考虑供应链关联度的成长型企业债权融资策略研究  

Debt Financing Model of Growth Enterprise with theConsideration of Degree of Centralization

作　　者：卢祥远 吴志樵[1] LU Xiangyuan;WU Zhiqiao(School of Management Science and Engineering,Dongbei University of Finance and Economics,Dalian 116025,China)

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

出　　处：《运筹与管理》2024年第1期184-190,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(72172027);辽宁省教育厅基本科研项目(JYTQN2023167)。

摘　　要：针对由上游一个核心供应商和其下游一个资金受限、但具备一定成长潜力的零售商组成的两级供应链,考虑介于完全独立和完全集中之间的供应链运营结构,以及债权融资中常见的两种融资策略:银行信用融资、商业信用融资,通过建立斯塔克尔伯格博弈模型,探讨了零售商的成长潜力和供应链上下游关联度对供应商和零售商融资决策的影响。研究指出,上下游关联度较低时,供应商的决策随关联度的上升而下降、零售商的决策随关联度的上升而上升;上下游关联度较高时,零售商的决策随关联度的上升而下降;此时,在银行信用融资下,供应商的决策是离散的,并主要受到关联度和银行授信利率的影响;在商业信用融资下,供应商的批发价格决策始终为单位产品市场售价。此外,考虑供应链关联度的成长型企业最优融资策略始终为商业信用融资。最后通过数值分析验证了结论。Capital constraint plays a key role when it comes to managing firms’operations,particularly for enterprises with certain growth potential in the demand market.Evidence shows that many capital-constrained growth enterprises went bankrupt due to the incorrect choice of financing,for example,Luckin Coffee,which rapidly expanded in the consume market.Most of its retail divisions faced financial constraints and financing options when expanding a potential market,which greatly affected the development of Luckin Coffee.However,there are also enterprises such as Alibaba Group,Xiaomi Corporation,which have succeeded through adopting reasonable financing strategies in the process of market expansion.For example,“ele.me”in Alibaba Group quickly expanded the potential demand of food delivery service in catering market through financing.With the same business that expands the market through financing,why do some enterprises succeed while others fail?In addition,with the rapid development of platform economy and business ecosystem,and the success of businesses such as Alibaba and Xiaomi,there has been a certain degree of centralization between upstream and downstream enterprises in the supply chain.The operation structure of supply chain has gradually become more flexible,presenting an operational structure between complete decentralized and complete centralized,which affects the decision-making of enterprises in the supply chain.Therefore,to discover the reasons for such practices and give managerial insights into financing strategies in the context of market expansion,this paper investigates the financing issues faced by capital-constrained growth enterprise,particularly those of their financing equilibrium between bank credit financing and trade credit financing with the consideration of degree of centralization.With respect to a two-echelon supply chain comprised of a core supplier and a capital-constrained retailer with a certain level growth potential,this paper analyzes the impact of retailer’s growth potential

关 键 词：供应链金融 成长型企业 债权融资 供应链关联度 

分 类 号：TP311.5[自动化与计算机技术—计算机软件与理论]