考虑“洗绿”风险的供应商融资策略研究  

Research on Supplier Financing Strategy Considering"Greenwashing"Risk

作　　者：胡雪芹 林雅菲 杨晓叶 HU Xueqin;LI Yafei;YANG Xiaoye(School of Business,Renmin University of China,Beijing 100872;Electronic Commerce College,Luoyang Normal University,Luoyang 471934;Logistics School,Beijing Wuzi University,Beijing 101149)

机构地区：[1]中国人民大学商学院,北京100872 [2]洛阳师范学院电子商务学院,洛阳471934 [3]北京物资学院物流学院,北京101125

出　　处：《系统科学与数学》2024年第10期2937-2950,共14页Journal of Systems Science and Mathematical Sciences

基　　金：中国人民大学2022年度拔尖创新人才培育资助计划成果(23XNH109)资助课题。

摘　　要：文章考虑了下游零售商的“洗绿”风险因素,基于博弈论构建了银行融资、混合融资以及供应商融资三种模型,对比分析了在这三种情况下供应商的融资偏好和零售商的运营决策.研究结果显示:1)从供应商视角来看,不论零售商的“洗绿”风险多大,供应商融资模式始终对供应商最有利.在此模式中,供应商可以根据零售商的“洗绿”风险动态地调整利率,有效地降低潜在的融资风险.2)从零售商视角来看,只有当零售商面临较高的“洗绿”风险时,他们才倾向于选择供应商融资模式.在此模式下,零售商因销售渠道和融资成本的双重竞争,可能会减少订货量并且利润下降.3)在利益冲突方面,由于各方从自身利益最大化出发,供应链参与者无法在融资模式上达成一致意见.为了实现供应链的双赢,供应商可以根据对零售商的“洗绿”风险评估,对高风险零售商的订货量进行限制,以减少零售商间的竞争.This paper considers the"greenwashing"risk of downstream retailers and constructs bank financing,hybrid financing,and supplier financing models based on game theory.It analyzes the financing preferences of suppliers and operational decisions of retailers under these scenarios.The findings are as follows:1)Supplier perspective:Supplier financing is most advantageous when the retailer's greenwashing risk fluctuates within a certain range.In this model,suppliers can dynamically adjust interest rates based on the retailer's risk,reducing potential financing risks.2)Retailer perspective:Retailers are inclined to choose supplier financing only when their greenwashing risk is high.In this model,retailers face dual competition in sales channels and financing costs,leading to reduced order quantities and profits.3)Conflict of interest:From a self-interest maximization standpoint,supply chain participants cannot agree on a financing model.To achieve a win-win situation,suppliers can limit the order quantities of high-risk retailers based on the assessment of greenwashing risks,reducing competition among retailers.

关 键 词：“洗绿”风险 供应链融资 STACKELBERG模型 竞争供应链 

分 类 号：F274[经济管理—企业管理] F832.4[经济管理—国民经济] X322[环境科学与工程—环境工程]