商业研究

商业研究

• 经济学研究 • 上一篇    下一篇

供应商资金约束下双渠道供应链融资选择与定价策略 ——基于期望效用视角的分析

李新军1,2，陈亭亭1   

  1. 1.烟台大学 经济管理学院，山东 烟台 264005； 2.大连理工大学 经济与管理学部，辽宁 大连 116024
  • 收稿日期:2017-03-02 出版日期:2017-07-20
  • 作者简介:李新军（1975-），男，山东沂水人，烟台大学经济管理学院副教授，大连理工大学经济与管理学部博士后，研究方向：应急管理、运作管理、物流与供应链管理。
  • 基金资助:
    国家社科基金资助项目，项目编号：12CGL042；国家自然科学基金资助项目，项目编号：71271039,71372122；烟台大学研究生科技创新基金资资助项目，项目编号：YDYB1710。

Financing Choice and Pricing Strategy of Dual-Channel Supply Chain under the Restriction of Supplier′s Funds: An Analysis based on the Perspective of Expected Utility

LI Xin-jun1,2,CHEN Ting-ting1   

  1. 1. School of Economics and Management, Yantai University, Yantai 264005,China;2. Faculty of Management and Economics, Dalian University of Technology, Dalian 116024,China
  • Received:2017-03-02 Online:2017-07-20

摘要： 随着互联网经济的发展，许多供应商利用互联网开辟了直销渠道，形成了双渠道供应链。本文假设一个供应商与一个零售商组成的双渠道供应链，外部需求随机，供应商面临资金约束而零售商资金充足，从期望效用的视角分别考察外部融资和内部融资两种方下供应商和零售商的最优决策。研究结果表明，直销渠道的零售价会随着供应商风险厌恶程度的增大而降低，批发价根据两者之间的风险厌恶程度来确定，随供应商风险厌恶程度增大而降低，随零售商风险厌恶程度增大而提高，传统渠道的零售价随供应商和零售商的风险厌恶程度增大而降低。面临资金约束的供应商会优先选择零售商提前支付的融资方式，当供应链双方处于非风险厌恶型时最易达成无偿内部融资的“双赢”模式，但无论哪种融资方式都难以达到无资金约束下的最优期望效用。

关键词: 资金约束, 提前支付, 银行借款, 双渠道供应链

Abstract: With the development of the internet economy, many suppliers use the internet to open up direct channels, forming a dual-channel supply chain. For a dual-channel supply chain consisted of a supplier and a retailer, facing random external demand, with the supplier limited funds and the retailer sufficient funds, the paper investigates optimal decision of supplier and retailer under two ways of external financing and internal financing from the perspective of expected utility. The results show that the retail price of the direct channel will decrease with risk aversion of supplier, the wholesale price is determined according to the degree of risk aversion between them, and it decreases with the increase of supplier′s risk aversion and increases with the increase of retailer′s risk aversion,the retail price of the traditional channel decreases with the increase of risk aversion of supplier and retailer.The supplier confronting with capital constraints gives priority to the way the retailer pay in advance, and when the supply chain is in a non-risk aversion, it is most likely to achieve a “win-win” model of unpaid internal financing, but no matter what kind of financing methods are difficult to achieve the optimal expectation without funding constraints.

Key words: capital constraint, advance payment, bank loan, dual-channel supply chain