基于投资组合的电子商务企业调货出力配置研究

Transshipping Output Allocation of E-Commerce Enterprises Based on Portfolio Investment

当下调货问题直接影响电子商务企业的服务水平和利润增长空间,企业从混合供应商调货量的不确定性导致了调货的风险。应用投资组合理论,把从附属供应商和混合供应商的调货收益分别看作无风险资产与有风险资产,从而把电子商务企业调货出力优化配置映射到传统的投资组合上。然后抽象大型电子商务企业调货模式,构建了电子商务企业单时段调货出力配置模型。最后,通过对比分析不同场景下电子商务企业的最优调货出力组合,及对应的调货效用值,研究发现:随着风险厌恶系数的增大,企业无风险调货量所占的比例逐渐增大,但是整体效用函数值逐渐减小;在厌恶系数确定的情况下,当所有供应商间供货量互不影响时,降低附属供应商的调货出力水平,能提升企业调货出力配置总效用;当某一个或多个混合供应商的供货量的波动减小时,企业从附属供应商的调货量相应降低。结果表明,提出的模型能有效解决混合供应商存在供货风险的问题,风险承受能力越强的企业越倾向于从混合供应商调货,反之倾向于从附属供应商调货,在此基础上给出建议:在企业风险态度恒定下,混合供应商供货量越稳定,企业应加大从混合供应商调货的力度。

The immediate problem of transshipment directly affect the service level and profit growth space of e-commerce enterprises.The uncertainty of the goods volume transferred from mixed suppliers leads to the risk of goods transferring.By applying portfolio theory,transshipment return on a subsidiary supplier and mixed suppliers were regarded as riskless asset and risky asset respectively,by which the e-commerce companies’transferring goods output optimal allocation could be mapped to traditional portfolios.Then the paper abstracted the transshipment pattern of large-scale e-commerce enterprises,and constructed a single-period e-commerce enterprises’transferring output allocation model.Finally,optimal combination of e-commerce companies’transshipment allocation and corresponding transferring utility were compared and analyzed in different scenarios.It is discovered that the proportion of risk-free transferring amount rises as the risk aversion coefficient increases,however,the value of overall utility function gradually reduces;when the aversion coefficient is determined and the quantity of goods provided by all suppliers doesn’t affect each other,the lower level of the subsidiary’s supplier contributes,the higher whole utility of the transshipment distribution;When one or more hybrid suppliers’goods contribution become smooth and steady,companies should reduce the delivery strength from subsidiary suppliers.The results show,the model raised can effectively deal with the problem that mixed suppliers exist supplying risk in current e-commerce enterprises transferring goods.Enterprises,who are with higher risk-tolerant,tend to transferring more goods from mixed suppliers,while transferring goods from affiliated suppliers with lower.The recommendation was proposed based on the results that restricting enterprise risk attitude being constant,in case the supply of mixed suppliers is more stable,companies should be more inclined to transfer goods from a mixed supplier.