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

摘要：

在零售商资金约束下，基于CVaR准则构建了风险规避的供应商和零售商组成的双渠道供应链的定价模型。分析了零售商资金充足时，供应商和零售商的最优决策、资金约束情况下零售商的银行借贷融资、延期支付策略和组合融资时零售商和供应商的最优决策以及零售商和供应商的风险规避程度对最优决策变量和收益的影响。通过数值分析，进一步验证了零售商和供应商的风险规避度对三种融资模式下零售商和供应商的最优决策变量和利润的影响。研究表明：资金充足和延期支付策略下最优决策变量与风险规避度的关系一致；银行借贷和组合融资下最优决策变量与风险规避度的关系一致；单一延期支付策略和组合融资优于单一银行借贷融资；组合融资比例大于一定值时，优于单纯延期支付策略。

关键词: 资金约束, 风险规避, 银行贷款, 延期支付, 组合融资