考虑供应商产品交付水平的供应链融资策略研究

doi:10.16381/j.cnki.issn1003-207x.2020.0572

摘要/Abstract

摘要： 供应商产品的交付水平直接影响下游制造商的生产，但是这种现象没有得到供应链金融研究的重视。为此，本文将供应商交付水平和供应链的运营融资问题结合起来研究。在考虑供应商产品交付水平的情况下，通过研究资金不足的供应商分别利用制造商预付款融资和风险投资方股权融资时，供应商的最优运营决策和融资策略，最后考虑了供应商对两种融资方式的选择。研究结果表明，供应商的自有资金水平对供应链均衡决策及其收益影响很大，有限的自有资金严重制约了供应商产品的交付水平，降低了供应链的运作效率；不管是资金充足，还是选择融资，供应商的利润不仅与自身的运营效率有关系，而且与替代供应商产品的批发价格有很大关系，当供应商的运营效率较低时，供应商的利润随着替代供应商产品的批发价格先增大后减小，当供应商运营效率较高时，供应商的利润随着替代供应商产品的批发价格逐渐增大。当供应商进行融资时，若自有资金水平较低，应通过股权融资的方式进行融资，若自有资金水平较高，供应商应该选择制造商预付款的方式进行融资，若自有资金量超过预付款融资时供应商所需资金的阈值时，供应商选择不融资。

关键词: 资金约束, 交付水平, 预付款融资, 股权融资

Abstract: In order to reduce production costs, many manufacturers purchase products from small and medium-sized suppliers. Small and medium-sized suppliers usually can only deliver product orders at a certain delivery level, and the product delivery level of supplier directly affects the production of downstream manufacturers, but this phenomenon has not been paid much attention to by supply chain finance. Therefore, the supplier delivery level and the operation financing of the supply chain are studied, and the supplier delivery level is considered as a decision variable. By studying the optimal operation decision and financing strategy of the suppliers when the suppliers with insufficient funds use the advance payment financing of manufacturer and the equity financing of venture investors respectively, the suppliers’ choice of the two financing methods is finally considered. The results show that the level of self-owned funds of suppliers has a great influence on supply chain equilibrium decision and its benefits. Whether the supplier has sufficient capital or chooses financing, the profit of the supplier is not only related to its own operational efficiency, but also greatly related to the wholesale price of the products of the alternative supplier；When the operating efficiency of the supplier is low, the profit of the supplier increases first and then decreases with the wholesale price of the products of the alternative supplier, and when the supplier operation efficiency is high, the supplier’s profit as the alternative suppliers products wholesale prices increased gradually; When the supplier conducts financing, if the level of self-owned capital is relatively low, it should adopt the method of equity financing; if the level of self-owned capital is relatively high, the supplier should choose the method of advance payment by the manufacturer for financing. If the amount of self-owned funds exceeds the threshold value of funds required by the supplier in case of prepayment financing, the supplier chooses not to finance.

Key words: capital constraint, delivery probability, advance payment financing, equity financing

中图分类号:

C939
F272.3

牛攀峰，侯文华. 考虑供应商产品交付水平的供应链融资策略研究[J]. 中国管理科学, 2021, 29(10): 70-83.

NIU Panfeng, HOU Wenhua. Research on Supply Chain Financing Decision Considering Supplier Product Delivery Level[J]. Chinese Journal of Management Science, 2021, 29(10): 70-83.

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