考虑税收因素的供应链融资策略研究  

Supply Chain Financing Strategy with the Consideration of Tax

作　　者：卢祥远 吴志樵[1] 殷勇[2] LU Xiang-yuan;WU Zhi-qiao;YIN Yong(School of Management Science and Engineering,Dongbei University of Finance and Economics,Dalian 116025,China;Graduate School of Business,Doshisha University,Kyoto 6028580,Japan)

机构地区：[1]东北财经大学管理科学与工程学院,辽宁大连116025 [2]同志社大学商学院,日本京都6028580

出　　处：《运筹与管理》2022年第7期139-145,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(72172027)。

摘　　要：针对由处于不同税区的一个资金受限零售部门和一个制造部门形成的两级供应链,考虑税率差异带来的节税机制,通过建立斯塔克尔伯格博弈模型,分析了税收因素对银行信用融资和商业信用融资下供应链中各融资参与主体的最优决策、融资策略和供应链协调的影响。研究指出,当零售部门具备税率优势时,最优融资策略为银行信用融资;当制造部门具备税率优势且优势较大时,最优融资策略为商业信用融资,反之为银行信用融资。此外,供应链协调程度随制造部门税率优势的增大而增加。文中通过数值分析检验了相关结论,相关研究结论对税收秩序深刻调整背景下供应链中资金受限部门融资策略的选择具有一定借鉴意义。With respect to a two-echelon supply chain comprised of a capital-constrained retail division and a manufacturing division with different tax rate,this paper analyzes the impact of taxation factor on the optimal decision-making,financing equilibrium and supply chain coordination of the supply chain under bank credit financing and trader credit financing.By a Stackelberg game model with the consideration of tax savings,the study finds that:when the retail division has tax advantages,the optimal financing strategy is bank credit financing;when the manufacturing division has tax advantages higher than a threshold,the optimal financing strategy is trade credit financing,and vice versa.In addition,the degree of supply chain coordination increases with the tax advantage of manufacturing division.Further,this paper carries out some numerical examples to illustrate the results.The relevant conclusions are fundamental to the financing strategies choice for capital-constrained divisions in supply chain under the background of the profound adjustment of tax policies.

关 键 词：税率差异 银行信用 商业信用 融资策略 供应链协调 

分 类 号：TP311.5[自动化与计算机技术—计算机软件与理论]