不完全竞争金融市场上供应链保理融资与运营决策  

Operational Decision-making for Supply Chain Factoring in Imperfectly Competitive Financial Market

作　　者：田春英 陈兆波[1] 金逸凡 TIAN Chunying;CHEN Zhaobo;JIN Yifan(School of Economics&Management,Taiyuan University of Science&Technology,Taiyuan 030024,China)

机构地区：[1]太原科技大学经济与管理学院,山西太原030024

出　　处：《物流技术》2024年第5期75-85,共11页Logistics Technology

基　　金：国家社会科学基金(19GBL259);山西省科技战略研究专项(202304031401082)。

摘　　要：银行保理机构与商业保理机构的并存导致了保理融资市场的不完全竞争性,使得保理商成为策略型决策者,通过调整保理融资条款影响融资企业的运营决策。在这一过程中,保理商同供应链成员企业之间将产生复杂的交互行为。通过构建Stackelberg博弈模型,研究了金融市场不完全竞争情形下零售商的最优采购价格、保理商的最优保理利率以及供应商的最优生产数量。讨论了供应商的生产与融资成本以及保理预付款比例对供应链均衡产出水平的影响。在对比分析的基础上得出,虽然有时金融市场的不完全竞争性会损害所有参与方的利益,但当无风险利率、产品生产成本处于特定水平时,金融市场不完全竞争情形下保理商通过适当让渡一定利益,能够使整个供应链融资系统实现较金融市场完全竞争情形更高的产出水平及总体利润。Supply chain financing theory is one of the hottest research directions in the field of supply chain management in the past two decades.The core idea of the theory is to improve the individual member performance and overall performance of the supply chain through joint making of operational and financial decisions.Factoring,as an important means of supply chain financing,has received widespread attention from scholars at home and abroad in recent years.Like with other financing methods,when studying supply chain factoring,most scholars have focused on the pricing,ordering and financing decisions of the supply chain companies based on the assumption of a perfectly competitive financial market.However,in practice,the coexistence of bank factoring institutions and commercial factoring institutions has led to imperfect competition in the factoring market.Factoring agents have therefore become strategic decision makers who could influence the operating strategies of the financing companies by adjusting factoring terms.In view of this situation,targeting at an imperfectly competitive financial market and by constructing a Stackelberg game model,we studied how a factoring agent should set financing rates based on the supplier's reaction strategy,and how a retailer should determine product purchase prices based on the factoring agent's reaction strategy.First,for purpose of reference,we presented the optimal purchase price of the retailer and the optimal production quantity of the supplier under perfect competition in the financial market.Secondly,we looked at the optimal factoring rate of the factoring agent and the optimal strategies of the retailer and the supplier in a financial market under imperfect competition,and analyzed how the equilibrium output level changes with parameters such as supplier production cost and financing cost,etc.Finally,based on the analytical results and the result of a numerical example analysis,we compared the output decisions and performance levels of the supply chain under the above two

关 键 词：不完全竞争金融市场 供应链保理融资 运营决策 

分 类 号：F274[经济管理—企业管理]