基于融通仓的订货策略研究
|
摘要
在当下的市场经济环境下,中小企业在我国国民经济中发挥的作用日益增大,中小企业由于不动产规模小、抗风险能力低等问题很难获得银行足够的贷款,资金约束/预算不足是很多企业在采购决策时经常碰到的问题,融资成为其发展的首要瓶颈。融通仓联结了银行、第三方物流企业与贷款企业三方的利益,将资金流、信息流、物流有效地整合起来,为贷款难的中小企业开辟了新的融资渠道,实现“三方共赢”。研究了企业在采购决策时遇到初始资金不足而开展融通仓业务进行融资订货的问题。
首先,介绍了融通仓的基本概念、融通仓系统主体与功能、融通仓基本运作模式以及无初始资金约束条件下风险中性型与损失厌恶型决策者的订货策略。
其次,对融通仓两种基本的运作模式即仓单质押模式和保兑仓模式下的订货策略分别进行研究,并将决策者的偏好引入订货模型中,分析了两种融资模式下风险中性型决策者与损失厌恶型决策者的订货策略,建立并求解出相应模型,并对模型进行分析。
最后,结合实例进行深入分析并得出结论：分销商采用保兑仓模式进行融资订货的最优订货量大于采用仓单质押模式的最优订货量,可以获得更大的期望利润,而仓单质押模式操作上更加简便,具有更加广阔的适用性。仓单质押模式与保兑仓模式下风险中性型决策者的最优订货量随商品缺货损失、商品处理价、商品回购价、商品零售价的增加而增加,随商品批发价的增加而减少。损失厌恶型分销商的最优订货量在不同的情况下分别随损失厌恶系数的增加而增加、增加而减少或者不变。损失厌恶型分销商的最优订货量随着商品处理价、回购价与缺货损失的增加而增加,损失厌恶型分销商的最优订货量随零售价的增加先增加然后减少,随批发价的增加先增加然后减少。
In market economic environment at present, small and medium-sized enterprises are playing more and more important role in the development of national economy. The small-scale real estate and low ability to obtain bank loans make it difficult to obtain bank loans, then finance became the primary bottleneck of enterprises development. Financing Warehouse links the tripartite interests of bank, the third party logistics enterprise and loan Enterprise, effectively integrating the capital flow, information flow and logistical flow, opened up a new financing channel for small and medium-sized enterprises, realizing tripartite win. Capital constraints and budget shortfalls the problems that are often met in purchasing decisions, open financing warehouse can effectively solve this problem for small and medium-sized enterprises. Study ordering policy that small and medium-sized enterprises develop financing warehouse to solve lack of initial capital.
Firstly, introduced the basic concepts, the main function, operational procedures and basic operation mode of financing warehouse, and ordering policy of risk neutral and loss averse maker when lacking of initial capital.
Secondly, study ordering policy under two basic financing operation mode of financing warehouse namely Warehouse Receipts Pledge and Confirmed warehouse mode. And introduce the decision maker's preference into order model. Analyze ordering policy of risk neutral and loss averse decision maker under two kinds of financing mode. Establish and solve the corresponding model, and analyze the model.
Finally, Analyze examples and draw the conclusion:The optimal order quantity with confirmed warehouse model for financing order are greater than Warehouse Receipts Pledge. The distributor can obtain more expected profit. While the Warehouse Receipts Pledge mode is simpler and more convenient, which have wider applicability. The optimal order quantities of risk neutral decision-makers increases with the increase of commodity stock loss、 Reduced Price、 Repurchase Price、 Retail Price. decrease with the increase of commodity Whole Price under Warehouse Receipts Pledge and Confirmed warehouse. The optimal order quantities of loss aversion distributors increases with the increase of loss aversion coefficient、 decrease with the increase of loss aversion coefficient or remain unchanged in different circumstances. The optimal order quantities of loss aversion distributors increases with the increase of commodity Reduced Price、 Repurchase Price、 stock loss. Optimal order quantities of loss aversion distributors increase as the increase of Retail Price initially and then decreases. Optimal order quantities increase as the Whole Price of Retail Price initially and then decrease.
首先,介绍了融通仓的基本概念、融通仓系统主体与功能、融通仓基本运作模式以及无初始资金约束条件下风险中性型与损失厌恶型决策者的订货策略。
其次,对融通仓两种基本的运作模式即仓单质押模式和保兑仓模式下的订货策略分别进行研究,并将决策者的偏好引入订货模型中,分析了两种融资模式下风险中性型决策者与损失厌恶型决策者的订货策略,建立并求解出相应模型,并对模型进行分析。
最后,结合实例进行深入分析并得出结论：分销商采用保兑仓模式进行融资订货的最优订货量大于采用仓单质押模式的最优订货量,可以获得更大的期望利润,而仓单质押模式操作上更加简便,具有更加广阔的适用性。仓单质押模式与保兑仓模式下风险中性型决策者的最优订货量随商品缺货损失、商品处理价、商品回购价、商品零售价的增加而增加,随商品批发价的增加而减少。损失厌恶型分销商的最优订货量在不同的情况下分别随损失厌恶系数的增加而增加、增加而减少或者不变。损失厌恶型分销商的最优订货量随着商品处理价、回购价与缺货损失的增加而增加,损失厌恶型分销商的最优订货量随零售价的增加先增加然后减少,随批发价的增加先增加然后减少。
In market economic environment at present, small and medium-sized enterprises are playing more and more important role in the development of national economy. The small-scale real estate and low ability to obtain bank loans make it difficult to obtain bank loans, then finance became the primary bottleneck of enterprises development. Financing Warehouse links the tripartite interests of bank, the third party logistics enterprise and loan Enterprise, effectively integrating the capital flow, information flow and logistical flow, opened up a new financing channel for small and medium-sized enterprises, realizing tripartite win. Capital constraints and budget shortfalls the problems that are often met in purchasing decisions, open financing warehouse can effectively solve this problem for small and medium-sized enterprises. Study ordering policy that small and medium-sized enterprises develop financing warehouse to solve lack of initial capital.
Firstly, introduced the basic concepts, the main function, operational procedures and basic operation mode of financing warehouse, and ordering policy of risk neutral and loss averse maker when lacking of initial capital.
Secondly, study ordering policy under two basic financing operation mode of financing warehouse namely Warehouse Receipts Pledge and Confirmed warehouse mode. And introduce the decision maker's preference into order model. Analyze ordering policy of risk neutral and loss averse decision maker under two kinds of financing mode. Establish and solve the corresponding model, and analyze the model.
Finally, Analyze examples and draw the conclusion:The optimal order quantity with confirmed warehouse model for financing order are greater than Warehouse Receipts Pledge. The distributor can obtain more expected profit. While the Warehouse Receipts Pledge mode is simpler and more convenient, which have wider applicability. The optimal order quantities of risk neutral decision-makers increases with the increase of commodity stock loss、 Reduced Price、 Repurchase Price、 Retail Price. decrease with the increase of commodity Whole Price under Warehouse Receipts Pledge and Confirmed warehouse. The optimal order quantities of loss aversion distributors increases with the increase of loss aversion coefficient、 decrease with the increase of loss aversion coefficient or remain unchanged in different circumstances. The optimal order quantities of loss aversion distributors increases with the increase of commodity Reduced Price、 Repurchase Price、 stock loss. Optimal order quantities of loss aversion distributors increase as the increase of Retail Price initially and then decreases. Optimal order quantities increase as the Whole Price of Retail Price initially and then decrease.
引文
[1]徐鹏,王勇,杨金.基于委托模式融通仓的银行对第三方物流激励和监督[J].管理科学,2008,21(1)：108-114.
[2]应雯珺,仲文娜.融通仓模式在解决供应链资金约束问题中的应用[J].物流技术,2006(11)：66-68.
[3]王勇,邓哲锋,徐鹏.基于参与各方相互关系的融通仓运作模式研究[J].华东经济管理,2010,24(2)：128-132.
[4]罗齐,朱道立,陈伯铭.第三方物流服务创新：融通仓及其运作模式初探[J].中国流通经济,2002,16(2)：11-14.
[5]唐少艺.物流金融实务研究[J].内蒙古煤炭经济,2005(35)：13-17.
[6]丁荣.物流融通仓风险评价指标体系研究[D].成都：西南财经大学,2007.
[7]金波.基于供应链金融的中小企业融资问题研究[D].青岛：中国海洋大学,2007.
[8]祁洪祥.中小企业融通仓融资模式研究[J].中国商贸,2010(3)：50-51.
[9]张明,韩瑞珠.中小企业融通仓融资博弈分析[J].金融经济,2010(1)：83-84.
[10]史丽媛,叶蜀君.仓单质押与保兑仓模式增值机理分析[J].金融与经济,2010(10)：69-71.
[11]刘岚.基于供应链融资管理的资金约束问题研究——以浓缩果汁行业为例[J].财政金融,2010(5)：74-77.
[12]李飞.商业银行开展供应链金融的相关思考[J].财会月刊,2011(6)：34-36.
[13]肖美丹,樊为刚,尚志强.面向融通仓系统的物流企业选择优化研究[J].工业技术经济,2011(6)：110-115.
[14]江莹,陈德良.基于合作博弈的融通仓业务模式研究[J].现代商贸工业,2012(5)：110-111.
[15]Birge J.R..Option methods for incorporating risk into linear capacity planning models[J]. Manufacturing Service Operations Management, 2000,2(1):19-31.
[16]Coulter J., Onumah G.. The Role of Warehouse Receipt Systems in Enhanced Commodity Marketing and Rural Livelihoods in Africa[J].Food Policy,2002(4):319-337.
[17]Allen N Berger, Gregory F Udell. A More Complete Conceptual Framework for SME Finance[C].World Bank Conference on Small and Medium Enterprises: Overcoming Growth Constraints,MC13-121,October,2004:14-15.
[18]Leora Klapper. The Role of "Reverse Factoring" in Supplier Financing of Small and Medium Sized Enterprises[R],World Bank, September,2004:102-103.
[19]Gonzalo Guillen, Mariana Badell. A holistic framework for short-term supply chain Management integrating production and corporate financial planning[J],Production Economics, 2006:25-27.
[20]Vairakatarakis G L. Robust multi-item newsboy model with a budget constraint[J].International Journal of Production Economics,2000,66(3):213-226.
[21]Niederhoff J A, Using Separable Programming to Solve the Multi-Product Multiple Ex-AnteConstraint Newsvendor Problem and Extensions [J].European Journal of Operational Research,2007,176(2):941-955.
[22]谷水亮,鞠彦冰.资金和风险约束下的多产品报童模型最优解的研究[J].软科 学,2008,26(3)：129-133.
[23]胡劲松,闫伟,资金约束模糊报童问题Stackelberg均衡策略[J].系统工程学报,2008,23(6)：696-701.
[24]Buzacott J.A., R.Q.Zhang. Inventory management with asset-based financing[J]. Management Science.2004,50(9):1274-1292.
[25]Dada M, Hu Q. Financing newsvendor[J].Operations Research Letters.2008,36(5):569-573.
[26]周钊.基于融通仓的企业产品库存模型研究[D].重庆：重庆大学,2009.
[27]郭晏,王世伟,陈鹏.资金约束企业的融资和运营集成决策[J].物流技术,2010(2)：15-116.
[28]王玉洁.供应链金融中保兑仓融资与运作决策[D].北京：北京交通大学,2009.
[29]晏妮娜,孙宝文.考虑信用额度的仓单质押融资模式下供应链金融最优策略[J].系统工程理论与实践,2011,31(9)：1674-1679.
[30]Daniel K, Amos T. Prospect theory: An analysis of decisions under risk[J]. Econometrica,1979,47(2):263-292.
[31]Schweizter M E, Cachon G P. Decision bias in the newsvendor problem with a known demand distribution: experimental evidence[J].Management Science, 2000, 46:404-420.
[32]Wang C X. The loss-averse newsvendor game[J].Production economics, 2010,124:448-452.
[33]刘珩,潘景铭,唐小我.基于损失厌恶型参与者的易逝品供应链价格补贴契约研究[J].管理工程学报,2011,25(3)：24-30.
[34]侯阔林,洪志明,吴瑞溢等.风险厌恶条件下竞争报童问题的二层规划模型[J].数学的实践与认识,2012,42(4)：45-51.
[35]周玉梅.刍议物流金融运作模式优化[J].生产力研究,2010(10)：83-84.
[36]郑鑫,蔡晓云.融通仓及其运作模式分析——中小企业融资方式再创新[J].科技创业月刊,2006(1)：40-41.
[37]吴涧生,马建国.关于金融机构的界定及其产出衡量的儿点思考[J].统计研究,1999(1)：29-33.
[38]陈祥峰,石代伦,朱道立等.仓储与物流中的金融服务创新系统讲座之二融通仓系统结构研究[J].物流技术,2005(12)：103-106.
[2]应雯珺,仲文娜.融通仓模式在解决供应链资金约束问题中的应用[J].物流技术,2006(11)：66-68.
[3]王勇,邓哲锋,徐鹏.基于参与各方相互关系的融通仓运作模式研究[J].华东经济管理,2010,24(2)：128-132.
[4]罗齐,朱道立,陈伯铭.第三方物流服务创新：融通仓及其运作模式初探[J].中国流通经济,2002,16(2)：11-14.
[5]唐少艺.物流金融实务研究[J].内蒙古煤炭经济,2005(35)：13-17.
[6]丁荣.物流融通仓风险评价指标体系研究[D].成都：西南财经大学,2007.
[7]金波.基于供应链金融的中小企业融资问题研究[D].青岛：中国海洋大学,2007.
[8]祁洪祥.中小企业融通仓融资模式研究[J].中国商贸,2010(3)：50-51.
[9]张明,韩瑞珠.中小企业融通仓融资博弈分析[J].金融经济,2010(1)：83-84.
[10]史丽媛,叶蜀君.仓单质押与保兑仓模式增值机理分析[J].金融与经济,2010(10)：69-71.
[11]刘岚.基于供应链融资管理的资金约束问题研究——以浓缩果汁行业为例[J].财政金融,2010(5)：74-77.
[12]李飞.商业银行开展供应链金融的相关思考[J].财会月刊,2011(6)：34-36.
[13]肖美丹,樊为刚,尚志强.面向融通仓系统的物流企业选择优化研究[J].工业技术经济,2011(6)：110-115.
[14]江莹,陈德良.基于合作博弈的融通仓业务模式研究[J].现代商贸工业,2012(5)：110-111.
[15]Birge J.R..Option methods for incorporating risk into linear capacity planning models[J]. Manufacturing Service Operations Management, 2000,2(1):19-31.
[16]Coulter J., Onumah G.. The Role of Warehouse Receipt Systems in Enhanced Commodity Marketing and Rural Livelihoods in Africa[J].Food Policy,2002(4):319-337.
[17]Allen N Berger, Gregory F Udell. A More Complete Conceptual Framework for SME Finance[C].World Bank Conference on Small and Medium Enterprises: Overcoming Growth Constraints,MC13-121,October,2004:14-15.
[18]Leora Klapper. The Role of "Reverse Factoring" in Supplier Financing of Small and Medium Sized Enterprises[R],World Bank, September,2004:102-103.
[19]Gonzalo Guillen, Mariana Badell. A holistic framework for short-term supply chain Management integrating production and corporate financial planning[J],Production Economics, 2006:25-27.
[20]Vairakatarakis G L. Robust multi-item newsboy model with a budget constraint[J].International Journal of Production Economics,2000,66(3):213-226.
[21]Niederhoff J A, Using Separable Programming to Solve the Multi-Product Multiple Ex-AnteConstraint Newsvendor Problem and Extensions [J].European Journal of Operational Research,2007,176(2):941-955.
[22]谷水亮,鞠彦冰.资金和风险约束下的多产品报童模型最优解的研究[J].软科 学,2008,26(3)：129-133.
[23]胡劲松,闫伟,资金约束模糊报童问题Stackelberg均衡策略[J].系统工程学报,2008,23(6)：696-701.
[24]Buzacott J.A., R.Q.Zhang. Inventory management with asset-based financing[J]. Management Science.2004,50(9):1274-1292.
[25]Dada M, Hu Q. Financing newsvendor[J].Operations Research Letters.2008,36(5):569-573.
[26]周钊.基于融通仓的企业产品库存模型研究[D].重庆：重庆大学,2009.
[27]郭晏,王世伟,陈鹏.资金约束企业的融资和运营集成决策[J].物流技术,2010(2)：15-116.
[28]王玉洁.供应链金融中保兑仓融资与运作决策[D].北京：北京交通大学,2009.
[29]晏妮娜,孙宝文.考虑信用额度的仓单质押融资模式下供应链金融最优策略[J].系统工程理论与实践,2011,31(9)：1674-1679.
[30]Daniel K, Amos T. Prospect theory: An analysis of decisions under risk[J]. Econometrica,1979,47(2):263-292.
[31]Schweizter M E, Cachon G P. Decision bias in the newsvendor problem with a known demand distribution: experimental evidence[J].Management Science, 2000, 46:404-420.
[32]Wang C X. The loss-averse newsvendor game[J].Production economics, 2010,124:448-452.
[33]刘珩,潘景铭,唐小我.基于损失厌恶型参与者的易逝品供应链价格补贴契约研究[J].管理工程学报,2011,25(3)：24-30.
[34]侯阔林,洪志明,吴瑞溢等.风险厌恶条件下竞争报童问题的二层规划模型[J].数学的实践与认识,2012,42(4)：45-51.
[35]周玉梅.刍议物流金融运作模式优化[J].生产力研究,2010(10)：83-84.
[36]郑鑫,蔡晓云.融通仓及其运作模式分析——中小企业融资方式再创新[J].科技创业月刊,2006(1)：40-41.
[37]吴涧生,马建国.关于金融机构的界定及其产出衡量的儿点思考[J].统计研究,1999(1)：29-33.
[38]陈祥峰,石代伦,朱道立等.仓储与物流中的金融服务创新系统讲座之二融通仓系统结构研究[J].物流技术,2005(12)：103-106.