先票后货物流金融模式下生产商融资决策模型

银行和物流企业所主导的先票后货物流金融模式在业界得到广泛应用, 特别是对于正处于成长期且因资金缺乏而无法满足市场需求的企业. 构建了由单个供应商、生产商和零售商所组成的收益驱动型供应链, 研究了先票后货模式下生产商的融资决策问题. 以提高生产商接受订单能力作为出发点, 考虑生产商制造合格品的不确定性, 建立模型刻画了生产商的融资决策问题, 通过模型对比分析(融资与不进行融资时生产商的利润)和数值仿真明确了生产商以增加利润为目的的融资条件和最优融资量决策, 凸现了先票后货物流金融模式的价值, 特别是对于收益驱动型供应链.

The model of manufacturer's financial decision based on chattel mortgage after acceptance

Chattel mortgage after acceptance led by bank and logistics enterprise has been used widely, especially by start-up and fast-growing firms which can't meet the market demand because of financial constriction. Under that background, this paper established a revenue-driven supply chain where only includes a supplier, a manufacturer and a retailer, and studied manufacturer's financial decision problem. Taking improving the ability to accept orders as starting-point, considering the uncertainty of producing qualified products, the manufacturer's financing decision was depicted by using single-cycle newsboy model. Manufacturer's financing conditions and the optimal financing decision are made clear through model comparison analysis (manufacturer's income when financing and no financing) and numerical simulation. In this process, the value of chattel mortgage after acceptance is highlighted, especially for revenue-driven supply chain.