Research On Capital-constrained Supply Chain Operational Decision And Coordination With Consideration The Margin Rate

With the economic globalization and increasing international competition,especially in the post financial crisis era,“the war for cash” makes the operating funds shortage problem increasingly prominent and serious.It is also the core problem for many enterprises facing the survival and development in our country,especially small and medium-size enterprise.Due to capital constraint,the enterprises not only can't achieve the optimal decision,inhibit its grows and innovative activities,but also affect the coordination and effective decision-making in supply chain,which will reduce the competitive power of the entire supply chain.Trade credit,as a kind of indirect financing service,can help enterprises out of financing constraints,optimize the decision-making and improve the efficiency of whole supply chain via the resources rational allocation.However,the initial margin,as a key risk control variable,can be the credit guarantee for capital-constraint retails,and also be an import tool for supplier preventing the demand uncertainty and price fluctuation.Therefore,this paper introduces the initial margin of trade credit to study its role and influence in the capital-constraint supply chain.In this paper,the trade credit is defined as: at the beginning of sales,the retailer's own capital is taken as a constraint condition while supplier allows retailer to take on partial trade credit.What means that retailer needs to pay a certain margin so that it can make a delayed payment to supplier.In the fourth chapter,mainly established the trade credit incentive model with consideration initial margin,analyzing the decision of supply chain and the effect to profit of setting the margin rate and own capital.However,in the supply chain,each member,as an independent economic individual,holds the private information,which keeps others unknown.The system can't work effectively with the asymmetric information because the member who has private information in order to get more benefits will choose to hide the information.The fifth chapter mainly researched the incentive effect of trade credit under the asymmetric information.We build a single stage game model based on the trade credit incentive under the principle-agent framework;and solve the model based on the direct revelation principle by using Lagrange method and optimization algorithms.The make further efforts to analyze the supplier's credit decision and the retailer's operation decision under the asymmetric information.The result of research show that the reasonable contract which is designed by the supplier could incentive the retailer to release the real sales rate information and avoid the adverse selection so that can increase the system's profit.Finally,numerical examples are conducted to validate conclusion,and analysis on the impact of changes in model parameters on the supply chain members of corporate profits.