Research On Optimal Deferred Payment Strategy And Ordering Policy Considering Demand Stimulus

With the increase of market competition,it is inevitable for enterprises to take effective measures to tap the market potential and obtain more market demand on the basis of maintaining the original market share.Moreover,consumers are becoming less sensitive to traditional methods of stimulating demand.In the consideration of that the main consumer groups’ consumption power is unstable,many sellers choose to provide deferred payment services for their buyers to improve their purchasing power to obtain greater market demand.However,deferred payment also increases the cost of capital and default risk.This thesis identifies two essential problems for enterprise managers,one is how to formulate the deferred payment strategy to play the role of deferred payment most effectively,and the other is how does deferred payment affect supply chain operational management decisions.This thesis constructs a two-level supply chain model with one retailer and one supplier,takes deferred payment as the research topic,sets profit maximization as the decision-making objective,and analyzes the optimal deferred payment strategy and ordering policy under different two-level supply chain operation modes.The results of this thesis provide some practical guidance for supply chain managers and enrich the theoretical research on deferred payment.The main research contents of this thesis include:(1)Explore the optimal two-level deferred payment strategy and ordering policy without considering default risk.This thesis analyzes the retailer’s deferred payment decision,the ordering decision,and the supplier’s deferred payment decision under both the supplier and the retailer providing deferred payment to their buyers.Based on the optimal decisions,the thesis studies the relationship between the upstream and downstream deferred payment periods,analyzes the mutual influence between two periods,and discusses the conditions for providing upstream and downstream deferred payment.The price strategy and deferred payment strategy are compared from the perspectives of profit,consumer surplus,social welfare,double marginal effect,and supply chain coordination.Finally,the basic models are extended to analyze the impact of demand uncertainty and retailer competition,and obtain a two-level deferred payment contract that can coordinate the supply chain.The results show that the retailer is willing to offer a longer deferred payment period when the supplier offers deferred payment and downstream deferred payment benefits to both the supplier and the retailer.There is a positive correlation between the upstream deferred payment period and the downstream deferred payment period.In addition,the relationship between the upstream and downstream deferred payment period and the conditions for providing deferred payment are affected by price.Through comparison,it is found that the deferred payment strategy can be an alternative to the price strategy.(2)Explore the retailer’s optimal deferred payment strategy and ordering policy under a long sales cycle with default risk.Based on the two-level deferred payment mode,this thesis considers the influence of the sales cycle on the retailer’s deferred payment decision and ordering decision under uncertain demand and default risk.The capital cost is affected by the cash flow direction.According to the relationship among the sales period,the upstream deferred payment period and the downstream deferred payment period,the retailer’s decision is divided into the following three strategies:the retailer makes the payment before getting any revenue,the retailer gets all the revenue before making the payment,and the retailer gets partial revenue before making the payment.The optimal decision under each strategy is obtained,and then the retailer’s strategy choice is further analyzed.Finally,based on the optimal decision,the thesis further analyzes the influence of the sales cycle,the upstream deferred payment period and the consumer default risk on the retailer’s decision.The results show that a longer sales cycle,a shorter upstream deferred payment period and a lower consumer default risk lead to a shorter downstream deferred payment period and a smaller order quantity.(3)Explore the retailer’s optimal deferred payment strategy and ordering policy when consumers have a credit difference.The consumers in the market are divided into good credit consumers and bad credit consumers based on their credit rating.Then the thesis studies the optimal deferred payment decision and ordering decision when the retailer provides the deferred payment with different loan amounts or different delayed payment periods for the two types of consumers.The results show that compared with the undifferentiated strategy,the consumers with good credit and the retailer always benefit from the differentiation strategy,while consumers with poor credit do not always suffer.This thesis also illustrates the retailer’s choice of differentiation strategy and finds that the loan differentiation strategy is better than the delayed payment period differentiation strategy in risk control,application scope,encouraging good credit consumers,and gaining the retailer’s profit.The main contributions of this thesis can be summarized as follows:fully considering the influence of deferred payment on the supply chain,including the positive influence of stimulating demand,relieving capital pressure and the negative influence of increasing capital cost and default risk;analyzing the supply chain deferred payment decision and ordering decision under different consumer credit backgrounds;analyzing the effect of deferred payment on demand from the perspective of price discount,and establishing the relationship between price strategy and deferred payment strategy by studying the optimal deferred payment strategy and ordering policy under two-level deferred payment mode with demand uncertainty;considering the impact of the sales cycle and consumer default risk on the deferred payment strategy and ordering policy under demand uncertainty;confirming the necessity of providing different deferred payment services for different credit consumers and analyzing the advantages of differentiation strategies.