营改增背景下考虑双向期权柔性订购契约的供应链信用融资决策研究  

Supply chain credit financing decision-making based on bidirectional option flexible ordering contracts under the background of business tax replaced with value-added tax reform in China

作　　者：王良[1] 金玉潇 熊贤艳 WANG Liang;JIN Yuxiao;XIONG Xianyan(School of Economics and Management,Xi′an University of Technology,Xi′an 710048,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710048

出　　处：《管理工程学报》2024年第5期66-80,共15页Journal of Industrial Engineering and Engineering Management

基　　金：国家社会科学基金项目(20XGL003)。

摘　　要：本文针对营改增背景下考虑双向期权柔性订购契约的供应链信用融资决策问题进行研究。首先,本文明晰了考虑双向期权柔性订购契约的供应链两阶段信用融资模式,其次采用逆推法,建立营改增前后供应链各主体在不同信用融资模式下的最优决策模型,并对模型中期权执行价格、税率等决策参数之间的关系进行了探讨,最后通过仿真分析对比研究营改增前后供应链各主体的最优决策变化以及营改增政策对供应链融资均衡的影响。研究发现,双向期权价格、看涨期权执行价格的增加均会使零售商的订购数量减少;看跌期权执行价格对零售商订购数量的影响则相反。增值税进项税额抵扣机制减轻了生产商提供双向期权柔性订购契约的税负压力;营改增后的生产商信用融资模式下,增值税率的变化不会直接影响零售价格及零售商双向期权订购方式下的订购数量;当零售商采用双向期权柔性订购契约时,生产商信用融资模式较银行信用融资模式更具成本优势。Bidirectional options,as an effective model of soft ordering mechanism,can provide supply chain members with greater ordering flexibility to deal with changing market demands than traditional options.However,whether a unilateral option or a bidirectional option is chosen,the option fee incurred by this subscription method increases the financial pressure on the retailer and provides a source of revenue for the supplier.According to the specific requirements of Chinese current tax reform policy,if supply chain members carry out business activities through credit financing and bidirectional options,they are required to pay value-added tax(VAT)instead of business tax(BT)under both models,which will change the tax cost of such business patterns and the decision-making results of supply chain subjects.Therefore,clarifying the mechanism of action among decision parameters such as the price of two-way options,option strike price,and tax rate when introducing the flexible contract mechanism of two-way options in the supply chain before and after the reform,as well as the equilibrium situation of financing and optimal decision changes of supply chain members under different credit financing methods,is an issue in supply chain management.In this paper,a secondary supply chain consisting of an upstream manufacturer and a downstream retailer is studied for supply chain credit financing decisions based on bidirectional option flexibility contract under the background of BT replaced with VAT reform in China.Firstly,a two-stage credit financing model for supply chains based on the bidirectional option flexible contracts is constructed.Whereby the implementation strategies of supply chain entities under this model are further clarified,and the methods of determining taxable amounts in supply chains under the sales tax system and VAT system are clarified.Next,the after-tax revenue function of the retailer is determined,according to which the optimal decision model of each subject in the supply chain under the two credit financing

关 键 词：营改增 双向期权 柔性 信用融资 供应链 

分 类 号：C93[经济管理—管理学]