The role of voucher sale in advance for a capital-constrained supply chain
The role of voucher sale in advance for a capital-constrained supply chain
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DOI：
10.1051/ro/2021046
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发表时间：
2021-03
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影响因子：
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通讯作者：
Hai-jun Wang;Guanmei Liu
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文献类型：
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作者：
Hai-jun Wang;Guanmei Liu
本文研究了由供应商和资金受限的零售商组成的供应链中，代金券销售作为一种筹集营运资金的操作方法。这家零售商利用在线平台销售代金券，并获得从银行借款的渠道。通过建立Stackelberg博弈模型，给出了零售商在无银行贷款和有银行贷款情况下的可能订单数量，并分析了代金券销售对零售商最优订单数量选择和供应商最优批发价格的影响。我们发现，优惠券的价格越小，零售商越有可能从银行贷款订购，而优惠券的价值越大，则会导致订单数量增加，贷款更难偿还。此外，如果代金券的价格很大，供应商决定一个批发价格，导致零售商不向银行贷款；当代金券价格较小时，供应商的最优决策是通过预测零售商向银行借款来实现的。我们还分析了在贸易信贷融资存在的情况下代金券销售对企业决策的影响。研究结果表明：代金券的价格应先小后大；否则，零售商要么不向供应商借款，要么不偿还供应商。此外，供应商决定一个批发价格，使得零售商除了代金券的价值很大，代金券的价格适中外，不会向供应商借款或偿还代金券。
This paper studies voucher sale as an operational method to raise working capital for a supply chain, which consists of a supplier and a capital-constrained retailer. The retailer takes advantage of an online platform to sell vouchers and to get access to borrowing from a bank. By formulating a Stackelberg game model, we show the retailer’s possible order quantities in the cases without and with bank loan and analyze the impact of voucher sale on the retailer’s optimal choice of order quantity and the supplier’s optimal wholesale price. We find that a smaller voucher’s price induces the retailer to be more likely to order with loan from a bank while a larger voucher’s value induces an order quantity with the loan more difficult to be repaid. In addition, if voucher’s price is large, the supplier decides a wholesale price which leads the retailer not to borrow from a bank; and if voucher’s price is small, the supplier’s optimal decision is obtained by anticipating the retailer to borrow from a bank. We also analyze the impact of voucher sale in the presence of trade credit financing on the firms’ decisions. The results show that the voucher’s price should be small so that the large; otherwise, the retailer either does not borrow from the supplier or may not repay the supplier. Besides, the supplier decides a wholesale price so that the retailer does not borrow or can repay the supplier, except that the voucher’s value is large and the voucher’s price is medium.