存货质押融资模式下的供应链协调

针对供应商、零售商和银行组成的供应链金融系统,研究了存货质押融资模式下的供应链协调。零售商作为中小企业,资金有限,需要向银行申请贷款,然而零售商信用较低难以获得融资。供应商作为供应链的核心企业,采用含有回购价格和回购比例的回购契约为零售商提供担保,使得零售商融资得以实现。分析了不确定需求下供应链金融系统,供应链以及零售商的最优决策,给出了融资情况下供应链协调的条件,指出了在供应链协调情况下批发价格和回购策略对供应链收益分配的影响,说明了回购的作用:一方面使零售商易于获得银行融资,另一方面使供应链协调得以实现,指出了质押率、贷款利率和零售商自有资金等参数对最优决策的影响。数值算例验证了理论分析结果。

Supply Chain Coordination under Inventory Financing

This paper studies inventory financing system composed of a supplier, a retailer and a commercial bank, and investigates the supply chain coordination under inventory financing mode. As medium-sized and small enterprises, retailers face lack of funds and need to apply for loan in the bank. However, due to lower credit level, it is difficult for retailers to get financed. As the core of supply chain, suppliers can provide guaranty for retailers and help them obtain financing by offering buy-back policies. The optimal decisions for supply chain finance system, supply chain and the retailer are analyzed under demand uncertainty. And then the condition of supply chain coordination under inventory financing is proposed. In the case of supply chain coordination, the wholesale price and the buy-back policy affect profit divisions between supplier and retailer. We also point out that the buy-back policy helps retailer obtain bank financing, and contributes to supply chain coordination. In addition, we find that the load-to-value ratio, loan interest rate and the retailer’s own fund influence the optimal decisions. Finally, numerical examples are illustrated to verify the results of theoretical analysis.