需求具有价格敏感性下的供应链融资模式选择研究.doc

需求具有价格敏感性下的供应链融资模式选择研究 //. - 1 - 需求具有价格敏感性下的供应链融资模式 选择研究# 林强，郑敬菊* 基金项目：国家自然科学基金（71#00469927115#0046992) 作者简介：林强（1970-），男，副教授，主要研究方向：供应链金融. E- （天津大学管理与经济学部，天津 30007#0046992） 5 摘要：本文选取由单一制造商和单一零售商组成的两阶段资金约束型供应链。基于最终需求 具有价格敏感性的情况，建立延期支付融资模式和保兑仓融资模式下的制造商—零售商二级 供应链协调模型。以批发价格契约为基础，应用 Stackelberg 博弈模型求出延期支付模式和 保兑仓模式下制造商和零售商分散决策和集中决策下的最优决策参数，并对比两种模式下制10 造商的最优收益。对比发现，当产品的市场价格在不同的范围内波动、以及产品需求弹性时， 制造商选择延期支付模式与保兑仓模式具有不同的收益。当商品的市场需求弹性较高时，制 造商选择为零售商提供延期支付融资模式对自身更为有利；而当需求弹性较低时，则选择保 兑仓模式利润更高。本文最后给出制造商的最优融资模式选择策略。 关键词：管理工程;资金约束；保兑仓；延期支付；价格敏感性；供应链协调 15 中图分类号：F#004699253 The Supplier#039;s Financing Mode Selection with Price-Sensitive Demand LIN Qiang, ZHENG Jingju (Management and Economics School, Tianjin University, Tianjin 30007#0046992) Abstract: This paper considered a two-level finance-constrained supply chain including a producer and a retailer. In the supply chain, retailer faces financial constraints, its own working capital is not sufficient to pay for the order, and supplier is the core company which has high credit and enough working capital. So it is necessary for retailer to turn to supplier for delayed payment financing or confirmed warehouse financing. The supplier also needs to finance retailer to improve its own profit. Then a model of wholesale price contract is built which considered the end -consumer demand with price sensitivity. By using the Stackelberg game model, we find out manufacturers’ optimal wholesale price and retailers’ optimal order quantity both in the situation of decentralized decision-making and the situation of centralized decision-making. From the manufacturers’ perspective, we combine the 30 confirmed warehouse financing and the trade credit financing under supply chain coordination. By comparison, we find out, with the change of elastic factor of demand, the manufacturer’s profit also changes in both of these financing models and the s