资金约束下基于CVaR的供应链协调性研究与融资策略选择  

Supply Chain Coordination Research and Financing Strategies Selection Considering Risk Aversion under Capital Constraints

作　　者：谭德庆[1] 陈雪甍 TAN De-qing;CHEN Xue-meng(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区：[1]西南交通大学经济管理学院,四川成都610031 [2]不详

出　　处：《运筹与管理》2021年第4期40-46,共7页Operations Research and Management Science

摘　　要：在零售商的资金约束下,供应商愿意提供贸易信用融资或者信用担保下的银行贷款。在考虑双方均为风险规避型的情况下采用CVaR风险度量方法建立了双方以及供应链的风险收益值模型,给出了两种融资模式下的供应链协调条件,最优订货量以及批发价格,并且研究了银行贷款利率对供应链协调以及供应商融资方式选择的影响。结果表明实现供应链协调的条件取决于生产成本、银行利率以及双方的风险规避程度,不同的银行利率会导致实现供应链协调的条件不同,供应商将根据双方风险规避程度选择提供给零售商的融资方式。Under the retailer capital constraint,the supplier is willing to provide bank loans under trade credit financing or credit guarantees.With the two parties being risk-averse,the CVaR method is used to establish the Value-at-risk model of both parties and the supply chain.The supply chain coordination conditions,optimal order quantity and wholesale price are obtained,and meanwhile,the effects of the bank intrest rate on supply chain coordination and the supplier’s financal selections are analyzed.The results show that the supply chain coordination conditions depend on production costs,bank interest rates,and the degree of risk aversion of parties.The different bank interest rates will lead to different supply chain coordination conditions.The supplier will choose the financing choices offered to the retailer according to two parties’risk aversion.

关 键 词：资金约束 CVaR度量方法 供应链协调 融资方式 

分 类 号：F273[经济管理—企业管理]