考虑零售商支付策略的供应链贸易信贷契约及其效率评价研究

Trade credit is a core corporation’s loan to the capital-constrained. It aims to optimize the operation cost of a supply chain. Thus trade credit is often viewed as a self-financing behavior. It has been becoming a crucial tool of the financial innovation to credit crunch and financing predicament faced by numerous small and medium-size enterprises. Utilizing the payment strategy of the capital-constrained retailer as a breakthrough point, the project attempts to fully study the trade credit contract and evaluate the efficiency of a supply chain. By depicting the influence mechanism of payment strategy under different trade credit financing situations, the project builds a one-stage static financing and order model based on the newsvendor model for a simple supply chain, which contains a supplier, a capital-constrained retailer and a consumer. Further, the project explores the design of multi-level trade credit contract under a complicated supply chain. The project first depicts the quantitative features including the retailer’s dynamic payment type, repayment situation, multi-stage relation mechanism, the retailer’s price game and market demand under a complicated supply chain with multi-level trade credit contract. Then the project builds a multi-stage financing and order model. By solving the global optimization solution set, the project gets the multi-stage trade credit contract. Moreover, the project designs the evaluation indicators with the financing cost and risk factor and uses them to evaluate the efficiency of a supply chain. The project applies these results to the practices of financing and order decision to develop the theory and method in the fields of supply chain financing.

供应链贸易信贷是以核心企业主导供应链资金的可得性并实现成本优化的自偿性贸易融资行为，它已成为当前积极应对信贷紧缩以及破解中小企业融资困境的重要金融创新工具。本项目以资金约束零售商支付策略为切入点，系统研究供应链贸易信贷契约及其效率评价问题。通过准确刻画不同贸易信贷融资情境中资金约束零售商支付策略的影响机理，构建基于报童模型的简单供应链一阶段静态贸易信贷融资订购决策模型；进而将研究拓展至复杂供应链多级动态贸易信贷契约，在定量表述动态贸易信贷融资订购中零售商支付策略类型、偿贷情形、关联机制、价格博弈以及市场需求动态变化特征的基础上，建立复杂供应链多阶段贸易信贷融资订购决策模型，求解全局最优决策变量集获得泛化的多级贸易信贷契约；并综合融资成本与风险因素设计供应链效率评价指标，开展贸易信贷契约的效率评价，并将研究成果应用到供应链贸易信贷融资订购决策实践，促进现代供应链金融理论和方法的创新与发展。

供应链贸易信贷是一种以核心企业主导供应链资金的可得性并实现成本优化的自偿性贸易融资行为。中小企业由于难以跨越金融机构的信贷门槛，现实中长期饱受融资困扰，极大制约了供应链运作效率的提高。在当前金融机构依然采用传统信贷制度和信贷技术的融资背景下，从供应链本身来寻求合理有效的融资模式已成为了当今供应链管理领域中最具紧迫性和挑战性的问题之一。本项目以资金约束零售商支付策略为切入点，系统研究供应链贸易信贷契约及其效率评价问题，并将研究成果应用到供应链贸易信贷融资订购决策实践，促进现代供应链金融理论和方法的创新与发展。具体涵盖以下三方面：一是，设计资金约束零售商不同支付策略下的供应链最优融资订购契约。包括：在需求不确定条件下研究提供贸易信贷供应商的柔性贸易信贷契约设计。分析了外部股权和债权融资对于带有资金约束零售商的供应链最优融资订购决策的影响，讨论了不同融资条件下博弈竞争的演化均衡。将贸易信贷延迟支付期限考虑成为一个决策变量，在此基础上分析延迟支付期限对于带有资金约束零售商的供应链定价决策的影响。二是，在不同的供应链背景下，探讨供应链最优融资订购联合决策问题。包括：研究两级供应链中资金约束零售商的最优广告和订购决策。在不同融资策略下，分析供应商和受资本约束的零售商作为损失规避决策者的最优决策。三是，尝试在双渠道及闭环供应链背景下，研究供应链的最优融资订购及定价决策问题。包括：在双渠道供应链背景下，比较对称和不对称信息条件下的最优决策，研究信息不对称对于利润分享合同设计以及供应链绩效的影响。在闭环供应链中，建立涵盖制造、再制造以及运输过程中的碳排放约束的库存成本模型。.本项目以资金约束零售商支付策略为切入点，建立涵盖供应链运营实践和信贷融资约束的决策模型，一定程度上丰富了供应链融资决策的理论和方法，对于科学指导供应链金融管理实践，促进现阶段金融创新的发展具有重要的理论和现实意义。