零售商资金约束下两级供应链的延期支付与协调策略研究  

Study on the Strategy of Delayed Payment and Coordination in the Two-echelon Supply Chain with A Financial-constrained Retailer

作　　者：徐贤浩[1] 曾款 邓恢志 彭红霞[3] XU Xianhao;ZENG Kuan;DENG Huizhi;PENG Hongxia(Management School,Huazhong University of Science&Technology,Wuhan 430074,China;Management School,Wuhan Textile University,Wuhan 430200,China;Business School,Hubei University,Wuhan 430062,China)

机构地区：[1]华中科技大学管理学院,湖北武汉430074 [2]武汉纺织大学管理学院,湖北武汉430200 [3]湖北大学商学院,湖北武汉430062

出　　处：《运筹与管理》2023年第5期85-91,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71971095,71821001,71620107002);湖北省高等学校人文社会科学重点研究基地-企业决策支持研究中心(DSS20220604)。

摘　　要：本文研究了随机需求下两级供应链的延期支付问题,其中供应商作为主导者将首先设置延期支付利率,而受资金约束的零售商作为追随者将根据利率来确定订货量。通过构建Newsvendor模型对供应链各成员的利润进行了分析,并基于Stackelberg博弈研究了两级供应链下的延迟支付策略,得到了零售商的最优订货量及供应商的最优利率。此外,我们还研究了延期支付条件下的供应链协调问题,分别探讨了产品回购契约和收益共享契约下的供应链协调。研究结果表明:只有当供应商设置的利率低于特定阈值时,受资金约束的零售商才会采用延期支付,否则零售商会将全部初始资金用于采购而不采用延期支付;在延期支付条件下,提高利率将导致零售商订货量减少,并且供应商设置的利率不会随零售商的初始资金增大;延期支付只能部分协调供应链,同时在延期支付条件下,通过产品回购契约无法实现供应链的完全协调;在延期支付条件下,存在关于收益占比的帕累托改进区间,使得收益共享契约在该区间内能够实现供应链协调。最后,我们通过数值实验对研究结论进行了验证。Delayed payment belongs to supply chain finance and is a financing tool widely-used in retailing,wherein suppliers grant credits for a specified time,and retailers should fulfill the repayment within the limited period.Delayed payments can increase sales for suppliers,resulted from the increased orderings amount by capital-constrained retailers,but they bring non-payment risk,due to the transferred demand uncertainty.For the sake of risk aversion,suppliers usually set interest rates for delayed payments.In this paper,we consider that a retailer purchases products from a supplier,but faces capital-constrained problem.The supplier would announce the interest rate for delayed payments,and then the retailer decides her ordering amount.After the demand is realized,the retailer repays the debt if her revenue is sufficient,otherwise she declares bankruptcy after repaying her entire realized revenue.In the process,there are three questions:1)How will the supplier determine the interest rate contingent on the retailer’s financial constraints?2)When will the retailer prefer delayed payments for purchase,and how about her ordering decision based on the interest rate?3)Does delayed payment achieve the supply chain coordination,if not,how to coordinate the supply chain with contracts?Our study considers a two-echelon supply chain consisting of a supplier and a financial-constrained retailer under demand uncertainty and constructs a Stackelberg game model to analyze the supplier’s optimal interest rate for delayed payment and the retailer’s optimal strategy on ordering and payment.In addition,we investigate the supply chain coordination under delayed payment,and two contracts,including buy-back contract and revenue-sharing contract,are employed to coordinate the supply chain.Specifically,we adopt backward inductionto solve the problem and consider two scenarios wherein the retailer purchases with her own capital or the delayed payment.First,we derive the retailer’s optimal order quantity,conditional on a given interest

关 键 词：资金约束 延期支付 供应链协调 随机需求 STACKELBERG博弈 

分 类 号：C931[经济管理—管理学] F830.9