基于供应链金融的参与者决策问题研究

本文针对季节性存货质押融资业务,考虑核心企业以回购形式参与其中的模式特征及成本收益情况,建模分析了风险中性的借款企业的再订购决策,然后通过借款企业与核心企业的博弈,分析了风险中性的核心企业的最优批发价与回购率决策组合。研究结果表明:季节性产品的需求大于质押产品时,借款企业会选择供应链金融来增加自己的库存以实现预期利润最大化,核心企业的回购使借款企业预期收益增加。但是,其必须针对借款企业的再订购策略设定合理的批发价格与回购率才能使决策最优,核心企业的回购在一定程度上也增加了自己的成本。

Based on the features and cost- benefits of core enterprise buy- back model in seasonal inventory pledge financing, we analyze reorder decisions made by risk - neutral borrowers. Then, based on the game between retailer and core enterprise, it investigates the optimal decision combination of wholesale price and the buy - back ratios of the core enterprise. The results show that the borrowers will choose supply chain financing to achieve the maximum expected profit when the demand is greater than the pledge products, and the buy- back of the core enterprise will increase the expected earnings of the borrowers. Therefore, in order to make the optimal decision, the reasonable wholesale price and the buy - back ratio must be set in view of the borrowers＇ reorder strategy, and the buy - back of the core enterprise will increase its own costs to a certain extent.