考虑零售商销售努力的供应链融资决策均衡

零售商的销售努力不仅影响供应链资金的支出,而且直接影响到供应链的需求端;但目前并未得到供应链金融研究的足够重视.为此,本文将零售商的销售努力和供应链的运营融资问题相结合,并内生于供应链模型;进而研究资金不足的零售商分别通过银行贷款和股权融资时,供应链的最优运营策略和融资策略,以及零售商融资方式的选择.研究结果表明,初始资金水平对供应链均衡决策及其收益影响很大,有限的初始资金严重制约了零售商的销售努力水平,降低了供应链的运作效率;融资服务能够在一定程度上缓解有限资金的约束,并影响供链的决策均衡,但不同融资方式的影响不同;当零售商进行融资时,若初始资金水平极低,应通过股权融资的方式进行融资,随着初始资金水平的上升,零售商应该选择银行贷款的方式进行融资.

Research on equilibrium of supply chain finance decision with retailer's sale effort level

Retailers' sales efforts not only influences the capital expenditures, but also directly impact on the demand of the supply chain. However, it has not gained enough scholarly attention in supply chain finance research. Therefore, this paper develop an supply chain financial model with retailers' sales efforts, and study the optimal operation strategy and financing strategy of supply chain when the capital constrained retailer obtain bank loan or equity financing, then analyse how the retailer choose the best financing way. The results show that the retailer's capital level has great impact on the decision equilibrium and revenue of supply chain; limited funds are seriously restrict the retailer's sales efforts and reduce the operational efficiency of the supply chain; to some extent, financing services can alleviate the constraints and the affection on the decision equilibrium of the supply chain is different in each financing way. When retailers obtain financing, if the capital level is extremely low, they should choose equity financing, but with capital level rise, they should choose bank loan for financing.