预算约束下供应链上下游创新融资策略分析

An Analysis of Innovative and Financing Strategies for Upstream and Downstream in a Supply Chain Under Budget Constraints

资金不足是我国中小企业面临的重要问题,他们经常遇到"融资贵"和"融资难"的困境。本文研究了在零售商存在资金约束环境下,供应链上游企业的预算制定和预算执行问题。上游大型企业可以使用既定的预算,采用"先发货后付款"的方式解决下游零售商资金不足的问题,也可以将预算用于创新或投资,创新可以带来市场的扩大,投资可以获得固定收益。本文采用了完全信息动态博弈的方法进行分析,以子博弈完美纳什均衡对问题进行求解,并对结果进行了数值分析。本文发现即便供应商不采用"先发货后付款"的模式,下游供应商也一定会选择从银行贷款;随着零售商自有资金的增加,供应商选择"先发货后付款"的意愿愈加强烈,且只有在零售商资金短缺情况很严重时,供应商才有动机进行投资。企业在决策的时候会面临各种成本,如机会成本、时间成本、市场成本。市场环境的不确定性和自身当前的状态会影响决策的结果。企业需要根据市场环境的变化,综合考虑不同的成本,做出最优的决策。本文为大型企业和中小企业在面对资金约束及市场不确定性的环境下的决策提供了支持。

Lack of funds is a thorny problem for small and medium-sized enterprises in China.They often face the problems of"expensive financing"and"difficult financing".This paper studies the problem of budget making and budget execution of upstream enterprises in supply chain under the condition of retailer’s capital constraint.Large upstream enterprises can use the established budget to solve the problem of insufficient funds of downstream retailers by means of"delivery first and payment later".They can also use the budget for innovation or investment.Innovation can help to expend the market,and the investment can obtain fixed income.In this paper,we use full information dynamic game method and the sub game perfect Nash equilibrium to analyze and solve the problem numerically.We find that even if the supplier does not adopt the mode of"deliver first,pay later",the downstream supplier will certainly choose to borrow from the bank;with the increase of the retailer’s own capital,the stronger the supplier’s willingness to choose"deliver first,pay later",and only when the retailer’s capital shortage is very serious,the supplier has the motivation to invest.When enterprises make decisions,they will face various costs,such as opportunity cost,time cost and market cost.The uncertainty of market environment and its current state will affect the result of decision-making.According to the change of market environment,enterprises need to consider different costs and make the best decision.This paper provides support for large and medium-sized enterprises in the face of financial constraints and market uncertainty.