在需求變動及交易風險下三階供應鏈之最佳信用交易及補貨策略

Abstract

本研究對於在三階供應鏈結構中，考量延遲付款影響需求及會產生交易風險的前提下，運用二階延遲付款的財務操作，探討各階供應鏈經理人之最佳的補貨及付款策略。針對各階供應鏈經理人的決策情境，本研究推導對應的數學模式，並對於其最佳解特性進行理論分析。運用這些理論分析之結果，本研究提出有效率的演算法求解供應鏈結構中各角色之最佳的補貨及付款策略。透過數據實驗，我們觀察到運用「給予客戶允許延遲付款」之供應鏈財務管理手法及考慮財務風險的前提下，部分集權的供應鏈整合模式，可能創造比共同集權式的供應鏈整合模式更多的利潤。本研究也對於需求彈性及風險等相關參數進行敏感度分析，瞭解運用延遲付款的供應鏈財務操作，對於不同供應鏈結構各成員利潤的影響。

This study investigates the optimal replenishment and payment strategies when making use of financial operations of two-stage permissible delay in payment in a Three-echelon supply chain with variable demand under trade-credit and default risk. We formulate the mathematical model corresponding to the manager’s decision-making scenario at each stage of the supply chain, and conduct theoretical analysis on the characteristics of the optimal solution. Then, utilizing our theoretical results, we propose an efficient solution approach for solving the optimal solution. Based on our numerical experiments, we observe that under the premise of using permissible delays in payment and considering financial risk, a partially centralized and integrated supply chain model could gain more profit than a fully centralized and integrated supply chain model. We also conduct sensitive analysis on the parameters of the elasticity of demand and the default risk to gain managerial insights into the impact of using trade-credit as a supply chain financial tool on all the firms in the three-echelon supply chain.