供應鏈金融下之最適訂購量與訂價策略

Abstract

近年來「供應鏈金融」的趨勢愈來愈明顯,許多企業除了透過銀行融資之外, 也開始和上游供應商協議延後付款的方式取得資金,或是大型零售商以自身的信 用做為擔保讓中小型供應商能從銀行先行取得應收帳款的款項,緩解供應商的資 金需求。有鑑於此,本研究將以供應鏈金融為主題,期望幫助企業能更有效地管 理供應鏈與融資策略,因此建立數學模型推導出供應商與零售商在「銀行融資」、 「賒購」及「讓售應收帳款」等不同融資模式下的最適訂價策略與最適訂購量決 策,並推論外生變數將如何影響供應商與零售商兩者的利潤、最適批發價格與訂 購量,而外生變數包含產品成本、無風險利率、最大可讓售應收帳款比例、期望 投資報酬率及需求變異程度。研究結果發現,在賒購與讓售應收帳款模式下,供 應商傾向將批發價格訂與市場價格相同,試圖吸收零售商所有利潤,以補償供應 商自己所承擔的倒帳風險。而在銀行融資模式下,由於銀行提供零售商融資服務 並賺取一部分利息,因此整體的利潤都比資金充足時的利潤來得低。此外,當產 品成本愈來愈小,供應鏈的融資模式均衡會從銀行融資轉變為賒購,再轉變為讓 售應收帳款;當無風險利率愈小或最大可讓售應收帳款比例與投資報酬率愈高, 供應商也會愈傾向於讓售應收帳款模式。

Supply chain finance has been a growing trend not only in the real business environment but also in supply chain management. Firms can fund their business by borrowing from banks or from their suppliers, provided they agree postponed payment. Moreover, there are more and more big retailers working with banks that will offer to advance cash to suppliers before the receivables become due. Therefore, the research examines a supply chain consisting of a supplier who decides an optimal whole price and a retailer who decides an optimal order quantity under different funding strategies, which includes bank credit, trade credit and factoring. The research also observes how some exogenous variables, including production costs, risk-free rate, the maximum proportion of receivables allowed to be factored, expected rate of return and demand variability, will affect the supplier and the retailers’ profits, the optimal wholesale price and the optimal order quantity. The research shows that the supplier will set a wholesale price equal to the market price in order to squeeze all of the retailer’s profits and absorb them under the equilibrium of trade credit, by reason of the default risk the supplier has to take. The research also finds that the interest banks charge for credit will make the retailer’s profits under the equilibrium of bank credit lower than the ones under normal condition (with sufficient capital). In addition, the analysis suggests that when the production cost decreases, the equilibrium of funding strategy will shift from bank credit to trade credit and then to factoring. The analysis also proves that the decrease in risk-free rate or the increase in the maximum proportion of receivables and expected rate of return will lead to the equilibrium of factoring.