关键词: 资金约束, 风险规避, 银行贷款, 延期支付, 组合融资

Abstract:

Under the constraint of retailer’s capital, the pricing model of dual-channel supply chain consisting of suppliers and retailers is constructed based on the criterion of risk aversion. This paper analyzes the optimal decision of the retailer and the supplier when the retailer has sufficient funds, the bank loan financing of the retailer under capital constraints, the deferred payment strategy and the combination financing mode of the retailer and the supplier, as well as the impact of the retailer and the supplier’s risk aversion degree on the optimal decision variables and earnings. Finally, the influence of the risk attitude of retailers and suppliers on the optimal decision-making variables and on the profits of retailers and suppliers under the three financing modes are further verified through numerical analysis. The results show that the optimal decision variables are consistent with the degree of risk aversion under the conditions of sufficient funds and deferred payment strategy. The relationship between the optimal decision variable and the degree of risk aversion under bank lending and portfolio financing is consistent. Pure deferred payment strategy and combination financing are superior to single bank loan financing. And when the proportion of portfolio financing is larger than a certain value, it is better than the pure deferred payment strategy.

Key words: financial constraints, risk aversion, bank financing, delay in payment, portfolio financing