零售商资金约束下考虑资金时间价值的双渠道供应链融资与定价策略研究

Pricing and Financing Strategies for Capital Constrained Retail in the Dual-Channel Supply Chain with Time Value of Capital Consideration

在信息对称且不考虑风险态度的情况下,建立零售商资金约束下的双渠道供应链模型,同时考虑资金的时间价值,研究模型的融资与定价策略。基于Stackelberg博弈,分别对模型的两种情形即推迟支付和银行借贷进行分析,给出了决策者的最优价格策略。探讨了资金的筹集方式和时间价值对决策者的最优定价与运营绩效的影响。结果显示,不论是在推迟支付还是银行借贷情形下,制造商和零售商的最优定价策略均与现金折现率呈负相关,与推迟支付率和银行借贷率呈正相关。此外,当推迟支付率等于银行借贷率时,提前支付能更好地解决零售商资金约束问题。最后,我们通过数值分析验证了结论的正确性。

Under the condition of information symmetry and without considering risk attitude,a dual-channel supply chain model in which the retailer is capital constrained is constructed;meanwhile,time value of capital was considered to study the financing and pricing strategies of the mode. Based on the Stackelberg game theory,the deferred-payment model and the loan-payment model are analyzed respectively,and the optimal pricing strategy is given to the decision makers. The impact of fund raising methods and time value on decision makers’ optimal pricing and operationalperformance is discussed. The study shows that,in the case of both loan-payment model and the deferred-payment model,the manufacturer and the retailer’s optimal pricing strategy are negatively correlated with the cash discount rate,but positively correlated with the loan-payment rate and deferred-payment rate. In addition,the prepayment can more effectively solve the problem of capital constraining problem of retailers under the condition that the deferred-payment rate is equal to the loan-payment rate. Finally,a numerical example is provided to illustrate the analytical results.