With the rapid development of economic globalization, the global retail industry is undergoing a great change. The rapid expansion in retailers' size and the relative concentration in the retail market have been significantly improved, and the traditional supply chain dominated the past challenges. In response to these changes, companies need to prepare more working capital. However, in practice, companies often face a shortage of capital. With a capital constraint, a retailer fails to procure or order optimally, which not only influences the profitability, but also harms the competitiveness of the upstream suppliers.
Therefore, it's critical for retailers to figure out a way to solve the problem of insufficient capital. Meanwhile, the supply chain financing appears. As a new financing tool, the supply chain financing has received extensive attention in corporate finance area. However, a majority of the current literatures focus on the optimal ordering decision assuming the retailer is risk-neutral. Other literatures focus on the optimal order decision assuming the retailer has no capital constraint. In fact, market risk and capital risk are very common in practice.
Based on the practice, two interesting questions arise, that is, how does a risk-averse retailer decide ordering strategies to alleviate the capital constraint and how does a retailer's decision affect the expected supply chain profit and further realize the coordination of supply chains. To answer the two questions, a two-echelon supply chain system consisting of one risk-neutral manufacturer and one risk-averse retailer is considered. Using classical loss-aversion measurements, the supply chain financing model is established. By adopting the backward induction and linear optimization method, the retailer's optimal order decision is solved and then the optimal proportion of financing cost-share of the supply chain is analyzed.
The results show that a capital constrained retailer's order quantity increases with their own money, while decreases with the increase of the loss aversion coefficient. The retailer determines the loss aversion coefficient and decreases the quantity of goods as the interest rate increases. To examine the theoretical model, the numerical analysis is used to simulate the corresponding results. Our research can enrich the existing supply chain finance literature and provide insights for core enterprises and banks regarding the supply chain risk management practice.
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