Research On The Performance Of Receivable Pledge Financing For Sellers In The Manufacturing Supply Chain Based On SD

With the arrival of economic globalization,China's manufacturing supply chain has gradually taken shape.The scale of production in manufacturing industry continues to expand.Moreover,its contribution to the economy is growing.As a result of the great development,capital constraints has become increasingly prominent.Especially,small and medium-sized enterprises(SME)in the manufacturing supply chain often have the shortage of capital as they have a large amount of accounts receivable due to its commercial credit sales,and have no advantage in financing.Considering the existence of a large number of accounts receivable,developed countries have put it into financing system,and have achieved notable results.In 2007,China allowed accounts receivable as a kind of pledge rights.However,receivable pledge financing has developed slowly since its enactment.Therefore,we need to know whether the receivable pledge financing can solve SME'capital constraints in the manufacturing supply chain.Since seller has more accounts receivable in the manufacturing supply chain,this paper takes the seller as the research object,and studies the performance influence of the receivable pledge financing.The study is to alleviate the SME's problem of capital constraints in the manufacturing supply chain and promote the application of receivable pledge financing.First of all,this paper reviews the research of receivable pledge financing and seller's performance in supply chain,and then makes a summary of the related theories.These are the basis for the research.Secondly,according to the research results and principles on the selection of sellers' performance index in supply chain,and sellers' own characteristics in the manufacturing supply chain,this paper summarizes the seller's performance indicators:cash stock,order rate,sales rate,inventory cost rate,and backorder quantity.Then based on the theory of system dynamics(SD),this paper defines system boundaries and basic assumptions,divides the whole system into three subsystems as the process of manufacturing supply chain,ie suppliers,manufacturers,and sellers,analyses the causal relationship between the various subsystems,and provides the subsystem'causal loop diagram.Afterwards,identify nature of the variables,construct the SD flow diagram of each subsystem.According to the push-pull supply chain operation mode,this paper integrates the three subsystems into the whole manufacturing supply chain system's SD flow diagram(SD flow chart without capital constraints).On this basis,considering the existence of capital constraints,establish the SD flow chart of the seller's performance under the capital constraints.After that,assume that the receivable pledge financing exists,establish the SD flow chart of the seller's performance under the receivable pledge financing.Finally,by using Vensim to simulate and compare the performance indicators in the three cases,the study comes to the conclusion:in the manufacturing supply chain,capital constraints do have a negative impact on the performance of sellers;while receivable pledge financing has a positive effect on the performance of sellers,the impact of receivable pledge financing has a delayed effect.