Research On Supply Chain Financing Strategy Under Different Capital Constraints

In 2017,China introduced a series of policy guidelines on establishing and improving the supply chain system,marking the country's determination to build and improve our supply chains.But the "White Paper on Financing for SME Development in 2017" shows that 98% of SMEs in China still face the problems of financing difficulties.Addressing the difficulties of SMEs' financing is a key task in building and improving China's supply chain system.Prepayment financing and loan guarantee financing are two of the most frequently used financing methods to solve SME financing problems and their research has a key role and significance in solving SME financing problems and supply chain construction.This paper studies the supply chain system consisting of a single supplier and a single retailer ? Under the condition that the product demand is uncertain and the product residual value is non-zero.At two different situations in which the supplier has no capital constraints and has capital constraints to research the two financing modes:one is the retailer's prepayment financing with the wholesale discount price,the other is the bank's credit with the retailer's loan guarantee.Based on the two financing modes,the supplier's optimal financing and production decision models are constructed.and the main work is as follows:First,under the condition that the supplier has no capital constraints,the market demand for the product is uncertain and the residual value of the product is non-zero.Considering the retailer give advance payment to the supplier and asking the supplier for a price discount,then The supplier gives the retailer a corresponding price discount,and the retailer chooses the best prepayment under the price discount.Based the supplier use retailers' prepayments for investment,building a Game Model forsupplier on the Supply Chain to determine the optimal production.Established a functional expression of the expected profit of suppliers and retailers in the model,and studies the optimal prepayment financing strategy which makes both the game player's expected profits both optimal and are improved.Then obtain the optimal price discount and output of the supplier and the retailer's optimal prepayment amount for the optimal prepayment financing strategy.Secondly,Under the condition that the supplier has a capital constraint,the product market demand is uncertain and the product residual value is non-zero.Suppliers take the initiative to provide retailers with price discounts,attract retailers to pay in advance for financing to solve the problem of supplier's production capital constrained.Constructing the expected profit function expressions of the supplier and retailer under this situation,Study the prepayment financing strategy in this case that makes the expected profits of both parties of the supply chain optimal and more improve than no financing,and obtain the best price discount and optimal output given by the supplier and the size of the retailer's optimal prepayment amount under the optimal prepayment financing strategy.Finally,Under the condition that the supplier has a capital constraint,the product market demand is uncertain and the product residual value is non-zero.Suppliers obtain credit guarantees from retailers and loan financing to banks by Paying the guarantee fee to the retailer.Establishing expected profit function expressions for suppliers and retailers and Constructing the expected profit function expressions of the supplier and retailer Study the loan guarantee financing strategy in this case that makes the expected profits of both parties of the supply chain optimal and more improve than no financing,obtaining the best guarantee rate and loan guarantee amount from retailer and optimal output given by the supplier under the optimal prepayment financing strategy.Under no capital constraints,this paper considering the the new ideas for suppliers accepted the prepayment by the retailers then using them for re-investment outside the supply chain,and fully considering the fact that the residual value of products is non-zero in various situations.It has obtained the corresponding optimalstrategy of prepayment financing and the optimal strategy of loan guarantee financing,which can make the expected profits of both sides of the supply chain reach the optimal value and more improve than no financing.Enriching the content of related research,Providing theoretical guidance for solving related problems in reality and providing effective and feasible new ideas and methods for solving the financing difficulties of SMEs.