechanisms to manage logistics processes across supply networks. Journal of Purchasing & Supply Management, 2003, 9(3):119~134
[41]Simatupang T M, Wright A C, Scridharan R. The knowledge of coordination for supply chain integration. Business Process management. 2002, 8(3):289~308
[42]庄品,供应链协调控制机制研究,博士学位论文,南京航空航天大学,2004
[43]陈剑、蔡连侨,供应链建模与优化,系统工程理论与实践, 2001,21(6):26~33
[44]Bhatnagar R, Chandra P, Goyal S K. Models for multi-plant coordination. European Journal of Operational Research, 1993, 67(2): 141~160
[45]Thomas D J, Griffin P M. Coordinated supply chain management. European Journal of Operational Research, 1996, 94(1): 1~15
[46]Solis A O. Supply chain integration and coordination. The Criterion, 2001:1-3
[47]薛岭、蒋馥,供应链的模式与协调问题研究,系统工程理论方法应用,1998,7(3):34~44
[48]陈志祥,供应链管理模式下的生产计划与控制研究,博士学位论文,华中理工大学,2000
[49]张慧颖,不确定需求下的供应链库存协调管理研究,博士学位论文,天津大学,2003
[50]Chopra S, Meindl P. Supply chain management: strategy, planning, and operation. Prentice Hal, 2001
[51]Weng C Y, Johansen H H. Supply chain coordination problems: literatures review. Working paper, Aalborg University, 2004
[52]王迎军,供应链管理实用建模方法及数据挖掘,北京:清华大学出版社,2001,107~120
[53]Tayur S, Ganeshan R, Magazine M. Quantitative models for supply chain management. Kluwer Academic Publishers. 1999: 147~196
[54]刘咏梅、夏至刚,供应链契约研究综述,企业技术开发,2006,25(12):77~79
[55]Mortimer J H. The effects of revenue-sharing contracts on welfare in vertically separated market: evidence from the video rental industry. Working paper. University of California, 2000
[56]Cachon G, Lariviere M. Supply chain coordination with revenue-sharing: strengths and limitations. Working paper. University of Pennsylvania, 2002
[57]Weng Z K. Channel coordination and quantity discounts. Management Science, 1995, 41(9):1509~1522
[58]Hoffman W, Banking on global logistics. Traffic World, 2005, 269(3): p15~15
[59]周颖,深发展救赎供应链,中国物流与采购,2007,(1):48~50
[60]Hart B, The next stage in integrating trade finance with the global supply chain. World Trade, 2005, 18(11):26~28
[61]Putzger I, Ups integrates importers. Traffic World, 2004, 268(37): 23~24
[62]Risk Metrics Group. Credit Metric. Technical Document[R/OL], http://www.riskmetrics.com/research. 1997
[63]Carty & Lieberman. Moody’s Investor Service Global Credit Research, 1997
[64]Keenan, Sean C. Special comment: historical default rates of corporate bond issuers, Moody’s Investors Service, 1999:1920~1998
[65]Crouhy M, Galai D, Mark R. A comparative analysis of current credit risk model. Journal of banking & Finance, 2000, 24(1-2) :59~117