基于M-CVaR和存货质押融资的供应链回购模型

The Supply Chain Buyback Model Based on Mean-CVaR and Pledge Financing

在需求随机的环境下,研究由一个供应商和一个自有资金受限的零售商组成的二级供应链的协调问题。零售商需要通过存货质押的方式从银行获得融资,供应商采用包含回购价格和回购比例的契约来协调供应链。首先在存货质押融资模式和回购契约框架下构建了零售商的决策模型,推出了零售商的最优质押和订购决策,并分析了回购等主要参数对其最优决策的影响。然后分别在考虑和不考虑供应商风险偏好的情况下研究了集中决策时供应链整体的最优订购决策,得到了供应链在不同情形下的协调条件。最后,通过算例讨论了主要参数对供应链协调及期望收益的影响。研究表明:当参数满足特定关系时,回购契约可以实现存货质押融资下的供应链的协调;存货质押融资可以有效地解决零售商的资金约束问题,提升供应链的效益。

In the case of random demand,the coordination problem of supply chain system composed of a retailer with capital constraints and a supplier was studied.The retailer needed to obtain loans from bank through inventory financing due to the capital constraints,and the supplier uses buyback contract that included repurchase price and repurchased proportion to coordinate the supply chain.Firstly,the decision-making models of retailer were constructed under the inventory financing mode and buy-back contract,and the optimal decisions of the retailer were deduced,the influence of main parameters on the optimal decisions were analyzed.Then,under the centralized decision-making mode,the optimal ordering decision of the whole supply chain was derived with and without considering the supplier′s risk preference,and the coordination conditions of the supply chain in different situations were obtained. Finally,the effects of main parameters on supply chain coordination and expected returns of all parties were discussed through an example.The research shows that when the parameters satisfy the specific relationship,the buy-back contract can achieve the coordination of supply chain under inventory financing;inventory financing can effectively solve the problem of retailer′s capital constraints and improve the efficiency of supply chain.