不同供应链融资模式下销售返利契约协调地研究.pdf

摘 要 随着社会专业化分工和经济全球化的进一步发展，供应链间的竞争成为企业 间竞争的焦点。实现供应链上物流、信息流、资金流的有效整合是提高供应链竞 争力的关键问题。目前，供应链上的资金流问题尤其是资金约束问题受到企业和 研究机构的日益重视。由于供应链上强大的核心企业对其上下游往往存在拉长供 应商账期、采购预付现金之类的问题，导致上下游中小企业极易面临资金约束， 影响其正常的运营，同时也造成了整个供应链效率的低下。为解决此类问题，银 行参与供应链融资下的供应链金融应运而生。供应链金融作为解决中小企业资金 问题的有效手段，给众多中小企业带来了福音。 供应链契约作为协调供应链的运营优化方法，已得到广泛应用。考虑在供应 链融资下的供应链协调契约的研究也得到越来越多的学者的重视。本文以三种供 应链融资模式—传统贷款融资、保兑仓、延期付款为研究对象，利用Stackelberg 博弈方法构建销售返利契约协调下的最优参数设定模型，分析供应链协调情况， 并对三种融资模式下的供应链总体收益及各参与方的收益进行了比较。在本文研 究假设的基础上，发现：采用销售返利契约可以激励零售商增加订购量，供应链 各成员利润也得到改善；对比传统贷款融资模式和保兑仓模式发现，保兑仓模式 可以提高最优订货量，在零售商获得保留利润的情况下供应链整体利润上升，制 造商的利润也得到提高，供应链实现帕累托优化，传统贷款融资和延期付款融资 模式的对比有同样的结论；三种融资模式下的零售商最优订购量均小于集中决策 下的供应链系统最优订购量，采用销售返利契约并不能实现供应链的完美协调。 最后通过实际案例的运算进行了验证。 关键词： 供应链融资，Stackelberg 博弈，传统贷款，保兑仓，延期付款     ABSTRACT With the further development of social specialization and economic globalization, competition between enterprises gradually transfers into the competition between supply chains. The effective integration of supply chain logistics, information flow, and fund flow is the key point to improve the competitiveness. At present, enterprises and research institutions pay more attention to the cash flow of supply chain especially capital constraint problem. Powerful core enterprise of supply chain often delays the payment of suppliers accounts and requests its downstream to pay purchasing cash in advance, and so on, which can easily result in capital constraint of small and medium-sized enterprises upstream or downstream, influence their normal operation, and also cause low efficiency of the entire supply chain. In order to solve such problems, supply chain finance joined by the banks arises rightly, which bring the gospel to the small and medium-sized enterprise as the effective solution. Supply chain cont