基于供应商回购担保的供应链融资策略

上海交通大学学报（自然版） ›› 2013, Vol. 47 ›› Issue (10): 1638-1642.

基于供应商回购担保的供应链融资策略

王文利1,2，骆建文1，张钦红1

(1. 上海交通大学中美物流研究院，上海 200030；2. 太原科技大学经济与管理学院，太原 030024)

收稿日期:2012-10-12 出版日期:2013-10-30 发布日期:2013-10-30
基金资助:
国家自然科学基金资助项目(71072063; 71001063)

Strategies of Financing for Supply Chains Based on Suppliers’ Buy-back Guarantee

WANG Wenli1,2,LUO Jianwen1,ZHANG Qinhong1

(1. SinoUS Global Logistics Institute, Shanghai Jiaotong University, Shanghai 200030, China; 2. School of Economics and Management, Taiyuan University of Science and Technology, Taiyuan 030024, China)

Received:2012-10-12 Online:2013-10-30 Published:2013-10-30

摘要/Abstract

摘要：

通过供应商回购担保，可以激励厌恶风险的银行提高对资金约束零售商的贷款限额，增加零售商的购买力，提高供应链整体绩效.在银行下侧风险控制和供应商回购担保下，研究了零售商的最优运作和融资策略，分析了银行厌恶风险的程度、供应商的回购价格对供应链决策的影响.研究发现，银行采用下侧风险控制等价于银行通过贷款上限控制融资风险，且供应商承诺的回购价格越高，银行贷款限额就越高.存在回购价格的临界值，使得只有当供应商的回购价格低于该临界值时，零售商的订货才会受银行风险控制的影响.并且，通过数值分析研究了供应商的最优回购定价问题.

关键词: 供应链管理, 资金约束, 回购担保, 风险厌恶, 融资

Abstract:

Suppliers’ buy-back guarantee can prompt the risk-averse bank to boost the loan limit to capital-constrained retailers, which can enhance the purchasing power of retailers and increase the performance of supply chain. The optimal operational and financing strategies of retailers were studied, and the impact of the risk averse degree of the bank and the buy-back price of the supplier on the decisions of the supply chain were analyzed under the downside risk control of the bank and the buy-back guarantee of the supplier. It is shown that the downside risk control of the bank is equal to the loan limit control and the loan limit is increasing in the buy-back price of the supplier. It is also shown that there exists a threshold about the buy-back price such that the ordering decision of the retailer is influenced by the risk control of the bank only when the buy-back price of the supplier is lower than the threshold. Finally, the numerical study was given to analyze the optimal pricing problem of the supplier.

Key words: supply chain management, capital constraints, buy-back guarantee, risk aversion, financing

中图分类号:

F 272.3

王文利1,2，骆建文1，张钦红1. 基于供应商回购担保的供应链融资策略[J]. 上海交通大学学报（自然版）, 2013, 47(10): 1638-1642.

WANG Wenli1,2,LUO Jianwen1,ZHANG Qinhong1. Strategies of Financing for Supply Chains Based on Suppliers’ Buy-back Guarantee[J]. Journal of Shanghai Jiaotong University, 2013, 47(10): 1638-1642.

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