面向零售商资金约束的供应链融资方式选择策略

Selection Strategies of Supply Chain Financing Methods with Capital Constrained Retailer

将销售努力内化,构建资金约束零售商融资决策模型,研究零售商在银行贷款、贸易信贷和3PL股权融资模式下的运营和融资策略,并进行数值仿真.研究发现:适当的销售推广行为利于供应链的良性运营发展;贸易信贷下提高推迟支付利率不会影响零售商的决策和利润,却会损害制造商的利润;3PL企业股权融资是零售商融资的最劣选择,会造成供应链成员双方的利润外流;推迟支付利率大于一定值时,贸易信贷对零售商更有利,否则银行贷款为最佳融资渠道;贸易信贷是使系统成员均受益的最协调的融资方式.

By internalizing sales efforts,the decision-making models of the retailer’s financial constraint was constructed,and the operational and financing strategies of the retailer through bank loans,trade credit and 3 PL equity financing were studied.Finally,Numerical examples are used for verification.The study found that appropriate sales efforts are beneficial to the sound operation and development of the supply chain.The delayed payment rate of trade credit will not affect retailer’s choices and profits,but have a negative effect on the profits of manufacturer.3 PL equity financing is the worst choice of retailer financing,which will cause profit outflow of supply chain members.When the interest rate of delayed payment is higher than a certain value,trade credit is more favorable to retailer,otherwise bank loan is the best financing channel.Trade credit is the most coordinated financing method to make system members profitable.