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论文编号：	9436
作者编号：	1120140789
上传时间：	2017/6/24 18:49:56
中文题目：	双渠道供应链运营与融资策略研究
英文题目：	A Study on Operation Strategies and
指导老师：	方磊
中文关键字：	双渠道供应链；资金约束；运营决策；融资决策
英文关键字：	Dual-channel supply chain; Capital-constraint; Operation strategies; Financing strategies
中文摘要：	伴随着以互联网为核心的信息技术的快速发展，电子商务交易也呈现出井喷式的增长；在我国更有持续扩张之势。据国家统计局最新数据显示，2014年我国电子商务交易额突破16万亿元，同比增长59.4%。其中，企业自建的纯自营电商平台上实现的交易额为8.72万亿元，同比增长65.9%；为他人提供商品或服务交易的纯第三方平台实现的交易额为7.01万亿元，同比增长53.8%；既有第三方又有自营的混营平台上实现的交易额同比增速也达到41.1%。基于互联网而形成的持续扩张、快速发展、全面渗透的网上市场，整合线上渠道和线下渠道，为供应链的运营和融资构建了一个双渠道环境；并且，这种双渠道改变了供应链的运营环境，进而影响供应链的运营与融资决策均衡和收益。基于这种背景和认识，本文综合应用文献研究、博弈论、最优化理论与方法和数值模拟等方法，以供应链运营过程中的采购、库存等主要运营环节及其相关融资的最优决策为逻辑主线；研究双渠道环境中供应链的运营与融资问题，尤其是双渠道背景下网上渠道所引致的销售促进情景(如，零销商网络促销)、渠道需求情景(如，由搭便车行为引起的渠道需求变化)、资金融通情景(如，互联网融资的出现)和市场交易情景(如，B2B市场中期权合同的可再次交易性)等这四种情景变化时双渠道供应链运营与融资的决策均衡问题。具体研究问题分别为：考虑网络促销的双渠道供应链运营与融资决策均衡、考虑搭便车行为的双渠道供应链运营与融资决策均衡、考虑互联网融资的双渠道供应链运营与融资决策均衡、考虑期权合同的双渠道供应链运营与融资决策均衡。首先，考虑零售商网络促销这种双渠道所引致的销售促进情景变化的典型情况。将零售商网络促销内生于双渠道供应链模型，研究资金不足的零售商分别通过银行贷款和股权融资两种方式获得运营资金时，供应链的最优运营策略和融资策略，以及零售商对这两种融资方式的选择。研究结果表明，初始资金水平对供应链均衡决策及其收益影响很大，有限的初始资金严重制约了零售商的网络促销水平，降低了供应链的收益；融资服务能够在一定程度上缓解有限资金的约束，并影响供链的决策均衡。但是，不同的融资方式所产生的影响不同；当零售商进行融资时，若初始资金水平极低，应通过股权融资的方式进行融资，随着初始资金水平的上升，零售商应该选择银行贷款的方式进行融资。其次，考虑搭便车行为这种双渠道所引致的渠道需求情景变化的典型情况。在资金约束背景下，将渠道需求之间搭便车行为内生于双渠道供应链模型，构建以零售商为领导者、受资金约束的供应商为追随者的stackelberg博弈模型，研究分散式双渠道供应链中供应商最优的促销水平决策和零售商最优的订货决策，并与集中式双渠道供应链中最优的决策进行对比分析。结果表明，由于受资金约束和渠道之间竞争的双重影响，分散式供应链中最优的促销水平和最优的订货决策均无法实现无资金约束时最优水平，并且都小于集中式供应链下的最优决策，从而使得分散式供应链的总体收益低于集中式供应链收益；在分散式供应链中，只有当供应商初始资金水平处于一定范围内，双渠道需求之间的搭便车效应才会对各主体的最优决策产生影响；集中式供应链最优决策及期望收益受搭便车效应的影响较小。再次，考虑互联网融资这种双渠道所引致的资金融通情景变化的典型情况。在双渠道供应链背景下，立足互联网融资这种新的融资渠道和方式，同时还考虑渠道需求之间搭便车效应，分别构建银行贷款和互联网融资两种情形下双渠道供应链融资与运营模型。研究资金约束的供应商获得融资时最优的促销水平和库存量、零售商最优的订货策略以及资金提供方最优的融资利率，并分析了渠道搭便车系数对均衡决策的影响。结果表明，两种融资情形下的最优运营决策均与供应商初始资金水平相关；而且，当供应商初始资金水平处于某一范围，搭便车效应会对各主体的最优决策产生不利的影响；与银行贷款比较而言，互联网融资利率相对较低；通过互联网融资能够在一定程度上缓解搭便车效应造成的利益冲突。最后，考虑B2B市场中期权合同的可再次交易性这种双渠道所引致的市场交易情景变化的典型情况。以资金约束的零售商为研究对象，将B2B市场中期权合同在到期日前的可再次交易性内生于供应链模型，分别构建无融资和有融资两种情形下零售商的收益模型，重点分析B2B市场中期权合同的可再次交易性对资金约束的零售商最优采购策略的影响。结果表明，期权合同的可再次交易性对两种情形下零售商的最优采购策略都会产生影响；在无融资的情形下，当市场波动水平较高时，随着自有资金的增加，零售商更倾向于使用期权合同采购；在有融资的情形下，随着自有资金的增加，银行贷款利率降低，长期价格合同最优的采购量降低而期权合同最优的采购量上升；但是与无融资情形相比，零售商使用期权合同的采购量较低，使用长期价格合同的采购量相对较高。本文将电子商务、供应链融资和供应链运营管理相结合，拓展了供应链融资和供应链运营的研究领域；揭示了在双渠道环境中，供应链融资与运营决策均衡的规律；初步构建了基于双渠道供应链融资与运营决策的相关模型。同时，本文的研究结论对双渠道供应链的融资决策，以及双渠道供应链的采购、库存等运营环节的决策，也具有极为重要的参考价值和一定的指导意义。
英文摘要：	Along with the internet as the core information technology's development, the e-commerce is showing blowout growth and has a promising tendency in China. The National Bureau reported that the e-commence transaction is more than 16 trillion yuan by 2014, due to annual growth rates of 59.4%, including 8.72 trillion yuan in self-building e-commence platform, which is 65.9% more than a year ago, and 7.01 trillion yuan in the third-party platform, which is 53.8% more than a year ago. The transaction of mixed platform also grows 41.1% from a year earlier. The online market is a continued expansion and fast growing market based on the internet, has comprehensive penetrated into traditional markets. It also integrates the offline channel and online channel to provide a dual-channel environment for the operation and financing of the supply chain. The dual-channel influences the operation and finance decisional balance and effciency of supply chain by changing the operational environment. Under this situation, considering the promotion scene, the demand of channel scene, the financing scene and the market transaction scene change in dual channel, this thesis study the operation and financing issue of dual-channel supply chain by means of literature material, game theory, optimization theory and numerical methods. The research includes following contents: the operation and financing issue of dual-channel supply chain in the scene of online promotion by retailer, the operation and financing issue of dual-channel supply chain in the scene of free riding between channel’s demand, the operation and financing issue of dual-channel supply chain in the scene of internet financial, the operation and financing issue of dual-channel supply chain in the scene of option contract can speculated in B2B market. First, considering the scene of online promotion by retailer in the dual channel, we construct the model of the online promotion of the dual-channel supply chain and study the roles of bank and equity firm in a dual-channel supply chain with a capital-constrained retailer making online promotion. We evaluate the retailer’s optimal promotion level and the supplier’s wholesale price in two scenarios. The results show that the retailer’s capital level has great impact on the decision equilibrium and revenue of supply chain; limited funds are seriously restrict the retailer's sales efforts and reduce the operational efficiency of the supply chain; To some extent, Financing services can alleviate the constraints and the affection on the decision equilibrium of the supply chain is different in each financing way. When retailers obtain financing, if the capital level is extremely low, they should choose equity financing, but with capital level rise, they should choose bank loan for financing. Second, considering the scene of free riding between channel’s demand in the dual channel, we investigate the impact of capital on the dual-channel supply chain with free riding, where the capital-constrained supplier exerts sales effort to influence the online channel’s demand, and the retailer free-rides the supplier’s sales effort. We model a Stackelberg game with the retailer as the leader to analyze the supplier’s optimal sales effort and the retailer’s optimal order quantity in a decentralized supply chain, and we compare it with a centralized supply chain. The results indicate that the optimal sales effort and order quantity in a decentralized dual-channel supply chain cannot achieve the level obtained in a supply chain without a capital constraint and that the profit of a decentralized supply chain is lower than that of a centralized supply chain. We also observe that in a decentralized supply chain, the free riding intensifies the competition only between the supplier and the retailer, while the supplier has a mild capital constraint, which leads a decrease in the profit of the decentralized supply chain. However, the free riding has little influence on the centralized supply chain. Third, considering the scene of internet finance in the dual channel supply chain, we examine the relative merits of bank versus internet financial in a dual channel supply chain consisting of a retailer and a capital-constrained supplier. We establish supply chain models when bank credit is viable or internet financial is viable, and analyze the effect of the free riding on supply chain’s optimal operation Strategies and financing strategies. Our results show that the supplier’s capital level has great impact on the decision equilibrium and revenue of supply chain in two financing scenarios; the free riding has an important influence only when the capital of supplier is within a range; the rate of internet financial is relatively lower than bank credit; internet financial can partly eliminate the conflict of supply chain, which is produced by free riding. Finally, considering the option contract can be speculated after expiration in B2B e-marketplaces, we establish retailer’s profit models when credit is viable or not, and analyze the effect of the market liquidity on retailer’s optimal ordering Strategies. Our results shows that the market liquidity of spot market always effect retailer’s optimal ordering Strategies in two scenarios. In the absence of credit financing scenario, when the market liquidity is high, the retailer will use more options as the capital increase; in the financing scenario, increases in the interest rate lead to increased long-term contract quantity and decreased option contract quantity, and with the higher market liquidity, option contract quantity dropped slower. But retailer’s long-term contract quantity is higher and option contract quantity is lower than she can’t obtain loans. This thesis expands the vision of research in supply chain operation and finance by integrating e-commence, supply chain finance and supply chain operation. The results fully reveal the rule of operation and financing in dual-channel supply chain, and build new theoretical models of dual-channel supply chain operation and financing. At the same time, the results have reference value and guidance significance to the operation strategic and financing strategic of the dual-channel supply chain.
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