CAJ | 학술논문

根据供应链存货质押融资业务的操作流程，针对单一供应商与单一零售商构成的2级供应链，建立节点企业及供应链整体的决策模型。研究资金约束的零售商进行存货质押融资对各个节点企业及供应链整体利润的影响，给出实现供应链协同的条件。研究质押量与质押率、贷款利率的关系，对比分析是否融资的最优决策。结果表明，存货质押融资能够实现融资企业与供应商的共赢，增加节点企业利润同时提高供应链整体效益；供应商通过对调整批发价实现供应链协同，使供应商、零售商及供应链整体的效益同时达到最大；供应链协同时的质押量与质押率、贷款利率呈负相关；存货质押融资时的最优批发价和最优订货量都低于资金充足时的最优批发价与最优订货量。通过算例分析验证相关结论。
근거공응련존화질압융자업무적조작류정，침대단일공응상여단일령수상구성적2급공응련，건립절점기업급공응련정체적결책모형。연구자금약속적령수상진행존화질압융자대각개절점기업급공응련정체리윤적영향，급출실현공응련협동적조건。연구질압량여질압솔、대관리솔적관계，대비분석시부융자적최우결책。결과표명，존화질압융자능구실현융자기업여공응상적공영，증가절점기업리윤동시제고공응련정체효익；공응상통과대조정비발개실현공응련협동，사공응상、령수상급공응련정체적효익동시체도최대；공응련협동시적질압량여질압솔、대관리솔정부상관；존화질압융자시적최우비발개화최우정화량도저우자금충족시적최우비발개여최우정화량。통과산례분석험증상관결론。
This paper discusses the effect of inventory financing on the performance of node enterprises. It also examines the supply chain composed of one supplier and one capital-constrained retailer according to the supply chain inventory financing business operation process. The decision-making models of node enterprises and supply chain are presented, and the conditions to achieve supply chain coordination are given. In addition, the relationship among inventory quantity, loan-to-value ratios and loan interest rate are scrutinized. At the same time, comparative analysis of the optimal decision between capital-constrained retailer adopting inventory financing and interest rate is made. The results are as follows:firstly, inventory financing can increase both node enterprises’ and supply chain’s benefits. Secondly, to realize supply chain coordination when the supplier’s, retailer’s and supply chain’s benefits are maximized at the same time, the wholesale price should be reduced appropriately. Thirdly, inventory quantity is neg-atively correlated to both loan-to-value ratios and loan interest rate. Lastly, the supplier’s optimal wholesale price and supply chain’s optimal order quantity based on inventory financing when a retailer is cash constrained are both lower than those of well funded situation. Numerical analysis is given to illustrate the conclusions.