资金约束供应链的付款激励与协调研究 本期目录 >>
Title: The Research on Motivating Payment and Coordinating the Supply Chain with Capital Constraints
作者 沈建男;骆建文
Author(s): SHEN Jiannan; LUO Jianwen
摘要: 面对由单个资金约束的制造商与单个资金约束的零售商组成的供应链,零售商存在三种付款方式,同时制造商提出提前付款时批发价折扣激励与延期付款的利率,本文从企业各自利润最大化出发,构建了不同付款方式下的供应链运营决策模型,并对比分散式供应链与集中式供应链的最优利润。研究表明:在不同付款方式下,资金约束的制造商与零售商均有动力进行外部融资且能够保证另一方参与供应链的运作。其次,零售商最优付款方式的选择主要是以批发价折扣率与融资服务利率为条件,再次,设计收益共享协调机制,不但部分改变了零售商最优付款方式的选择,而且能实现制造商和零售商利润的帕累托改进。最后通过算例分析验证了研究结论与所设计收益共享契约的有效性。
Abstract: Capital is fundamental resource in supply chain. Although noticeable literature assumes not need considering capital constraints, as evidenced in China, many microenterprises are short of funds, especially in start-up and fast-growing period. One way to solving this problem is that enterprises borrow short-term loans from bank with fixed assets or the sales receipts. As being lack of full business information and avoiding financial risks, bank may afford a finite credit size. So there will not be optimal decision-making in supply chain under limited working capital, which sharply influenced the enterprises' profits. Another alternative way is trade credit which a manufacture allows capital-constrained retailers to delay payment with an interest after delivering products; also trade credit refers to that retailers pay to capital-constrained manufacture before receiving products. In a word, besides punctual payment, actually there are three main payment terms: advanced payment, punctual payment, delay payment, but recently many researches about capital-constrained supply chain mainly discussed the optimal decision-making under one payment terms and analyzed that how to choose the optimal financial channel to solve the limited capital for retailer. Little research considered that upstream and downstream all had not enough capital in supply chain under different payment terms existing simultaneously. Then under co-existence of stochastic demand and appropriate financial services from bank, a supply chain consisted one manufacturer and one retailer that were all capital constraints. Without loss of generality, the initial capital of retailer or manufacturer is zero. The basic model was classical single-period make-to-order framework. So the retailer prebooked quantity from manufacturer and sold it with an exogenously fixed price, and the manufacturer had an incentive as wholesale price discount to advanced payment. But if retailer implemented delay payment, so manufacturer announced per unit wholesale price with interest rate. In addition to the product market, there was also a financial market such as banks, and the financial market to be competitive so that the expected return of bank equated its loans with free risk rate. From the percept of maximizing the enterprises' profit in supply chain, this paper respectively constructed the model of operational decision-making with different payment terms, in addition, compared the optimal profit of decentralized supply chain with centralized. In the first part, we study the advanced payment scenario that retailer orders quantity and pays the money before producing, and then manufacturer executes a wholesale price discount. Then we discuss the punctual payment scenario which product sales and financial transactions take place simultaneously, in addition, the third scenario, which the manufacturer announces wholesale price with an interest rate replying to delay payment, is analyzed. Using Stackelberg model and backward approach, we respectively show the retailer's optimal preorder quantity and manufacturer's optimal discount rate or interest rate, and calculation formulas of optimal profits are also given. In the second part, we further compare the retailer's optimal profits; show that retailer will not choose delay payment with different payment terms. In addition we establish the conditions that retailer chooses the optimal single payment terms are based on wholesale price discount by manufacturer and given interest rate by bank. So when the wholesale price discount and interest rate are all lower, the retailer chooses advanced payment; when the wholesale price discount is lower, but financing rate is higher, the retailer chooses punctual payment; when the wholesale price discount is higher, the retailer chooses advanced payment. Then we compare optimal profit of capital-constrained centralized supply chain with decentralized, and show that besides an alternative operational strategies, a coordination contract, which is designed, as revenue sharing partly not only changes retailer's choice of optimal payment terms, but also can improve manufacturer and retailer’s profit performance; even the integrated supply chain’s profit will be equal to the optimal profit of centralized supply chain under advanced payment or delay payment scenario. Finally, a numerical example is used to verify the results and effectiveness of revenue sharing contracts. Our conclusions give managerial sight about choosing optimal payment scheme and optimal incentive effect. In summary, although having limited working capital simultaneously, the retailer and manufacturer both have nonnegative profit under different payments and ensure successful operating in supply chain. This paper only considered the optimal payment for retailer. Optimal payment and asymmetrical information about cost for manufacturer, multi-period operation will be direction for future research.
关键词: 资金约束;付款方式;运营策略;激励;收益共享
Keywords: capital constraints; payment terms; operational strategy; incentive; revenue sharing
基金项目: 71072063;71372107
发表期数: 2018年 第3期
中图分类号: 文献标识码: 文章编号:
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