考虑供应商保留储备金的供应链融资策略

Research on Supply Chain Financing Strategy Considering Supplier’s Reserve Capital

基于报童模型,研究供应商在单渠道融资(仅向银行或零售商贷款)和双渠道融资(同时向银行和零售商贷款)情况下,保留储备金时的融资策略和生产策略、保留储备金对供应商更有利的充分条件,以及零售商的融资策略。通过模型求解发现,当零售商具有优先债权时,供应商的最优融资策略为:自有资金较多时不贷款;自有资金较少时,仅向提供较低利率的贷方贷款而非双渠道融资。然而,当银行具有优先债权时,在特定条件下供应商进行双渠道融资为最优融资策略;对零售商而言,发现其倾向于通过提供低息甚至无息贷款促使自有资金较多的供应商过量生产(超过供应商自有资金充足时最优产量),从而获得更多销售提成,增加期望利润。

Based on the newsvendor model, this study investigates the financing and operation strategy of a supplier, and the sufficient conditions which benefit the supplier with reserve capital under two channel structure: the single channel structure(supplier borrows from either bank or retailer) and the dual-channel structure(supplier borrows from both bank and retailer), as well as the financing strategy of its retailer. By solving the model, it is found that when the retailer has priority creditor’s rights, the optimal financing strategy of the supplier is as follows: 1) Do not loan when there is sufficient self-owned capital;2) When it has less capital, borrow from the lender whose interest rates is lower, rather than from both bank and retailer. However, when the bank has priority creditor’s rights, the supplier should borrow from both bank and retailer under a special situation. As for the retailer, it tends to provide low-interest or even interest-free loans to induce suppliers with more self-owned funds to overproduce(beyond the optimal production when the supplier has sufficient self-owned funds), obtaining more sales commissions and increasing expected profits.