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论文编号：	8434
作者编号：	2120142411
上传时间：	2016/6/12 13:51:05
中文题目：	核心企业担保下的基于不同周期的零售商融资与运营决策研究
英文题目：	Research on retailer’s financing and operation decision based on different period under the guarantee of core enterprise
指导老师：	方磊 教授
中文关键字：	供应链金融 融资决策 运营决策 Stackelberg博弈 承担风险
英文关键字：	supply chain finance, financing decisions, operation decisions, Stackelberg game, risk-taking
中文摘要：	供应链的基本组成部分包括物流、信息流和资金流。长期以来，供应链管理领域的研究绝大多数都只考虑供应链中物流与信息流的协调问题，而忽视了资金流的重要影响作用。自2003年深发展银行首次提出“供应链金融”的概念以来，资金约束供应链的研究逐渐走进学者们的视野，国内各行各业对供应链资金流管理的关注与研究日益加深。本文在供应链金融的理论基础上，以银行信用贷款为融资模式，重点探讨在供应商担保情境下，供应链中成员的运营决策和融资决策。 本文考虑一个由供应商、银行、零售商三方组成的供应链，依据供应链运营周期，分别建立基于单周期的零售商融资与运营模型和基于两周期的零售商融资与运营模型进行分析，得到了零售商运营决策对于供应商运营决策的反应函数，以及供应商与零售商的最佳融资决策与运营决策。 本文还通过敏感性分析，深入讨论了供应链中成员的运营决策、融资决策及收益，主要得到以下一些结论：（1）对于供应商而言，降低批发价格始终是一个促进销售的有效手段；（2）供应商可以通过提供足够低或足够高的批发价格两种手段降低自己需要承担的风险；（3）在核心企业承担风险情景下，长期运营的资金约束供应链中，获得较低的银行贷款利率不仅有助于资金约束企业扩大市场范围，也有助于供应链中核心企业实现更高的收益；（4）核心企业承担风险情景下，资金约束企业的初始资金对供应链中各成员的行为决策及收益具有显著影响，银行贷款利率的影响比较不显著；而在长期运营的资金约束供应链中，银行贷款利率主要作用于核心企业，资金约束企业受银行贷款利率的影响不显著。
英文摘要：	The basic components of the supply chain include logistics, information flow and capital flow. For a long time, most of the research on supply chain management only consider the coordination of logistics and information flow in the supply chain, and the importance of the fund flow is ignored. Since the 2003 Shenzhen Development Bank first proposed the concept of "supply chain finance", finance-constrained supply chain research has gradually come into the field of view, and all walks of life to the supply chain management of the capital flow of concern and research is growing. Based on the theory of supply chain finance, taking the bank credit loan as the financing model, this thesis focuses on the operation decision and financing decision of the members in the supply chain under the situation of supplier guarantee. In this thesis, we consider a supply chain consisting of a supplier, a bank and a retailer. According to the supply chain operation cycle, this thesis establishes retail financing and operation model based on single cycle and the model of retailer financing and operation based on two period. By solving these two models, we get the response function of the retailer's operation decision-making to the supplier's operation decision, and the optimal financing decision and operation decision of the supplier and the retailer. Based on the sensitivity analysis, this thesis discusses the operation decision, financing decision and profit of the members in the supply chain. The results of sensitivity analysis are mainly shown: (1) for the supplier, reducing the wholesale price is always an effective means to promote sales; (2) the supplier can reduce the risk he will take by offering a low or high enough wholesale price; (3) under the situation of the core enterprise's risk, in a multi-period capital constraint supply chain, access to lower bank lending rates will not only help fund companies to expand the scope of the market, but also contribute to the core business in the supply chain to achieve a higher income; (4) under the situation of the core enterprise's risk, the initial capital of the capital constraint enterprise has a significant impact on the behavior of the members in the supply chain, and the impact of bank loan interest rates is not so significant; in a multi-period capital constraint supply chain, the influence of bank loan interest rate is mainly on the core enterprise, and the capital constraint enterprise is not significantly affected by the bank loan interest rate.
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