存货质押融资对供应链效益的影响

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1、存货质押融资对供应链效益的影响第31卷第3期2014年5月深圳大学学报理工版JOURNALOFSHENZHENUNIVERSITYSCIENCEANDENGINEERINGVo1．31No．3Mav2014【数学／Mathematics】存货质押融资对供应链效益的影响孙喜梅，赵国坤，汪颖深圳大学经济学院，深圳518060摘要：根据供应链存货质押融资业务的操作流程，针对单一供应商与单一零售商构成的2级供应链，建立节点企业及供应链整体的决策模型．研究资金约束的零售商进行存货质押融资对各个节点企业及供应链整体利润的影响，给出实现供应链协同的条件．研究质押量与质押率、贷款利率的关系，对比分析是否融

2、资的最优决策．结果表明，存货质押融资能够实现融资企业与供应商的共赢，增加节点企业利润同时提高供应链整体效益；供应商通过对调整批发价实现供应链协同，使供应商、零售商及供应链整体的效益同时达到最大；供应链协同时的质押量与质押率、贷款利率呈负相关；存货质押融资时的最优批发价和最优订货量都低于资金充足时的最优批发价与最优订货量．通过算例分析验证相关结论．关键词：供应链金融；存货质押融资；供应链效益；质押量；资金约束；批发价中图分类号：F205文献标志码：Adoi：10．3724／SP．J．1249．2014．03317Effectanalysisonsupplychainperformanceba

3、sedoninventorypledgingfinancingSunXimei，ZhaoGuokun，andWangYingCollegeofEconomics，ShenzhenUniversity，Shenzhen518060，P．R．ChinaAbstract：Thispaperdiscussestheeffectofinventoryfinancingontheperformanceofnodeenterprises．Italsoexaminesthesupplychaincomposedofonesupplierandonecapital—constrainedretailerac

4、cordingtothesupplychaininventoryfinancingbusinessoperationprocess．Thedecision—makingmodelsofnodeenterprisesandsupplychainarepresented，andtheconditionstoachievesupplychaincoordinationaregiven．Inaddition，therelationshipamonginventoryquantity，loan-to-valueratiosandloaninterestratearescrutinized．Atthe

5、sametime，comparativeanalysisoftheoptimaldecisionbetweencapital-constrainedretaileradoptinginventoryfinancingandinterestrateismade．Theresultsareasfollows：firstly，inventoryfinancingcanincreasebothnodeenterprises’andsupplychain’Sbenefits．Secondly，torealizesupplychaincoordinationwhenthesupplier's

6、，retailer'sandsupplychain’Sbenefitsaremaximizedatthesametime，thewholesalepriceshouldbereducedappropriately．Thirdly，inventoryquantityisneg—ativelycorrelatedtobothloan—to—valueratiosandloaninterestrate．Lastly，thesupplier’Soptimalwholesalepriceandsupplychain’Soptimalorderquantitybasedoninventory

7、financingwhenaretaileriscashconstrainedarebothlowerthanthoseofwellfuIndedsituation．Numericalanalysisisgiventoillustratetheconclusions．Received：2O13—07—10；Revised：2013．11．21；Accepted：2013．12．2OFoundafion：Humanitie