摘要
融资难一直以来都是制约中小企业发展的核心问题。然而随着零售商之间的竞争加剧,订单转保理融资作为零售商帮助其供应商解决资金问题的工具越来越受到关注。基于此,本文将从零售商竞争角度研究订单转保理融资模式下供应链融资和库存决策问题,分析零售端竞争和保理费用如何影响供应链库存与融资决策,以及该情形下的订单转保理融资模式能否改善供应链绩效。本文构建了无融资模式和订单转保理融资模式的零售商竞争决策模型,研究发现零售商竞争(表现为需求转移率)不影响批发价,但会使其中一个零售商的订货量和收益下降,而其他各方及整体的收益上升;订单转保理融资模式能大幅改善供应链效率,但随着保理回报率的上升,获得较多保理费用的零售商的收益上升,其他各方及整体的收益下降。
Difficult and expensive financing has always been the core problem that restricts the development of small and medium-sized enterprises.Among these small and medium-sized enterprises that are short of funds,there are many product suppliers that have capital demands during production and need capital for recovery due to their small size.In practice,the order-to-factoring financing mode proposed by Wal-Mart can exactly meet these needs.With the intensification of the market competition,increasing numbers of retailers adopt multi-supplier strategy to ensure the flexibility of their own supply chain.Therefore,it is very common for one supplier to supply homogeneous products to two retailers.However,the product homogeneity leads to competition among retailers in the supply chain system.The existing research on supply chain financing and inventory decision rarely discusses the factoring financing mode combined with order financing or ignores the competition of retailers.From the perspective of retailer competition,this paper studies supply chain financing and inventory decision-making problem under the order-to-factoring financing mode,and mainly analyzes how retail competition and factoring return rate affect supply chain inventory and financing decisions,as well as whether order-to-factoring financing mode can improve the supply chain performance.Firstly,this paper constructs a supply chain model without the participation of banks,and solves the decision-making and benefits of the supply chain when the supplier chooses not to raise funds.Then,it is concluded that the supplier subject to capital constraints cannot make the optimal production decision,so that it cannot meet the optimal order demand of retailers and the supply chain operation cannot reach the optimal level.Secondly,the supply chain inventory and financing model of a financially constrained supplier and two competing retailers under the order-to-factoring financing model is constructed.Among them,the supplier provides homogeneous products for the two ret
作者
杨睿琳
曾小燕
钟远光
周永务
YANG Ruilin;ZENG Xiaoyan;ZHONG Yuanguang;ZHOU Yongwu(Lingnan College,Sun Yat-sen University,Guangzhou 510275,China;School of Economics,Guangzhou City University of Technology,Guangzhou 510800,China;School of Business Administration,South China University of Technology,Guangzhou 510640,China)
出处
《管理工程学报》
CSSCI
CSCD
北大核心
2022年第4期207-217,共11页
Journal of Industrial Engineering and Engineering Management
基金
国家自然科学基金资助项目(71871097、72074082)
华南理工大学广州学院金融学重点学科建设项目(CQ190027)。
关键词
订单融资
保理融资
库存与融资决策
保理回报率
零售商之间的竞争
Order financing
Factoring financing
Inventory and financial decisions
Factoring return rate
Competing retailers
