供应链金融动态折扣模式演进过程与最优决策

doi:10.16381/j.cnki.issn1003-207x.2023.0013

Abstract

Abstract:

Supply chain finance can help small and medium-sized enterprises（SMEs） to improve the shortage of funds. Dynamic discounting（DD） as an innovative model of supply chain finance， can promote the coverage of supply chain funds to more SMEs. DD program refers to a dynamic settlement that utilizes the visibility of the trade process provided by the platform and enables suppliers and buyers to reach an agreement on a fixed daily discount on the nominal invoice value， finally realizing a “customized” application of early payment discounts. Comparing dynamic discounting programs based on business chain， hub network and digital ecology， the influence mechanism of this new supply chain finance model is revealed to improve funds shortage of more than one small and medium-sized enterprises. The main decision parameters in this paper include dynamic discount rate dd， early payment time ep（t）， and Working capital liq. There are differences in decision parameters in different stages. The decision parameters in the business chain mode are dd and ep（t）， and the decision method is bargaining game； the decision parameter in the hub network mode is dd and liq， and the decision method is expected profit distribution； the decision parameter in the digital ecological mode is dd， ep（t）and liq， the decision method is based on the buyer's benchmark profit， supplier's best profit. It is found that in the first two stages， discount rate are relatively close， while those in digital ecological mode have an inflection point when the buyer’s working capital cost exceeds the bank financing cost. In addition， the amount of working capital will affect participants’ profits， and the impact in hub network mode is higher than in digital ecological mode. Moreover， there are differences in the optimal early payment time among the three stages， in business chain mode the optimal early payment period will not change with the discount rate and working capital， but in digital ecological mode this value is related to both the two parameters， in hub network mode there is no optimal early payment period. Finally， with the dynamic discounting program developing to a higher stage， participants can enjoy a more profitable multi-lateral relationships， and efficiency of the supply chain finance has also been significantly improved.

Key words: supply chain finance, dynamic discounting, evolution process, working capital, digital ecology

CLC Number:

F425

Xiaoye Yang,Xueqin Hu,Hua Song. Evolution Process and Optimal Decision of Dynamic Discounting Program in Supply Chain Finance[J]. Chinese Journal of Management Science, 2026, 34(3): 159-169.

Figures/Tables 9

参数	描述
$r s$	供应商单日单位资金的银行短期贷款利率
$y 0$	核心企业买方单日单位资金的银行短期存款利率，且 $y 0 < r s$
G	标准票面周期，G>0
$π b 营运$	1个核心企业买方通过营运资金还款所获得的利润
$π b 混合$	1个核心企业买方通过营运资金和银行融资混合资金还款所获得的利润
$π s$	1个中小企业供应商所获得的利润
$N$	N个中小企业供应商
$e p (t)$	核心企业买方的提前还款天数，决策变量
$v n$	订单发票的票面价值
$r b$	核心企业买方的单日单位资金的银行短期借款利率，且 $r b < r s$
$t$	付款时间 $t ∈ [0, G]$
$Π b 营运$	1个核心企业买方在一个票据周期内，通过营运资金还款所获得的期望利润
$Π b 混合$	1个核心企业买方在一个票据周期内，通过营运资金与银行融资混合资金还款获得的期望利润
$Π S$	1个中小企业供应商所获得的期望利润
$l i q$	核心企业买方投入动态折扣中的营运资金量，决策变量
$d d$	日折扣率，决策变量

动态折扣的不同阶段	基于业务链的动态折扣阶段	基于枢纽网的动态折扣阶段	基于数字生态的动态折扣阶段
示意图
决策方式	讨价还价	期望利润均分	基于买方基准利润下，供应商利润最优
决策变量	$d d $ , $e p (t) $	$d d *$ , $l i q$	$d d $ ， $l i q$ ， $e p (t) $
遇到问题	中小企业供应商数量增加，讨价还价成本过高	核心企业买方营运资金有限，无法确定最优还款时刻	——
改进方式	通过利润平等分配预测关键参数代替多轮讨价还价博弈	接入营运资金信息匹配平台	——

参数	取值	参数	取值
liq	50000000元	G	90天
y₀	0.0023%（年利率1.0%）	v_n	250000元
r_b	0.0083%（年利率3.0%）	N	200个
r_s	0.0276%（年利率10.0%）	$θ$	1/90

	业务链阶段		枢纽网阶段				数字生态阶段
	讨价还价确定的dd*		效用最大确定的dd*				效用最大确定的dd*
dd（%）	1个买方实际利润（元）	1个供应商实际利润（元）	1个买方期望利润（元）		N个供应商期望期望（元）		平台中1个买方最优利润（元）（ $e p (t) 3 *$ ）		平台中N个供应商最优利润（元）（ $e p (t) 3 *$ ）
dd（%）	1个买方实际利润（元）	1个供应商实际利润（元）	liq最小（vn*(1-ddG)）时	liq充足时	liq最小（vn*(1-ddG)）时	liq充足时	liq最小 (0)时	liq充足时	平台中N个供应商最优利润（元）（ $e p (t) 3 *$ ）
0.0023	0	5679.6	0	0	12621.2	574704.3	-134506.1	0	1135930.1
0.0058	790.2	4872.5	1756.1	79808.1	10828.1	493753.6	23745.1	135494.1	974517.0
0.0067	993.1	4665.1	2206.9	100312.3	10367.2	472937.7	64438.2	198624.2	933011.2
0.0089	1489.2	4157.7	3309.2	150431.4	9239.0	422053.3	163910.1	297829.3	831552.6
0.0111	1985.1	3650.4	4411.4	200550.4	8112.2	371170.4	263383.2	397034.2	730092.2
0.0136	2548.8	3074.0	5664.1	257504.2	6831.1	313348.7	376419.4	509767.6	614798.7
0.0146	2777.3	2840.4	6165.1	268645.2	6318.7	299843.2	421634.5	554860.6	568680.9
0.0148	2819.3	2797.2	6265.3	284842.2	6216.2	284842.2	430677.7	563878.6	563878.6
0.0223	4510.3	1067.8	10023.1	455704.4	2373.0	112127.8	769787.2	902077.2	213573.2
0.0256	5254.4	306.9	11676.5	530883.5	682.1	35801.9	918995.3	1050880.0	61384.3
0.0269	5524.9	0	12327.8	558221.1	0	0	977774.2	1109510.1	0

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Evolution Process and Optimal Decision of Dynamic Discounting Program in Supply Chain Finance

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