系统管理学报

系统管理学报 ›› 2021, Vol. 30 ›› Issue (5): 892-904.DOI: 10.3969/j.issn.1005-2542.2021.05.005

• 决策科学与运营管理 • 上一篇    下一篇

双边资金约束下基于公平偏好制造商的双渠道供应链融资策略

郭金森，周永务，任鸣鸣，杨玉珍   

  1. 1.河南师范大学 商学院，河南 新乡 453007；2.华南理工大学 工商管理学院，广州 510640
  • 出版日期:2021-09-28 发布日期:2021-10-09
  • 作者简介:郭金森(1986-)，男，博士，副教授，硕士生导师。研究方向为供应链协调
  • 基金资助:
    国家自然科学基金资助项目(71902055，71520107001)；国家社会科学基金资助项目(17BGL139)；河南省高等学校哲学社会科学创机关报团队项目（2021-CXTD-04）

Dual-Channel Supply Chain Financing Strategies Based on Fairness Preference Manufacture Under Bilateral Capital Constraints

GUO Jinsen，ZHOU Yongwu，REN Mingming，YANG Yuzhen   

  1. 1. Business School，Henan Normal University，Xinxiang 453007，Henan，China；2. School of Business Administration，South China University of Technology，Guangzhou 510640，China
  • Online:2021-09-28 Published:2021-10-09

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摘要： 针对上下游企业均存在资金约束且制造商具有公平偏好特性的双渠道供应链，构建了“双边银行借贷”以及“银行借贷+贸易信贷”两种融资组合模式下的供应链融资决策模型，分析了企业初始资金规模、制造商公平偏好以及延期支付批发价敏感性等对各成员决策及收益的影响。最后，用数值分析验证并拓展结论。结果表明：企业初始资金规模、制造商公平偏好以及延期支付批发价敏感性的变化会对各主体决策和收益产生不同影响；供应链融资组合模式不仅有效解决了各主体资金约束困境，且零售商可能获得高于其无资金约束时所得收益。对比两种融资组合模式，发现当制造商延期支付批发价敏感性较低时，零售商倾向选择“双边银行借贷”融资组合模式；否则，其将偏爱“银行借贷+贸易信贷”融资组合模式。而对制造商而言，当其延期支付批发价敏感性较低时，其倾向选择“银行借贷+贸易信贷”融资组合模式；否则，其将偏爱“双边银行借贷”融资组合模式。

关键词: 双边资金约束, 双渠道供应链, 公平偏好, 银行借贷, 贸易信贷

Abstract: For a dual-channel supply chain where the manufacturer and retailer are both capital-constrained and the manufacturer is fairness concerned, to finance both entities, two types of financing portfolio strategies, i.e., “bilateral bank financing” and “bank financing and trade credit” are constructed. In addition, the effects of initial capital scale, fairness preference of the manufacturer, and sensitivity of delayed payment of wholesale price on decision-making of each member and profit are analyzed. Moreover, a numerical analysis is conducted to verify and expand the conclusion. The analysis shows that the initial capital scale, the degree of fairness preference, and the sensitivity of deferred payment of wholesale price have different impacts on the optimal decisions and corresponding performance of supply chain members. Specifically, the capital-constrained retailer may gain higher profits under financing portfolio strategies than that without capital constraint. When the two portfolio strategies are available, the bilateral bank financing is preferred by the retailer only if the sensitivity of deferred payment of wholesale price is relatively low. Interestingly, however, the manufacturer prefers bilateral bank financing if the sensitivity of deferred payment of wholesale price is relatively high.

Key words: bilateral capital constraints, dual-channel supply chain, fairness preference, bank financing, trade credit

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