延迟支付下风险厌恶零售商的采购及促销策略  

Purchasing and promoting strategies of a risk-averse retailer under delayed payment

作　　者：代建生[1] 唐艺菲 DAI Jiansheng;TANG Yifei(Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650093,China)

机构地区：[1]昆明理工大学管理与经济学院,云南昆明650093

出　　处：《管理工程学报》2021年第5期141-153,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71762021、71861020)。

摘　　要：本文在供应商提供延迟支付政策下,运用CVaR方法研究了风险厌恶零售商的采购和促销策略,分别刻画了零售商实施商品促销及选择延迟支付的资金临界条件,并运用这两个临界条件讨论了零售商的最优策略,分析了风险厌恶对上述两个临界条件以及对零售商策略的影响。结果表明:随着零售商厌恶风险程度的增加,有关促销和融资的资金临界值减小,商品采购资金及延迟支付金额随之降低;在资金充足下,促销资金随风险厌恶程度的上升而减小;在资金极其短缺下,促销资金与风险厌恶程度无关;在资金相对短缺且不融资下,促销资金随风险厌恶程度的上升而增大。从讨论中揭示了一些管理启示,并提供了资金短缺下商品采购及促销策略的管理建议。Delayed payment can provide short-term financing for capital-constrained retailers to alleviate temporarily its financial pressure,which is substantially important,especially for ones who need to engage in market development activities.Delayed payment is essentially a kind of commercial credit.Owning to existence of interests,a retailer,if funded sufficiently,doesn’t choose to delay payment.However,if faced with extreme shortage of funds,delayed payment may be an important or even only option.Delayed payment can alleviate fund shortage in commodity purchase,but can′t in promotion activity.A natural problem arises,how can the retailer make full use of delayed payment policy to meet need of operational funds,especially when it not only does day-to-day running such as commodity purchase,but also engage in market development activities such as advertising and promotion?What’s relationships between the retailer′s financial status and delayed payment?It is well known that risk preference will affect purchasing strategies if taking no account of promotional effect.However,how does risk preference influence the retailer’s operational strategies,when it needs to carry out daily operation and market development activities simultaneously?In this paper we consider a decision-making problem of a retailer,who is risk averse and confronted with capital constraints,and needs to conduct simultaneously commodity purchasing(day-to-day operation)and promotion effort(market development).To begin with,as a benchmark,we discuss the optimal strategies in the case of fund sufficiency,i.e.,no budget constraint exist.Then,we construct a constrained optimization model based on the CVaR method,in which the retailer maximizes its CVaR subject to a series of budget constraints,e.g.,all funds used are not greater than sum of initial and financing funds,and fund in delayed payment is not greater than one for the commodity purchase.In the following,we use K-T condition approach to find out the solutions to the model.In this process,two

关 键 词：库存管理 促销管理 延迟支付 风险厌恶 

分 类 号：F224[经济管理—国民经济] F274