Research On Operation Decision Of Enterprises Under Third-party Logistics Financing And Platform Financing

Small and medium-sized enterprises(SMEs)in China have become the mainstay of national economic development,however SMEs always face the shortage of funds,which has the impact on normal operation and sustainable development.With the continuous exploration and practice of enterprises,the third-party logistics and platform financing plays a crucial role on supply chain finance,who provide the financing service to the enterprises with capital-constrained.And the third-party logistics and platform financing have become the main financing methods.For SMEs with capital-constrained under different dilemma,how to choose financing channels and how to make operation decision become the most concerned issue for enterprise managers.Due to the financing model so important,scholars have studied the financing model from different perspectives.By sorting out and summarizing the existing literature,the paper mainly focuses on the comparison of supply chain financing models,risk management,supply chain contracts and quality management in supply chain finance.Through the research on the above problems,many meaningful research conclusions were obtained,which can provide some theoretical support and guidance for the operation and financing decisions of enterprises in reality.The main content and conclusions of this paper are as follows:(1)By studying a supply chain consisting of a financially constrained supplier,a well-funded manufacturer,and a third-party logistics enterprise,the operational and financing decisions of the capital-constrained supplier are obtained,and the impact of the supplier’s production costs and initial capital on the decision-making and performance of supply chain members is compared.The result is that the manufacturer’s wholesale price had a positive effect on the supplier’s production quantity.While wholesale prices are most attractive under bank financing,production quantity of suppliers under 3PL financing is largest.From the perspective of market demand,when the market demand is large,Pareto improvement can be achieved under both early payment financing and third-party logistics enterprise financing(3PL financing).For the performance of the entire supply chain,3PL financing achieves optimality.From the perspective of production cost,when the production cost is high,the wholesale price under 3PL financing has a price competitive advantage,and Pareto improvement will also appear.For the overall supply chain,the optimal financing strategy has the transition from early payment financing to 3PL financing.Therefore,suppliers with higher production costs should consider 3PL financing as their first choice.From the perspective of initial capital,initial capital has a negative effect on the optimal production quantity and a positive effect on the wholesale price.When the initial capital is small,bank financing is the optimal decision;when the initial capital is large,3PL financing is the optimal financing method.Furthermore,a win-win outcome can be achieved under early payment financing when given the same wholesale price.(2)To consider the customization product,a supply chain consisting of a wellfunded supplier,a 3PL firm and a financially constrained retailer is studied.Under the assumption of risk neutrality,the retailer’s optimal order quantity and optimal the customization level under bank financing and 3PL financing are studied,and a robust model is used to verify the robustness of the results.On this basis,the impact of the retailer’s risk-averse behavior on financing and operating decisions is considered.The results show that when both bank financing and 3PL financing are feasible,the choice of financing channel depends on the profit-sharing ratio.When the revenue sharing ratio is less than a certain threshold,3PL financing is the optimal financing strategy,and it can achieve a higher level of customization,order more products,and obtain higher profits to achieve a win-win situation.However,when the profit-sharing ratio exceeds the threshold,bank financing becomes the optimal financing method.When a retailer has risk aversion behavior,it will have an impact on the decision-making of supply chain members.That is,under 3PL financing,the retailer’s risk aversion index has a positive effect on the optimal order quantity and the optimal customization level.However,it will not affect the customization level under bank financing.When the retailer’s risk aversion attitude is relatively extreme,bank financing is the optimal financing strategy;when the retailer’s risk aversion attitud’e is relatively optimistic,3PL financing is the optimal financing solution,and to achieve a win-win situation.(3)A supply chain consisting of a financially constrained retailer,a well-funded platform,and consumers is studied,where product quality improvement is considered and demand is correlated with consumer utility.The research of the retailer’s pricing strategy is carried out,not making product quality improvements.On this basis,the pricing strategy and quality improvement strategy are explored when retailers are motivated by consumers’ quality sensitivity and have sufficient funds to improve product quality.The results show that it is feasible to make product quality improvement by comparing the cases where retailers do not carry out product quality improvement and carry out product quality improvement.Further research on the important role of platform participation in quality improvement when retailers are financially constrained and unable to obtain bank financing.The results show that if the profit sharing ratio is within a certain range,the platform’s participation in product quality improvement can achieve a win-win situation and increase consumer surplus.When retailers are morally hazarded,platform design contracts intervene is needed.The optimal retailer price and optimal level of quality improvement do not change when the platform has pricing power.To sum up,the main contributions of this paper are as follows:First,explore the important role of 3PL financing on supplier financing decision with capital-constrained,the feasibility of 3PL financing methods and enrich the research on financing mechanisms in supply chain finance.Second,the introduction of the customization product,research on the operation and financing decisions of retailers and 3PL companies with capital constraints,expand the scope of application of financing models;Third,when platform provides the financing via introducing product quality improvement,the financing mechanism,pricing strategy and contract design of the capital-constrained retailer are studied,providing a reference for enterprises to carry out quality management.