贸易信用中账期对供应链上下游及供应链绩效的影响研究  

Study on the influence of payment term in trade credit on upstream and downstream of supply chain and supply chain performance

作　　者：周伟华[1] 林甜甜 胡雨林 代宏砚[2] ZHOU Weihua;LIN Tiantian;HU Yulin;DAI Hongyan(School of Management,Zhejiang University,Hangzhou 310058,China;School of Business,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]浙江大学管理学院,浙江杭州310058 [2]中央财经大学商学院,北京100081

出　　处：《管理工程学报》2024年第5期140-152,共13页Journal of Industrial Engineering and Engineering Management

基　　金：科技部重点研发计划课题(2019YFB1404901);浙江省重点研发项目(2021C01104)。

摘　　要：贸易信用是供应链中上游企业允许下游企业延期支付的供应链内部融资方式。有观点认为供应链下游企业会通过延长账期挤占上游企业的利益,特别是一些处于优势地位的下游,他们不仅延长账期,同时还向上游提供供应链金融服务。针对这一观点,本文构建了含有一个供应商和一个零售商的供应链模型,对比分析了三种供应商资金模式下(自有资金充足、自有资金不足通过银行融资和自有资金不足通过零售商融资)账期对供应链上下游和供应链绩效的具体影响。研究发现:(1)对于供应商和供应链绩效,账期并非越短越好,对于零售商,账期并非越长越好;(2)当供应商资金不足时,相比银行融资,零售商融资会导致账期延长,但这有利于供应链各成员的利润;(3)账期和零售商融资并存有可能让供应链各成员获得更多利润,甚至会比供应商资金充足情况更优。本文的研究有助于厘清贸易信用中账期对供应链成员的收益以及供应链整体绩效的影响,从而有利于供应链金融业务的健康开展。Trade credit is the commercial credit provided by supply chain upstream firms to downstream firms.Through this type of credit,downstream firms can purchase goods without paying cash up front to upstream firms.Instead,this setup allows downstream firms to settle payments at a later scheduled date.Therefore,trade credit can alleviate the capital shortage of downstream firms.In practice,however,trade credit is sometimes criticized as a tool for dominant downstream firms to crowd out the interests of upstream firms.Especially when downstream firms provide supply chain financial services to upstream firms,downstream firms are predicted to extend the payment term deliberately to obtain additional fees for the financial services of supply chains.The extension of the payment term is generally believed to be harmful to upstream firms and benefit downstream firms.Moreover,supply chain finance will aggravate the extent of the payment term extension.Nevertheless,given the increase in capital cost induced by payment term extension,upstream firms would raise the supply price,which would then harm the downstream firms and the overall profits of the supply chain.On the basis of the existing practice of supply chain finance and the doubts about the payment term,this study dialectically analyzes the role of the payment term and its relationship with supply chain finance.We are interested in whether the extension of the payment term is always beneficial to downstream firms,especially when the trade credit and supply chain financing exist at the same time,and whether the downstream firms will crowd out the profits of the supplier through supply chain finance.To answer the above questions,this research considers a supply chain consisting of a retailer and a supplier.The retailer orders products from the supplier and resells them to the market.The retailer would pay for the goods after a certain payment term.As the supplier may lack funds for production,it may borrow from a bank or a retailer.This study establishes three capital model

关 键 词：贸易信用 账期 供应链金融 博弈论 

分 类 号：F273[经济管理—企业管理]