渠道竞争环境下电商供应链运营与融资联合决策研究

With the rapid development of e-commerce, the platform-centric e-commerce supply chain has turned into an important organizational structure. Differentiated from the traditional offline supply chain, e-commerce supply chain exhibits characteristics of fierce channel competition, common capital constraint problem, and diversified financing modes. In view of these phenomenon, this project defines three types of channel competition structures: competition between self-operating channel and direct-operating channel, competition between direct-operating channel and franchised-operating channel, competition between franchised-operating channel and self-operating channel. For each competition structure, we focus on capital constraints of the supplier and retailer in an e-commerce supply chain, and investigate each member’s optimal joint operational and financing decisions under traditional bank loan, trade credit, direct platform loan and platform-guaranteed loan, respectively. Then, we make a comprehensive comparison among disparate financing modes, and uncover each firm's as well as the whole supply chain’s preference on the financing mode. Finally, we extend the research content by further taking the firms’ risk and loss aversions into consideration, and analyze the impacts of these behavioral factors on the equilibrium operational and financing decisions and profits of the e-commerce supply chain. This results not only add to supply chain finance and behavioral operations management, but also provide a scientific guidance for the e-commerce supply chain members on how to make joint operational and financing decisions under environment of channel competitions.

随着电子商务的快速推进，以电商平台为核心的电商供应链已经发展成为一种重要的供应链组织形态。区别于传统线下供应链，电商供应链具有销售渠道竞争激烈、资金约束问题普遍以及融资模式多元化的特征。鉴于此，本项目定义了三种渠道竞争结构：自营渠道与直营渠道竞争；直营渠道与专营渠道竞争；专营渠道与自营渠道竞争。针对每种渠道竞争结构，聚焦电商供应链上供应商和零售商的资金约束问题，分别研究传统银行贷款、贸易信用、平台直接贷款和平台担保贷款几种模式下各成员企业的最优运营与融资联合决策。然后，综合比较几种不同的融资模式，揭示电商供应链各成员企业及整体对不同融资模式的偏好。最后，将研究内容进行拓展，进一步考虑企业的风险与损失规避行为，剖析这些行为因素对电商供应链运营与融资均衡决策以及利润的影响。研究结果可以充实供应链金融与行为运作管理的研究理论，为渠道竞争环境下电商供应链各成员企业的运营与融资联合决策提供科学指引。

随着电子商务的快速发展，电商供应链发展为一种重要的供应链组织形态。相较于传统线下供应链，电商供应链聚集了众多中小微企业，因而资金约束更加普遍、市场摩擦愈加严重。同时，借助大数据和云计算等手段，电商供应链为多方机构参与融资服务提供便利，因而呈现出融资模式多元化的特征。已有相关研究对电商供应链关注不足，聚焦于少数几种融资模式，且大都忽略了市场摩擦因素。基于此，本项目以受资金约束的电商供应链为研究对象，探究多元融资策略下供应链运营与融资联合决策，重点解析各类市场摩擦对供应链优化决策与绩效的影响。. 本项目主要研究内容和相关发现分为以下三个部分。首先，考虑B2B类型的电商供应链。针对下游买方受资金约束情形，对比分析银行信贷、贸易信用和卖方担保贷款三种融资模式。研究结论表明：违约成本和机会成本在三种策略之间的抉择上具有决定性的影响；机会成本会制约贸易信用提升供应链绩效的效率，而进一步引入保理可以恢复贸易信用的有效性。针对上游卖方受资金约束情形，考虑电商信贷和银行信贷两种融资模式及基于二者的混合融资模式。研究结论表明：相较于银行信贷，电商信贷具备需求风险分担的功能，因而更受供应商和供应链偏好；在混合融资模式下，银行优先索偿权比电商优先索偿权对供应链绩效更有利。然后，以众筹平台双边的筹资企业和顾客构成的B2C类型电商供应链为研究对象。其中，陷入财务困境的企业以产品预售的方式向顾客获取融资。研究结论表明：经典的预售方案只能缓解重度财务困境企业的融资难题，通过引入“全有或全无”条款或折扣券的改进方式可以拓宽预售的适用范围。最后，考虑渠道竞争环境下的电商供应链，并得到一系列有趣结论。比如，在双渠道供应链结构下考虑下游零售商的资金约束和非对称需求信息，求得最优混合融资策略和信号传递策略。. 项目研究成果丰富了供应链金融、众筹等相关领域的理论内容，同时能够为电商供应链企业的运营管理实践提供理论指引。