中文摘要：

保兑仓融资在改善供应链资金流方面发挥了重要作用,但在市场需求不确定且受到零售商销售努力水平影响的情况下,制造商对未销货物承诺全额回购的传统保兑仓模式难以协调。该研究目的就是探究这一问题的本质原因,并提出解决方案。采用制造商和零售商的供应链构建了模型,分析了传统保兑仓模式下的供应链协调性,提出了风险互换型保兑仓模式,并验证了这种模式下的供应链的协调性。结果表明,传统保兑仓模式不能协调供应链,其原因就是期望边际收益、边际成本在供应链成员间的分配不合理,而风险互换型保兑仓可以协调供应链之间的关系。

英文摘要：

Confirming Warehouse Financing （CWF） has shown great benefit in improving supply chain efficiency in cash flow. However, when the customer demand is uncertain and affected by the retailer＇ s sales effort, CWF, typically requiring a 100% buyback, fails to coordinate the supply chain. To understand the root cause of supply chain inefficiency and propose a solution, a Manufacturer-Retailer supply chain model is established, and the chain efficiency under traditional CWF is examined. Then a risk-swap CWF is raised and the supply chain efficiency under it is examined. The result shows that traditional CWF cannot coordinate the supply chain because of irrational allocation of expected marginal revenue and expected marginal cost among supply chain partners, and that the raised risk-swap CWF can coordinate the supply chain.