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.

参考文献

［1］Lai G M, Debo L G, Sycara K. Sharing inventory risk in supply chain: The implication of financial constraint［J］. Omega, 2009, 37 (4): 811825.

［2］Kouvelis P, Zhao W. The newsvendor problem and priceonly contract when bankruptcy costs exist［J］. Production and Operations Management, 2011, 20(6): 921936.

［3］Raghavan N R, Mishra V K. Shortterm financing in a cashconstrained supply chain［J］. International Journal of Production Economics, 2010, 134(2): 407412.

［4］Caldentey R, Haugh M B. Supply contracts with financial hedging［J］. Operations Research, 2009, 57(1): 4765.

［5］Lee C H, Rhee B D. Coordination contracts in the presence of positive inventory financing costs［J］. International Journal of Production Economics, 2010, 124 (2): 331339.

［6］Fabbri D, Menichini A C. Trade credit, collateral liquidation, and borrowing constraints［J］. Journal of Financial Economics, 2010, 96: 413–432.

［7］钟远光，周永务，李柏勋，等. 供应链融资模式下零售商的订货与定价研究［J］. 管理科学学报，2011，14(6)：5767.

ZHONG Yuanguang, ZHOU Yongwu, LI Baixun, et al. The retailer’ s optimal ordering and pricing policies with supply chain financing［J］. Journal of Management Sciences in China, 2011, 14(6): 5767.

［8］易雪辉，周宗放. 核心企业回购担保下银行的存货质押融资定价决策［J］. 系统工程，2011，29(1)：3844.

YI Xuehui, ZHOU Zongfang. Pricing decisions on inventory financing of the banks with core enterprises’ buyback guarantee［J］. Systems Engineering, 2011, 29(1): 3844.

［9］易雪辉，周宗放. 基于供应链金融的银行贷款价值比研究［J］. 中国管理科学，2012，20(1)：102108.

YI Xuehui, ZHOU Zongfang. Study on loantovalue ratios of bank in the supply chain finance［J］. Chinese Journal of Management Science, 2012, 20(1): 102108.

［10］晏妮娜，孙宝文. 考虑信用额度的仓单质押融资模式下供应链金融最优策略［J］. 系统工程理论与实践，2011，31(9)：16741679.

YAN Nina, SUN Baowen. Optimal strategies for supply chain financing system based on warehouse receipts financing with credit line［J］. Systems EngineeringTheory & Practice, 2011, 31(9): 16741679.

［11］周建亨，高杰，关贤军. 基于策略型客户的融资供应链协调策略［J］. 上海交通大学学报，2013，47(3)：489494.

ZHOU Jianheng, GAO Jie, GUAN Xianjun. Study on financing supply chain coordination based on strategic customer［J］. Journal of Shanghai Jiaotong University, 2013, 47(3): 489494.

［12］Lariviere M A, Porteus E L. Selling to the newsvendor: An analysis of priceonly contracts［J］. Manufacturing & Service Operations Management, 2001, 3(4): 293305.

［13］Lariviere M A. A note on probability distributions with increasing generalized failure rates［J］. Operations Research, 2006, 54(3): 602604.

[1]	李超1,3，骆建文2. 针对资金约束供应商的预付款融资均衡策略[J]. 上海交通大学学报, 2017, 51(2): 229-.
[2]	钱佳, 骆建文. 预付款融资下的供应商定价策略[J]. 上海交通大学学报, 2015, 49(12): 1753-1760.
[3]	肖肖，骆建文. 面向消费者的双渠道供应链团购策略[J]. 上海交通大学学报（自然版）, 2015, 49(08): 1237-1243.
[4]	蔡建湖1, 2, 韩毅1, 黄祖庆3, 王瑞1. 考虑客户战略选择行为的收益分享契约设计与协调机制[J]. 上海交通大学学报（自然版）, 2011, 45(12): 1765-1771.
[5]	周仁才,. 基于非对称信息的融资融券业务成本[J]. 上海交通大学学报（自然版）, 2010, 44(03): 336-0339.
[6]	温涛,黄培清. 信息和能力共享下的生产能力决策分析[J]. 上海交通大学学报（自然版）, 2008, 42(11): 1827-1831.