面向资金约束供应商的供应链融资策略研究

Due to capital constraints, when suppliers are unable to achieve their optimal operational decisions to meet market demand, downstream enterprises have to be confronted with supply risks and thereby the benefits of supply chain system may be hurt. This research focuses on the supply chain internal and external financing strategies for suppliers under capital constraints. The main content includes the following: firstly, study the supply chain internal financing strategy of suppliers provided by retailers, i.e., analyze the interaction between the advance payment strategy of retailers and the operational decision of suppliers under random market demand, and explore impact of suppliers' initial capital, financing costs, competition of external market and other factors on the internal financing efficiency and profitability of supply chain systems; secondly, investigate the externalization strategy of supply chain internal financing, i.e., design mixed-strategy of supply chain internal financing and external financing by considering the external financing services of banks and other financial institutions, and put forward supply chain coordination mechanisms and analyze strategies for benefits redistribution and financing risk control; finally, case studies and empirical analysis are conducted to verify theoretical results. From the research, the supply chain internal advance payment financing strategy and its external strategy will provide a theoretical foundation and practical guidance for Chinese enterprises, especially small micro suppliers to alleviate capital constraints and enhance the overall competitiveness of the supply chain.

当供应商因资金约束而无法实现其满足市场需求的最优运营决策时，供应链下游企业会面临供应风险，进而影响供应链系统的效益。本课题拟研究面向资金约束供应商的供应链内部融资策略及其外部化策略，主要研究内容包括三个方面：一是研究零售商向供应商提供的供应链内部融资策略：在随机市场需求下分析零售商的提前支付策略和供应商的运营决策之间的交互关系，分别探讨供应商的自有资金、融资成本、外部市场竞争度等因素对供应链内部融资效率及供应链系统盈利能力的影响；二是研究供应链内部融资的外部化策略：通过引入银行等金融机构的外部融资服务，设计供应链内部融资和外部融资的混合模式，提出相应的供应链协调和利益再分配机制以及融资风险控制策略；三是通过案例研究与实证分析验证所得的结论。本课题提出的供应链提前支付内部融资策略及其外部化策略，能够为我国企业特别是小微型供应商缓解资金约束问题和提升供应链整体竞争力提供理论依据和实践指导。

本项目以面向资金约束供应商的供应链融资问题为研究对象，全面分析了资金约束供应链的融资模式与融资机制；系统地探讨了供应商的自有资金、融资成本、外部市场竞争度等因素对供应链内部融资效率及供应链系统赢利能力的影响；设计了供应链内部融资和外部融资的混合融资机制，得到了混合机制下银行、核心企业、成员企业的风险分担策略；在供应与需求双随机条件下，提出了供应链预订融资和运营策略，揭示了预订的融资功能和风险显示功能；在此基础上，研究了存在外部竞争时的供应链融资外部性问题，得到了供应链内部融资外部化和外部融资内部化的策略。在EJOR、JORS、Omega、IJPE（3篇）、IJSS、TEDE、ASMBI、《管理科学学报》、《系统工程理论与实践》等国内外核心期刊上总计发表了30篇学术论文；项目组成员参加了INFORMS、MSOM和POMS等管理科学国际顶级学术会议；项目培养了4名博士和多名硕士。