零售商主导下存在预售的供应链融资优化决策

针对供应链中零售商经常面临运营资金不足的现象，以商业贷款和商业回购两类典型的融资模式为基础，研究存在零售商预售且占主导地位的供应链融资优化决策问题.建立由供应商、零售商和银行组成且零售商主导的三级供应链博弈模型，然后求解获得两种模式下供应链成员的最优决策以及最优利润.通过数值算例分析，分别从银行、供应商和零售商的角度对比两种融资模式的优劣，并得到相应的管理启示，进而为供应链成员的优化决策提供科学支持.

Optimization Decision for Retailer-Dominant Pre-sale Supply Chain Financing

Focusing on the phenomenon that retailers often face the shortage of capital in the supply chain， the optimization decision for retailer-dominant pre-sale supply chain financing was studied， based on the two typical financing modes of commercial loan and commercial buyback. Firstly， a model of three-level supply chain composed of a supplier， a dominant retailer and a bank was established. Secondly， the optimization decision and the optimal profit of supply chain members under the two modes were obtained. Finally， through numerical example calculation， the advantages and disadvantages of the two financing modes were compared from the perspective of banks， suppliers and retailers to gain corresponding managerial insights， which may provide scientific support for the optimization decision of supply chain members.