Research On Financing Decision Considering Enterprise's Order Behavior Under Repurchase Mechanism

Small and medium-sized enterprises are an important part of Chinese national economy.However,due to the lack of fixed assets,the credit rating of SMEs is low in the banks.Therefore,the problem of difficult and expensive financing has been the primary problem restricting the development of small and medium enterprises.When the SMEs in the supply chain are subject to financial constraints,it will definitely affect their normal production and operation decisions,which will eventually lead to a decline in the efficiency of the entire supply chain.Therefore,the core firms in the supply chain tend to provide repurchase guarantees to help SMEs to increase the amount of financing credit.The emergence of supply chain finance alleviates the dilemma of financial constraints for small and medium-sized enterprises.But as a new business,there has not been systematic theoretical research of decision making problem in supply chain financial business.Therefore,the financing decision problem in supply chain finance has become the focus of research.Aiming at this problem,this paper applies Stackelberg game theory,optimization theory,newsboy model,and with the help of specific numerical analysis,studies the comprehensive decision on financing and operation of SMEs and the decision of pledge rate of bank under the mechanism of repurchase.This paper mainly studies the financing and operation decision of the secondary supply chain,which is dominated by the bank and composed of a core enterprise and a small and medium-sized enterprise.The order decision of the small and medium-sized enterprise and the repurchase decision of the core enterprise will be considered.Through the three-level stackelberg game between the SME,the core enterprise and the bank,this paper studies the optimal pledge rate decision of the bank on the basis of analyzing the optimal ordering decision of the SME and the optimal repurchase decision of the core enterprise.The main research contents are divided into two parts: In the first part,a decision model under single-period random demand will be constructed to study the optimal ordering decision of the SME,the optimal repurchase decision of the core enterprise and the optimal pledge rate decision of the bank.In the second part,a decision model under double-period random demand will be constructed to study the optimal ordering decision of the SME in each period,the optimal repurchase decision of the core enterprise in each period and the optimal pledge rate decision of the bank in each period.In this paper,the optimal ordering decision of the SME,the optimal repurchase decision of the core enterprise and the optimal pledge rate decision of the bank will be obtained in turn.And through numerical simulation,this paper analyzes the influence of changes in external parameters such as the market price of the product,the wholesale price of the product,the production cost,the residual value of the product,the bank's loan interest rate,the exogenous default rate on the optimal decision and profit.