Decisions Of The Manufacturer In The Setting Of Supply Chain Finance

With the rise of manufacturing in China,the western developed countries begin to realize the importance of manufacturing and have put forward their own industrial revitalization plan in recent years.For example,the United States,not only put forward the slogan "let the manufacturing in America become great again",but also began to guide and promote manufacturing to go back to America again by means of the massive tax cuts,instructive industrial capital etc.As the main force of promoting the transformation and upgrading of the manufacturing industry in the Industry 4.0 era,manufacturers play an important role in the economic and social development.However,they often face difficulties to achieve supply chain collaboration on operations and financing due to the capital constraints and the financing problems faced by their small and medium-sized trading partners in the upstream and downstream of them.The emergence of supply chain finance,provides a new way of solving the problem.However,in the background of supply chain finance,how to address the capital constraint problem of small and medium-sized trading partners,is not only a problem faced by many manufacturers face,but also scholars in the field of supply chain finance.Therefore,the solutions to this problem are of value in practice and theory.Facing above problems,this dissertation conducts three parts of research from three views.First,concerning on the problems of capital constraints and financing difficulties of the retailer newsvendor,this dissertation puts forward a new kind of contract,the manufacturer guarantee contract,to help the capital-constrained newsvendor retailer to finance,and then discusses the role of the manufacturer guarantee contract and the optimal design of the contract.Secondly,this dissertation explores the role of the manufacturer's buying back the retailer's unsold stock in sharing the risk of inventory and bankruptcy of the capital-constrained newsvendor retailer.Thirdly,in consideration of the impact of the supply risk on the raw material sourcing of the manufacturer,this dissertation emphatically explores the impact of capital constraint and financing problem of the unreliable supplier on the manufacturer,and resulting change of sourcing channel choice behavior of the manufacturer.This dissertation is organized as follows.Chapter 1 introduces the research background,relevant literature review,research content,research significance,main contributions,and the dissertation structure.Chapter 2 and Chapter 3 discuss the optimal contract design of the manufacturer guarantee contract and the impact of buy-back of the manufacturer on the inventory and bankruptcy risk of the newsvendor,respectively.Chapter 4 focuses on the supply risk of the capital-constrained supplier and explores the effect of capital constraint and financing on the sourcing choice of the manufacturer.Finally,Chapter 5 concludes and then indicates several extension directions in the future.In the view of the manufacturer,this dissertation researches the effect of capital constraint and financing and finds some conclusions,mainly listed as follows.(1)The manufacturer guarantee is of value in enhancing the collaboration of operations and finance of the supply chain.That is,the manufacturer not only increases the order quantity of the newsvendor retailer and decreases its bankruptcy risk,but also decreases the bank interest rate in a competitive bank market.Also,it is found that full guarantee is the optimal choice of the manufacturer in the scenario of a competitive bank market.(2)The buy-back behavior of the manufacturer can share the inventory risk of the retailer newsvendor,decrease the bankruptcy risk,and even increase its expected profit.Thus,buy-back is an effective way to decrease the risk of the newsvendor retailer.While,to increase the bank interest rate or wholesale price will leads to the decrease of the bankruptcy and expected profit.(3)Consider a scenario where two sourcing channels,a channel with reliable supply and a channel with stochastic yield,are available and consequently find that the single channel sourcing choice is almost always optimal unless the dominance of two channel keeps the same or the unreliable channel lacks finance access.In the case of a single channel being available,there exists a interest rate threshold to separate the dominance of two channels.In addition,the unreliable sourcing channel can become the dominant channel when the initial capital status of the unreliable change from capital abundance to capital constraint.