研究了由单一供应商和单一零售商组成的供应链中金融和运营的综合决策问题及其影响,当零售商存在资金限制/约束时,其可从资本市场获得融资服务以实现自身的最优采购,其中资本市场是指由多个追求风险中性的金融机构组成的,并存在一定的市场竞争,研究表明:当零售商出现资金不足或预算限制时,融资服务可为整个供应链创造新价值,并且资本市场的竞争程度将直接影响零售商、供应商和金融机构的具体决策,另外,还为具体供应链管理实践提供相关的见识。
This paper studies the decision-making in a stylized supply chain where a supplier seUs a single product to a news-vender retailer, who is budget-constrained and can get financial service from the competitive financial market. In such a setting, we study how the competition in the financial market, where each financial institution is supposed to be risk-neutral affects the operation and financial decisions in supply chain when the budget-constrain- ed retailer receives financial service from the competitive financial market. Our results show that financial service would create value in the supply chain where parties have small-medium budget constraints, and the competition of financing service would affect the decisions of the supplier, retailer,and financial institution. In this paper, we also provide some insights for the practice in the supply chain where parties are budget-constrained.