基于融资需求的损失厌恶零售商订货策略及供应链协调

传统的供应链文献研究都假设了供应链系统中有足够的营运资本可供零售商或供应商融资，然而在管理实践中供应链运营经常面临着资金不足等短缺风险。本文在损失厌恶型零售商存在资金短缺的现实情形下，研究了基于融资需求的损失厌恶型零售商订货策略问题。研究发现，一旦零售商自有资金增加，其损失厌恶系数增大使得资本约束零售商的订货量增加；而一旦零售商的损失厌恶系数确定，银行融资利率增大，资金约束零售商的订货量减小。最后，构造了协调供应链的融资成本共担的协调机制，并通过对比分析刻画了融资利率水平能够影响供应链的运营决策，这也为供应链企业资本风险管理实践提供了很强的实践参考价值。

Loss-averse Retailer's Ordering Strategy under the Financing Demand and Supply Chain Coordination

With the rapid development of economic globalization, the global retail industry is undergoing a great change. The rapid expansion in retailers' size and the relative concentration in the retail market have been significantly improved, and the traditional supply chain dominated the past challenges. In response to these changes, companies need to prepare more working capital. However, in practice, companies often face a shortage of capital. With a capital constraint, a retailer fails to procure or order optimally, which not only influences the profitability, but also harms the competitiveness of the upstream suppliers.
Therefore, it's critical for retailers to figure out a way to solve the problem of insufficient capital. Meanwhile, the supply chain financing appears. As a new financing tool, the supply chain financing has received extensive attention in corporate finance area. However, a majority of the current literatures focus on the optimal ordering decision assuming the retailer is risk-neutral. Other literatures focus on the optimal order decision assuming the retailer has no capital constraint. In fact, market risk and capital risk are very common in practice.
Based on the practice, two interesting questions arise, that is, how does a risk-averse retailer decide ordering strategies to alleviate the capital constraint and how does a retailer's decision affect the expected supply chain profit and further realize the coordination of supply chains. To answer the two questions, a two-echelon supply chain system consisting of one risk-neutral manufacturer and one risk-averse retailer is considered. Using classical loss-aversion measurements, the supply chain financing model is established. By adopting the backward induction and linear optimization method, the retailer's optimal order decision is solved and then the optimal proportion of financing cost-share of the supply chain is analyzed.
The results show that a capital constrained retailer's order quantity increases with their own money, while decreases with the increase of the loss aversion coefficient. The retailer determines the loss aversion coefficient and decreases the quantity of goods as the interest rate increases. To examine the theoretical model, the numerical analysis is used to simulate the corresponding results. Our research can enrich the existing supply chain finance literature and provide insights for core enterprises and banks regarding the supply chain risk management practice.