供应不确定与产品价格竞争下供应链运营与融资决策研究

Achieving market competitive advantage and effectively managing risks are the key factors that determine the repayment ability and risk-based decision-making of debt-financed enterprises in a supply chain. However, the existing theoretical works mainly focus on the operational and financial decisions in a single-channel supply chain framework with demand uncertainty, but pay little attention to some key factors, such as supply risk and market competition. Some important problems have not been solved, for example, how market competition affects trade credit line. Motivated by these, this project aims to explore the operational and financial strategies of supply chains in the presence of supply uncertainty and product price competition under different financing modes. The main research contents include: (1) exploring the optimal wholesale price, inventory, retail price, supplier selection and interest rate decisions under bank credit, when the bank capital market is imperfect and when the bank controls its risk, respectively; (2) exploring the optimal wholesale price, inventory, retail price and supplier selection decisions when different suppliers provide trade credit to the capital-constrained manufacturer; (3) exploring the optimal wholesale price, trade credit line, inventory, retail price and supplier selection decisions under both bank credit and trade credit, when suppliers determine trade credit lines and when the capital-constrained manufacturer strategically defaults, respectively. More importantly, the project aims to theoretically explore why the bank credit and trade credit coexist in practice. This project can enrich the theoretical system of supply chain finance, and provide theoretical support for scientific decision-making of supply chain enterprises.

获得市场竞争优势、有效管理风险是影响供应链中债务融资企业还款能力与风险决策的关键因素。当前的理论研究以需求不确定时单渠道供应链运营与融资决策为主，较少考虑市场竞争和供应风险等关键因素；一些重要问题尚未解决，如市场竞争如何影响商业信用授信等。鉴于此，本项目旨在研究存在供应不确定与产品价格竞争的供应链在不同融资方式下运营与融资策略。主要研究内容包括：（1）在银行融资下，分别研究银行资本市场不完美和银行风险控制时供应链批发价、库存、零售价、供应商选择和利率决策；（2）在商业信用下，研究不同供应商提供商业信用时供应链批发价、库存、零售价和供应商选择决策；（3）在银行融资和商业信用同时可用下，分别研究商业信用额度控制和制造商策略性违约时供应链批发价、信贷额度、库存、零售价和供应商选择决策；进而在理论上探究银行融资和商业信用共存的原因。项目成果能够完善供应链金融理论体系，为供应链企业决策提供理论支撑。

随着市场竞争的加剧以及各种不确定性的增加，供应链企业，特别是面临资金约束需要融资的企业，如何通过科学决策在竞争中获得优势、如何有效管理风险成为重要问题。本项目围绕资金约束、产品市场（渠道）竞争、供应与需求不确定性等关键因素，研究了供应链企业如何制定最优的运营与融资策略及供应链效率提升策略。具体地：在供应链内外部融资下供应链运营与融资决策方面，研究了多重不确定下零售商存在策略性违约行为时的银行库存融资问题，分析了零售商的策略性违约行为对其库存订购、质押与融资决策的影响；研究了提前支付融资、股权融资下的供应链运营与融资决策问题，对比了两种模式下的供应链策略与效率，分析了供应链成员对两种融资模式的偏好；研究了商业信用融资下供应链引入易货交易时的运营与融资决策问题，分析了易货交易在供应链金融中的价值。在产品价格竞争下供应链决策方面，研究了搭便车提升消费者质量感知下双渠道供应链运营决策问题，分析了搭便车的信息价值对供应链产品价格竞争、产品质量与服务的影响；研究了引入退货窗口策略下供应链销售渠道与运营决策问题，揭示了退货窗口与供应链渠道策略的交互及其对价格竞争的影响。在不确定环境下供应链决策与效率方面，研究了引入易货交易时供应链决策问题，分析了易货交易提升供应链效率的价值及对供应链成员利润的影响；研究了状态型公平关切下的供应链决策问题，分析了供应链成员的状态型公平关切对供应链决策和效率的影响；研究了需求不确定下考虑低碳广告效用的低碳供应链决策与协调问题，分别分析了批发价格合同和期权与成本分担组合合同下碳减排与低碳广告之间的交互作用及其对供应链决策与效率的影响。.基于项目取得的部分成果，在IJPE、TRE、CIE、ITOR等SCI/SSCI检索期刊上共发表学术论文8篇。本项目的研究成果丰富了供应链金融与供应链管理的相关理论，为供应链企业科学决策、缓解资金约束、获得竞争优势、管理风险提供了理论依据与管理启示。