基于期权契约的资金约束下二级供应链融资问题-中国科技论文在线.PDFVIP

中国科技论文在线 基于期权契约的资金约束下二级供应链融 资问题 # 林强，王雅楠* 5 （天津大学管理与经济学部，天津） 摘要：二级供应链中的资金短缺问题逐渐成为了供应链金融的研究热点。在零售商主导、供 应商初始资金有限的供应链中，由于双重边际效应以及零售商-供应商之间的零和博弈而无 法实现协调。为解决这个问题，本文研究将期权契约及订单融资相结合来协调此类供应链， 10 建立了 Stackelberg 模型并求解。结论表明：该模式能协调有资金约束的供应链，且随着期 权执行价的单调增加，零售商的利润单调减少，而供应商的利润单调增加。随着供应商初始 资金的变化，可供选择的协调方案的数量、零售商和供应商所得利润也会发生变化。最后利 用数值分别对供应商初始资金和利润分配与期权契约参数之间的关系进行了分析，验证了以 上结论的正确性。 15 关键词：供应链协调；看涨期权契约；订单融资；供应商资金约束；零售商主导 中图分类号：F253 A capital constrained two-echelon supply chain financing under option contract 20 Lin Qiang, Wang Yanan (College of Management and Ecnomics, Tianjin University, Tianjin, 300072) Abstract : Shortage of funds in a two level supply chain has gradually become a hot research topic in supply chain finance. In a supply chain that the retailer is a leader and the supplier with limited initial capital, coordination cannot be reached because of double marginalization and zero-sum games 25 between two parties. In order to solve this problem, this paper studies the option contract and order financing to coordinate the supply chain, and establishes a Stackelberg model and we find that: this model can coordinate supply chain with capital constraints. And with the increase of the option execution price, the profit of the retailer will decrease, and the profit of the supplier will increase. What’s more, with the change of the supplier’s initial capital, not only the number of alternative 30 coordination schemes diffe