面向资金约束供应商的供应链内部融资--股权还是债权?

Supply chain internal financing for capital-constrained suppliers:Equity financing vs.debt financing

通过制造商向供应商提供投资或借款,可以减少由于供应商资金不足无法正常组织生产引起的制造商及供应链利润的损失,分析了股权和债权两种融资模式下制造商的最优融资与供应商的最优生产决策,并比较了供应链绩效.结论表明:供应商一定会接受债权融资,但只有在一定条件下才会接受股权融资;在股权融资模式下,要将资金约束供应商的生产恢复到无资金约束下的最优水平,需要供应商的初始资金低于一定的临界值且制造商分享供应商的利润份额超过一定的临界值;在债权融资模式下,要将资金约束供应商的生产恢复到无资金约束下的最优水平,则需要供应商的初始资金超过一定的临界值;从制造商和供应链整体的视角,在供应商自有资金少时实行股权融资模式,并且增加制造商分享的利润份额,而在供应商自有资金多时实行债权融资模式是最优策略.最后通过算例对结论进行了验证.

Two financing means are usually used to reduce the losses of the manufacturer as well as the supply chain’s profits resulted from the supplier’s capital constraints:one is the equity financing,and the other is the debt financing.The paper analyzes the manufacturer’s optimal financing and the supplier’s optimal production decisions,and then compare the supply chain performances using these two means.It is shown that the supplier is sure to accept the debt financing,while the supplier will accept the equity financing only if some conditions are satisfied.With equity financing,if the supplier’s initial capital is smaller than a critical value and the fraction of the supplier’s profit the manufacturer shares is higher than a critical value,the production at the capital-constrained supplier will be restored to the optimal level without capital constraints.With debt financing,if the supplier’s initial capital is larger than a critical value,the production of the capital-constrained supplier will be restored to the optimal level without capital constraints.Equity financing is optimal for the performances of the manufacturer and the supply chain when the supplier’s initial capital is small and the fraction of the supplier’s profit the manufacturer shares is high.However,when the supplier’s initial capital is large,debt financing is better.Finally,a numerical study is given to demonstrate the conclusions.