Benefits of third-party logistics firms as financing providers
Benefits of third-party logistics firms as financing providers
复制标题
第三方物流公司作为融资提供者的好处
DOI：
10.1016/j.ejor.2021.01.024
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发表时间：
2021-05-18
影响因子：
6.4
通讯作者：
Zhai, Xin
中科院分区：
文献类型：
--
作者：
Hua, Shengya;Sun, Shuxiao;Zhai, Xin
本文研究了在一个由供应商、第三方物流公司和具有资本约束的零售商组成的三层供应链中，供应商的批发价格契约和第三方物流公司的联合物流和融资服务契约的设计问题。必要时，零售商可以申请银行融资或第三方物流融资进行采购。所有成员参与Stackelberg游戏与供应商作为领导者。我们的分析表明，第三方物流谁资助零售商与低利率诱导零售商订购更多，从而导致第三方物流获得更多的利润，从物流服务。供应商从第三方物流融资中受益，因为它从零售商那里收到了更大的订单。与银行融资相比，营运资金水平不太低的零售商通过第三方物流融资可以获得更大的收益，因为第三方物流融资可以降低采购（订货和运输成本）和融资成本。我们进一步得出结论，所有成员的最优决策保持不变时，第三方物流也是资本约束，但可以从银行借款。我们研究了零售商和供应商的问题时，第三方物流功能作为游戏的领导者，而不是供应商，并通过数值计算表明，零售商和第三方物流是更好的，而供应商是更差的情况下，第三方物流领导。研究结果解释了为什么第三方物流企业愿意在商业实践中为零售商的库存融资，并建议第三方物流企业应设定较低的融资利率以提高渠道绩效。(c)2021爱思唯尔有限公司版权所有。
We investigate the design of a supplier's wholesale price contract and a third-party logistics (3PL) firm's joint logistics and financing services contract in a three-tier supply chain comprising a supplier, a 3PL firm, and a newsvendor-like retailer with capital constraints. The retailer can apply for bank financing or 3PL financing for purchasing when necessary. All members engage in a Stackelberg game with the supplier functioning as the leader. Our analysis indicates that the 3PL who finances the retailer with a low interest rate induces the retailer to order more, thereby causing the 3PL to obtain more profit from logistics services. The supplier benefits from 3PL financing by receiving a larger order from the retailer. Compared with bank financing, a retailer whose working capital level is not too low can benefit more with 3PL financing owing to lower purchasing (ordering and transportation costs) and financing costs. We further conclude that all members' optimal decisions remain unchanged when the 3PL is also capital constrained but can borrow from a bank. We examine the retailer and supplier's issues when the 3PL functions as the game leader instead of the supplier, and numerically demonstrate that the retailer and 3PL are better off while the supplier is worse off under 3PL leadership. Our results explain why 3PLs are willing to finance retailers' inventories in business practice and suggest that 3PLs should set low financing interest rates to improve channel performances.(c) 2021 Elsevier B.V. All rights reserved.