基于收益共享机制的线上供应链金融最优均衡策略研究
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摘要
线上供应链金融参与各方可共同搭建一个联盟链,构成新的复杂生态系统,对参与各方的交易关系进行了重塑,形成了具有联动性的多重博弈关系。本文通过风险节点的识别,揭示了线上供应链金融中的多维委托代理关系及博弈决策机制;同时引入二级供应链上的收益共享契约、差额还款契约对供应链协调下的多维决策均衡的存在性及唯一性进行了研究;分析了在信贷约束下零售商面临的不同融资选择及在不同选择下实现供应链协调时的最优订货批量及收益共享系数,并对联动的融资平台的风险定价策略、第三方仓储企业的行动选择及期望收益进行了探讨;根据参与各方竞合关系的演变对后期利益分配系数的调整问题进行了讨论。以上研究表明:线上供应链金融参与各方的多维博弈存在唯一的决策均衡,收益共享机制可实现供应链协调,在该决策均衡下参与各方均实现了收益增加。
All parties involved in online supply chain finance can jointly build a coalition chain to form a new complex ecosystem,reshaping the trading relationships of all parties involved,and forming a multi-game relationship with linkage. This paper reveals the multi-dimensional principal-agent relationship and game decision-making mechanism in online supply chain finance through the identification of risk nodes. At the same time,it studies the existence and uniqueness of the multi-decision equilibrium under the supply chain coordination based on the introduction of the revenue-sharing contract and differential repayment contract on the secondary supply chain. The different financing options faced by retailers under credit constraints and the optimal order quantity and revenue sharing coefficient under different choices are analyzed. Moreover,the risk pricing strategy of financing platform and the action choices and expected returns of the third-party warehousing companies are discussed. The adjustment of the post-interest distribution coefficient is discussed according to the evolution of the competing parties' participation. The above research shows that the multi-dimensional game of all parties involved in online supply chain finance has the unique decision equilibrium,and the revenue sharing mechanism can realize supply chain coordination.Under this decision equilibrium,all parties involved have realized the increase of income.
All parties involved in online supply chain finance can jointly build a coalition chain to form a new complex ecosystem,reshaping the trading relationships of all parties involved,and forming a multi-game relationship with linkage. This paper reveals the multi-dimensional principal-agent relationship and game decision-making mechanism in online supply chain finance through the identification of risk nodes. At the same time,it studies the existence and uniqueness of the multi-decision equilibrium under the supply chain coordination based on the introduction of the revenue-sharing contract and differential repayment contract on the secondary supply chain. The different financing options faced by retailers under credit constraints and the optimal order quantity and revenue sharing coefficient under different choices are analyzed. Moreover,the risk pricing strategy of financing platform and the action choices and expected returns of the third-party warehousing companies are discussed. The adjustment of the post-interest distribution coefficient is discussed according to the evolution of the competing parties' participation. The above research shows that the multi-dimensional game of all parties involved in online supply chain finance has the unique decision equilibrium,and the revenue sharing mechanism can realize supply chain coordination.Under this decision equilibrium,all parties involved have realized the increase of income.
引文
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[2]Bester H.The Role of Collateral in Credit Markets with Imperfect Information[J].European Economic Review,1987,31(4):887-899
[3]Xiao S.,Sethi S.P.,Liu M.et al.Coordinating Contracts for A Financially Constrained Supply Chain[J].Omega,2017,72(5):71-86
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[5]赵岳,谭之博.电子商务、银行信贷与中小企业融资[J].经济研究,2012,58(7):99-112
[6]Yao Z.,Leung S.C.H.,Lai K.K.Manufacturer Revenue-sharing Contract and Retailer Competition[J].European Journal of Operational Research,2008,186(2):637-651
[7]Inderfurth K.,Clemens J.Supply Chain Coordination by Risk Sharing Contracts under Random Production Yield and Deterministic Demand[J].OR spectrum,2014,36(2):525-556
[8]张文杰,骆建文.随机产出风险下的供应链协调研究[J].系统管理学报,2013,22(1):133-137
[9]Li S.,Zhu Z.,Huang L.Supply Chain Coordination and Decision Making under Consignment Contract with Revenue Sharing[J].International Journal of Production Economics,2009,120(1):88-99
[10]Hu F.,Lim C.C.,Lu Z.Coordination of Supply Chains with A Flexible Ordering Policy under Yield and Demand Uncertainty[J].International Journal of Production Economics,2013,146(2):686-693
[11]Song H.,Gao X.X.Green Supply Chain Game Model and Analysis under Revenue-sharing Contract[J].Journal of Cleaner Production,2018,170(1):183-192
[12]Peng H.J.,Pang T.,Cong J.Coordination Contracts for A Supply Chain with Yield Uncertainty and Low-carbon Preference[J].Journal of Cleaner Production,2018,205(24):291-303
[13]Mattia G.L.,Riccardo M.,Alessandro P.Supply Chain Finance:A Literature Review[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):348-366
[14]陈金龙,占永志.第三方供应链金融的双边讨价还价博弈模型[J].管理科学学报,2018,21(2):91-103
[15]于辉,王亚文.供应链金融视角下利率市场化的鲁棒分析模型[J].中国管理科学,2016,24(2):19-26
[16]Yan N.,Sun B.W.,Zhang H.A Partial Credit Guarantee Contract in A Capital-constrained Supply Chain:Financing Equilibrium and Coordinating Strategy[J].International Journal of Production Economics,2016,173(3):122-133
[17]窦亚芹,朱金福.非对称信息下供应链融资决策优化研究[J].管理评论,2012,24(9):170-176
[18]陈云,刘喜,杨琴.基于清算延迟和流动性风险的供应链存货质押率研究[J].管理评论,2015,27(4):197-208
[19]鲁其辉,姚佳希,周伟华.基于EOQ模型的存货质押融资业务模式选择研究[J].中国管理科学,2016,24(1):56-66
[20]陈祥锋.资金约束供应链中违约风险与融资均衡研究[J].复旦学报(自然科学版),2016,55(5):543-552
[21]Zhan J.Z.,Li S.,Chen X.F.The Impact of Financing Mechanism on Supply Chain Sustainability and Efficiency[J].Journal of Cleaner Production,2018,205(24):407-418
[22]Tseng M.L.,Wu K.J.,Hu J.Y.Decision-making Model for Sustainable Supply Chain Finance under Uncertainties[J].International Journal of Production Economics,2018,205(11):30-36
[23]Hossein A.S.,Armin J.Supply Chain Network Design Using Trade Credit and Bank Credit:A Robust Optimization Model with Real World Application[J].Computers&Industrial Engineering,2018,125(11):69-86
[24]于辉,李西,王亚文.电商参与的供应链融资模式:银行借贷VS电商借贷[J].中国管理科学,2017,25(7):134-140
[25]陈永辉,孟子良,曾燕.基于零售商异质性的贸易信用贷款定价与供应链金融模式选择[J].系统工程理论与实践,2018,38(10):2479-2490
[26]Lin Q.,Su X.M.,Peng Y.Supply Chain Coordination in Confirming Warehouse Financing[J].Computers&Industrial Engineering,2018,118(2):104-111
[27]Chen J.X.,Zhou Y.W.,Zhong Y.G.A Pricing/Ordering Model for A Dyadic Supply Chain with Buyback Guarantee Financing and Fairness Concerns[J].International Journal of Production Research,2017,55(18):5287-5304
[28]Cai G.,Chen X.F.,Xiao Z.G.The Roles of Bank and Trade Credits:Theoretical Analysis and Empirical Evidence[J].Production and Operations Management,2014,23(4):583-598
[29]张冲,袁兰兰,王海燕.基于ACC支付模式的供应链金融模型研究[J].中国管理科学,2018,26(4):88-96
[30]李泉林,苏瑞莹,刘佳.港口主导下煤炭供应链的下游经销商融资决策研究[J].中国管理科学,2016,24(4):121-128
[31]Wuttke D.A.,Blome C.,Sebastian H.Supply Chain Finance:Optimal Introduction and Adoption Decisions[J].International Journal of Production Economics,2016,178(8):72-81
[32]Spyridon D.L.,Alejandro S.Supply Chain Finance for Small and Medium Sized Enterprises:The Case of Reverse Factoring[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):367-392
[33]曹志强,杨筝,刘放.基于折中决策值为参考点的报童订购行为研究[J].管理评论,2019,31(1):236-248
[34]刘英,慕银平.存在预售和信用融资的三阶段供应链最优策略[J].系统管理学报,2018,27(2):384-392
[35]于辉,马云麟.订单转保理融资模式的供应链金融模型[J].系统工程理论与实践,2015,35(7):1733-1743
[36]杨斌,朱未名,赵海英.供应商主导型的供应链金融模式研究[J].金融研究,2016(12):175-190
[37]王宗润,马振,周艳菊.核心企业回购担保下的保兑仓融资决策[J].中国管理科学,2016,24(11):162-169
[38]占济舟,舒友国.生产资金约束下供应商融资方式的选择策略[J].系统管理学报,2017,26(4):779-786
[39]Vliet K.V.D.,Reindorp M.J.,Fransoo J.C.The Price of Reverse Factoring:Financing Rates vs Payment Delays[J].European Journal of Operational Research,2015,242(3):842-853
[40]Xu K.,Bao X.,Tao Q.Research on Income Distribution Model of Supply Chain Financing Based on Third-party Trading Platform[J].Informatics and Service Sciences,2015,11(3):70-93
[41]Zhao J.,Duan Y.The Coordination Mechanism of Supply Chain Finance Based on Tripartite Game Theory[J].Journal of Shanghai Jiaotong University,2016,21(3):370-373
[42]彭红军.产出不确定的供应链应收账款抵押融资策略[J].系统管理学报,2016,25(6):1163-1169
[43]窦亚芹,白少布,储俊.基于供应商回购激励的供应链投融资协调策略[J].管理评论,2016,28(6):205-215
[44]冯艳刚,李健,吴军.考虑消费者止步行为的供应链回购契约研究[J].管理评论,2014,26(8):181-187
[45]林强,史红红,张保银.销售奖惩和回购策略对保兑仓融资下供应链协调的影响[J].管理评论,2018,30(9):209-217
[46]代建生,孟卫东.风险规避下具有促销效应的收益共享契约[J].管理科学学报,2014,17(5):25-34
[47]徐鹏,伏红勇,王磊,等.农产品供应链金融中银行对3PL的激励监督机制研究[J].管理评论,2018,30(10):26-39
[48]Maeho-Stadler I.,Perez-Castrillo J.D.Centralized and Decentralized Contracts in A Moral Hazard Environment[J].The Journal of Industrial Economics,1998,46(4):489-510
[49]Liang J.,Cai S.,Xu J.Shared Information in a Supply Chain Based on 3PLs[J].Technology Time,2005,(4):183-185
[2]Bester H.The Role of Collateral in Credit Markets with Imperfect Information[J].European Economic Review,1987,31(4):887-899
[3]Xiao S.,Sethi S.P.,Liu M.et al.Coordinating Contracts for A Financially Constrained Supply Chain[J].Omega,2017,72(5):71-86
[4]Mou W.M.,Wong W.,Michael M.Financial Credit Risk Evaluation Based on Core Enterprise Supply Chains[J].Sustainability,2018,10(10):3699-3715
[5]赵岳,谭之博.电子商务、银行信贷与中小企业融资[J].经济研究,2012,58(7):99-112
[6]Yao Z.,Leung S.C.H.,Lai K.K.Manufacturer Revenue-sharing Contract and Retailer Competition[J].European Journal of Operational Research,2008,186(2):637-651
[7]Inderfurth K.,Clemens J.Supply Chain Coordination by Risk Sharing Contracts under Random Production Yield and Deterministic Demand[J].OR spectrum,2014,36(2):525-556
[8]张文杰,骆建文.随机产出风险下的供应链协调研究[J].系统管理学报,2013,22(1):133-137
[9]Li S.,Zhu Z.,Huang L.Supply Chain Coordination and Decision Making under Consignment Contract with Revenue Sharing[J].International Journal of Production Economics,2009,120(1):88-99
[10]Hu F.,Lim C.C.,Lu Z.Coordination of Supply Chains with A Flexible Ordering Policy under Yield and Demand Uncertainty[J].International Journal of Production Economics,2013,146(2):686-693
[11]Song H.,Gao X.X.Green Supply Chain Game Model and Analysis under Revenue-sharing Contract[J].Journal of Cleaner Production,2018,170(1):183-192
[12]Peng H.J.,Pang T.,Cong J.Coordination Contracts for A Supply Chain with Yield Uncertainty and Low-carbon Preference[J].Journal of Cleaner Production,2018,205(24):291-303
[13]Mattia G.L.,Riccardo M.,Alessandro P.Supply Chain Finance:A Literature Review[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):348-366
[14]陈金龙,占永志.第三方供应链金融的双边讨价还价博弈模型[J].管理科学学报,2018,21(2):91-103
[15]于辉,王亚文.供应链金融视角下利率市场化的鲁棒分析模型[J].中国管理科学,2016,24(2):19-26
[16]Yan N.,Sun B.W.,Zhang H.A Partial Credit Guarantee Contract in A Capital-constrained Supply Chain:Financing Equilibrium and Coordinating Strategy[J].International Journal of Production Economics,2016,173(3):122-133
[17]窦亚芹,朱金福.非对称信息下供应链融资决策优化研究[J].管理评论,2012,24(9):170-176
[18]陈云,刘喜,杨琴.基于清算延迟和流动性风险的供应链存货质押率研究[J].管理评论,2015,27(4):197-208
[19]鲁其辉,姚佳希,周伟华.基于EOQ模型的存货质押融资业务模式选择研究[J].中国管理科学,2016,24(1):56-66
[20]陈祥锋.资金约束供应链中违约风险与融资均衡研究[J].复旦学报(自然科学版),2016,55(5):543-552
[21]Zhan J.Z.,Li S.,Chen X.F.The Impact of Financing Mechanism on Supply Chain Sustainability and Efficiency[J].Journal of Cleaner Production,2018,205(24):407-418
[22]Tseng M.L.,Wu K.J.,Hu J.Y.Decision-making Model for Sustainable Supply Chain Finance under Uncertainties[J].International Journal of Production Economics,2018,205(11):30-36
[23]Hossein A.S.,Armin J.Supply Chain Network Design Using Trade Credit and Bank Credit:A Robust Optimization Model with Real World Application[J].Computers&Industrial Engineering,2018,125(11):69-86
[24]于辉,李西,王亚文.电商参与的供应链融资模式:银行借贷VS电商借贷[J].中国管理科学,2017,25(7):134-140
[25]陈永辉,孟子良,曾燕.基于零售商异质性的贸易信用贷款定价与供应链金融模式选择[J].系统工程理论与实践,2018,38(10):2479-2490
[26]Lin Q.,Su X.M.,Peng Y.Supply Chain Coordination in Confirming Warehouse Financing[J].Computers&Industrial Engineering,2018,118(2):104-111
[27]Chen J.X.,Zhou Y.W.,Zhong Y.G.A Pricing/Ordering Model for A Dyadic Supply Chain with Buyback Guarantee Financing and Fairness Concerns[J].International Journal of Production Research,2017,55(18):5287-5304
[28]Cai G.,Chen X.F.,Xiao Z.G.The Roles of Bank and Trade Credits:Theoretical Analysis and Empirical Evidence[J].Production and Operations Management,2014,23(4):583-598
[29]张冲,袁兰兰,王海燕.基于ACC支付模式的供应链金融模型研究[J].中国管理科学,2018,26(4):88-96
[30]李泉林,苏瑞莹,刘佳.港口主导下煤炭供应链的下游经销商融资决策研究[J].中国管理科学,2016,24(4):121-128
[31]Wuttke D.A.,Blome C.,Sebastian H.Supply Chain Finance:Optimal Introduction and Adoption Decisions[J].International Journal of Production Economics,2016,178(8):72-81
[32]Spyridon D.L.,Alejandro S.Supply Chain Finance for Small and Medium Sized Enterprises:The Case of Reverse Factoring[J].International Journal of Physical Distribution&Logistics Management,2016,46(4):367-392
[33]曹志强,杨筝,刘放.基于折中决策值为参考点的报童订购行为研究[J].管理评论,2019,31(1):236-248
[34]刘英,慕银平.存在预售和信用融资的三阶段供应链最优策略[J].系统管理学报,2018,27(2):384-392
[35]于辉,马云麟.订单转保理融资模式的供应链金融模型[J].系统工程理论与实践,2015,35(7):1733-1743
[36]杨斌,朱未名,赵海英.供应商主导型的供应链金融模式研究[J].金融研究,2016(12):175-190
[37]王宗润,马振,周艳菊.核心企业回购担保下的保兑仓融资决策[J].中国管理科学,2016,24(11):162-169
[38]占济舟,舒友国.生产资金约束下供应商融资方式的选择策略[J].系统管理学报,2017,26(4):779-786
[39]Vliet K.V.D.,Reindorp M.J.,Fransoo J.C.The Price of Reverse Factoring:Financing Rates vs Payment Delays[J].European Journal of Operational Research,2015,242(3):842-853
[40]Xu K.,Bao X.,Tao Q.Research on Income Distribution Model of Supply Chain Financing Based on Third-party Trading Platform[J].Informatics and Service Sciences,2015,11(3):70-93
[41]Zhao J.,Duan Y.The Coordination Mechanism of Supply Chain Finance Based on Tripartite Game Theory[J].Journal of Shanghai Jiaotong University,2016,21(3):370-373
[42]彭红军.产出不确定的供应链应收账款抵押融资策略[J].系统管理学报,2016,25(6):1163-1169
[43]窦亚芹,白少布,储俊.基于供应商回购激励的供应链投融资协调策略[J].管理评论,2016,28(6):205-215
[44]冯艳刚,李健,吴军.考虑消费者止步行为的供应链回购契约研究[J].管理评论,2014,26(8):181-187
[45]林强,史红红,张保银.销售奖惩和回购策略对保兑仓融资下供应链协调的影响[J].管理评论,2018,30(9):209-217
[46]代建生,孟卫东.风险规避下具有促销效应的收益共享契约[J].管理科学学报,2014,17(5):25-34
[47]徐鹏,伏红勇,王磊,等.农产品供应链金融中银行对3PL的激励监督机制研究[J].管理评论,2018,30(10):26-39
[48]Maeho-Stadler I.,Perez-Castrillo J.D.Centralized and Decentralized Contracts in A Moral Hazard Environment[J].The Journal of Industrial Economics,1998,46(4):489-510
[49]Liang J.,Cai S.,Xu J.Shared Information in a Supply Chain Based on 3PLs[J].Technology Time,2005,(4):183-185
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