商业现金垫款模式下的企业融资库存

Financing Inventory Decisions with Merchant Cash Advances

商业现金垫款是一种新兴的融资方式,特别适用于资金不足的中小型生产(零售)商。本文首次对资金受限的生产(零售)商在商业现金垫款模式下进行融资和库存联合决策的问题进行了研究,建立了在该模式下的报童模型。现金垫款模式下报童问题的目标函数不能转化为单决策变量的,这区别于贷款模式下的问题。为得到问题的最优解,文中分析了不同参数条件下的可行域,并针对不同情况给出了模型的最优决策,随后论证了最优决策与分配比例之间的关系。最后通过求解算例验证了结论的有效性并解释了其管理意义。

Merchant Cash Advances （MCA） is a new way of financing, especially for underfunded, small and medium-sized manufacturers （retailers）. This paper make a initial attempt to incorporate Merchant Cash Advances financing decision into production decisions. A newsboy model with MCA is put forward, in which the objective function can＇t be converted to the one with single decision variable. This is different from the model under loaning mode. We first analyzes the feasible regions under different parameter conditions, get the optimal solution for each situation. And then, we demonstrate the relationship between the optimal decision and the distribution ratio r. Finally, numerical examples are given to verify the conclusions and explain its management insights.