需求扰动下供应链反向保理的鲁棒决策

Robust Decision to Reverse Factoring Supply Chain with Demand Disturbance

反向保理运用买方信誉缓解中小供应商资金困境,现实中需求扰动时有发生并影响供应链决策。探讨供应商资金约束背景下"买方驱动"反向保理对供应链运营的作用规律,运用极大极小法构建单供应商和单零售商组成的二级供应链模型,得到只知均值和方差时的供应链决策和收益。研究表明:鲁棒决策能为反向保理时需求信息缺失的供应链提供有效而稳健的决策,降低信用违约风险;基于供应链关系的反向保理增强了供应链合作;供应商信誉损失风险不会成为零售商主导反向保理实施的阻碍。丰富了金融与运营交互作用的理论研究。

Reverse factoring solves the seller’s financing difficulty by using the good reputation of the buyer.In practice,core enterprises such as Xiaomi and Haier carry out the strategic cooperation on reverse factoring with financial institutions to alleviate supplier’s financial difficulties and reduce the risk of supply disruptions.Previous studies have generally explored the impact of financial-oriented reverse factoring on supply-side operations.However,due to the transformation of commercial credit into bank credit,core enterprises are facing credit risk but not getting financing,does the credit risk affect the decision-making of core enterprises?In addition,demand disturbances often occur in reality,and demand uncertainty will inevitably lead to operational risk of supply chain and affect the repayment ability of reverse factoring,how should supply chain make decisions?The decision-making and operation rules of supply chain with reverse factoring are studied when only the mean and variance are known.A two-level supply chain consisting of a supplier and a retailers is constructed.A game model of supply chain based on wholesale price contract is established by using minimax method.Decision-making goals of the retailer and the supplier are■and maxE[π_s(w)].By solving the Stackelberg game model inversely,the quantitative decision of reverse factoring in supply chain is proposed:the optimum order quantity is■,and the optimal wholesale price w~*meets with■.there■(l is the credit risk loss coefficient),W=(w+cl/A)-s,G=w-c(1+r),they three represent the retailer’s unit profit and unit unsalable loss,as well as the supplier’s unit profit.The numerical expressions mean that the optimal wholesale price is the result of the trade-off between suppliers and retailers,and the optimal order quantity fluctuates in the mean value,which is affected by the relationship between retailers’profitability and unsalable loss.Combined with numerical simulation,the research shows that robust decision-making can provide effective and robust decision-making for missing information supply chain in reverse factoring;and the reverse factoring based on the supply chain relationship strengthens the supply chain cooperation;once the interest rate is determined,the profit of retailer will not be reduced because of the loss of the supplier’s reputation,which eliminates the buyer’s concerns on risk-taking of financing.Thus the research enriches the theory of interaction between finance and operation.