Research On Supply Chain Operation And Financing Decisions With Capital Constraint

Funds are the basic elements of firms to carry out production and operation.Lack of funds,poor financing ability and narrow financing channels have become a major bottleneck in the development of small and medium-sized enterprises(SMEs).More and more managers begin to pay attention to capital constraints in supply chain operation.Capital constraints may lead to insufficient procurement of raw materials,shortage of product supply and loss of market opportunities,which may further damage the supply chain performance.The design of the supply chain financing contract mechanism and the choice of financing methods have become an urgent problem in the supply chain management.Reasonable supply chain financing contract mechanism has important theoretical significance and practical value to increase supply chain performance,improve the production and operation of SMEs,and broaden financing channels.In this paper,we take the supply chain management with capital constraint as research object,carry out the mathematical model derivation and simulation test for financing mode selection and operation decision coordination.By considering the influence of financing mode selection,risk preference,market competition and bankruptcy risk,we construct the supply chain investment and financing coordination models under various operating conditions,to study the supply chain financing arrangements and contract mechanism design with capital constraints.The thesis includes the following contents:(1)Supply chain financing mode selection under the standard contract.A standard supply chain contract which includes three financing methods is proposed.On this basis,the capital flow between the internal of supply chain and financing systems under every financing mode is discussed respectively.Based on the standard model,this section focuses on the wholesale price and order equilibrium strategy of supply chain,and the influencing factors of wholesale price decision.With initial working capital level and market profitability,we discuss retailer financing selection mechanism.The results show:The retailer chooses a high level order under the mode of trade credit and credit guarantee;the supplier's wholesale price decision is influenced by the distribution of market demand,the initial working capital level of retailer and the standard contract parameters;the three types of financing have their applicability.(2)Supplier buyback guarantee contract mechanism based on CVaR.Considering the important role of core enterprises,the CVaR risk mechanism is introduced,this section discusses the design of buyback commitment collaborative contract design under supplier risk aversion.For the two types of centralized decision-making supply chain systems,we point out that the demand expectation is promoted because of financing cost and production cost with small initial working capital size.For the decentralized decision,the retailer's order level is related to the financing risk,which may be influenced by the wholesale price,the proportion of buyback and the loan interest rate,the retailer may choose no financing,risk free financing or risk financing.For risk operation,the supplier can adjust the supply chain order decision and reach the supply chain coordination through changing the risk aversion degree.Further simulation tests show that high risk aversion makes the supplier snatch all supply chain profits,and banks can reduce information asymmetry through cooperation with the supply chain and achieve a win-win relationship with the supply chain.(3)Supply chain financing contract design with bank risk control.The operation with the core enterprise credit guarantee is set up,and the introduction of the bank's downside risk control standard is equivalent to determining the maximum loan amount(credit ration)of the retailer,the guarantee financing contract will be formed within a reasonable interest rate range.In the process of ordering,the risk free transfer within the supply chain(supplier sales revenue)has maximum value;the supplier guarantee rate strategy is closely related to the credit degree of the retailer,and the risk sharing in the equilibrium state has a corresponding relationship with the loan interest rate.The retailer determines the final loan amount by considering the loan cost and expected return.Research shows:Implement the credit guarantee contract can help the bank and supply chain obtain excess profits,improve the overall system performance.Through the establishment of risk control system and the reasonable mechanism of interest rate,banks can expand their business,and can indirectly promote the supply chain collaboration(4)Supply chain financing contract based on Nash bargaining.The bargaining power has an important influence on the system profit distribution.The Nash bargaining game framework is introduced to study the comprehensive decision-making of the supply chain operation and financing.It is pointed out that the residual profits related to the disagreement point and bargaining power together determine the real profit distribution of the participants,and the bargaining power advantage brings more than the Stackelberg framework.In the supply chain,the product profit,the downstream bargaining profit and the upstream bargaining profit are all affected by the wholesale price.The simulation study shows that the market demand level and bargaining power affect the shareholders and the creditor's rights.The bank will choose different equilibrium interest rate in different capital market environments,depending on whether the capital market is competitive or monopolistic.The bargaining power affects the financing risk that the supplier can undertake.The supplier will consider more about financing size to control financing risk.(5)Retailer's financing decision under competition.The supply chain decision is divided into two stages:order and financing,pricing and sales.The financial constraint retailer has two kinds of financing methods:bank loan and supply chain finance.When interest rate is consistent,the net profit of the retailer is affected by the proportion of financing;if the supply chain financial interest rate advantage exists,the equilibrium financing decision is(SCF,SCF),but the difference of the interest rate may make the participants fall into the trapped border.With stochastic demand,the degree of competition affects the level of order quantity of the high order retailer.In the process of financing,the financing cost is an important factor affecting the decision of the retailer.The research shows that the retailer may choose two steps financing,and the interest rate advantage helps the retailer to raise the initial working capital at low cost and occupy a greater market share.Finally,the thesis also discusses some management problems which are worth further study in the future based on the above research results.