The Financial Research Of Auto Supply Chain Based On Buyback-Guarantee Mode And Rebate Contract

The auto supply chain is composed of the flows of goods,information and capital which has many members typically including manufacturers and dealers.Nowadays,enterprises and research institutions pay more attention to capital flow of the auto supply chain especially the capital constraint problems.Powerful core enterprise(the manufacturer)of auto supply chain often requests his downstream(the dealer)to pay purchasing cash in advance and delays the payment of suppliers accounts.Moreover,the limitation of fixed assets,the low level of credit,the small amounts of collateralizable assets and the imperfect of financial system are common problems for most small and medium-sized enterprises which can easily result in capital constraint,affect their normal operation and thus cause low efficiency of the entire auto supply chain.In order to solve such problems,buyback-guarantee mode in auto supply chain under supply chain finance joined by the commercial bank arises rightly,which bring the gospel to the capital constrained enterprises as the effective solution.As the operation optimization method of supply chain coordination,supply chain contracts have been widely applied.The research of supply chain contracts in a supply chain finance system also gets more and more scholars' attention.And the target rebate contract is exactly widely used in the auto supply chain.This paper takes buyback-guarantee mode as a research object,mainly focuses on an auto supply chain system composed of three parties:a risk neutral commercial bank,a risk neutral auto manufacturer and a capital-constrained auto dealer,analyzes bank's financing interest rate model and loan-to-value ratio under different degree of risk aversion of bank,uses Stacklberg game to study the optimal parameters setting under traditional loan finance mode,single buyback-guarantee mode,the combined buyback-guarantee and rebate contract mode,and analyzes whether supply chain coordination is achieved,and compares the unique optimal order and the buyback price of the three modes.Based on the assumptions of research,results show that:1)the bank's financing interest rate increases with the risk-free interest rate,but decreases with buyback price;2)the loan-to-value ratio is increasing function of buyback price;3)comparing traditional loan finance mode,the latter two modes can improve the optimal order quantity,and realize Pareto optimization.At last,numerical analysis is conducted to verify these.