产品单生产周期的多阶段融资和采购决策研究

Multi-stages Financial and Purchasing Decisions in a Single Production Cycle

针对在企业中普遍存在的资金回收期过长、资金不足等资金流困境,研究制造商和资金提供商在产品生产周期内所面临的融资和采购决策问题。在一个单周期环境下,将制造商的生产周期分为采购期、生产期、应收账款期和资金回收期4个不同阶段。针对不同阶段制造商可能面对的资金流困境,分别建立以资金提供商为主方、制造商为从方的主从博弈模型,讨论制造商在不同阶段应如何选择最优的融资模式、融资金额和相应的采购决策以及资金提供商应如何设定最优的贷款利率。研究结果表明,制造商可以根据自身现有资金状况以及贷款利率合理选择不同的资金流服务模式,从而有效提高收益,资金提供商也能够通过确定合理的贷款利率最大化自身收益。

Considering the ubiquitous capital difficulties （e. g. long funds recovery period, capital shortage） for small medium enterprises in supply chain, this paper studies the financial and purchasing decisions of a manufacturer and a capital provider in the multi-stages cash flow gap of the production cycle. In context of a single period supply chain, we divide the production cycle in to four stages. Comparing the different financial plights that manufacturer could meet, we discuss the manufacturer＇s optimal decisions of financing mode, financing amount and purchasing quantities, as well as the profit maximization problem of the capital provider. The study demonstrated that manufacturer can choose the optimal cash flow service mode appropriately to improve its revenue, which is according to its financial condition and the lending rate. For the capital provider, it can effectively improve its profit through the interest pricing decision.