运筹与管理2024，Vol.33Issue(12)：46-53,8.DOI:10.12005/orms.2024.0385
不确定需求信息扰动下供应链混合渠道融资及鲁棒运作策略
Hybrid Channel Financing and Robust Operations Strategy for Supply Chain under Uncertain Demand Disruption
摘要
Abstract
The Corona Virus Disease 2019(COVID-19)pandemic disrupts the global supply chain,causing many enterprises to encounter cash flow problems,especially small and medium-sized enterprises.If the supply chain enterprises cannot obtain sufficient funds for a long time,they will lead to a series of vicious cycles,that is,lower inventory,lower product sales,lower profits,and lower capital liquidity.Supply chain financing can alleviate or solve the production and operation problems of supply chain enterprises due to capital constraints.It is also an important driving force to deal with the impact of COVID-19 on supply chain sustainability.In practice,enterprises can obtain financial support through a variety of channels,including internal channels of the supply chain(other supply chain enterprises)and external channels(banks,financial institutions,or govern-ments).For capital-constrained enterprises applying for financing through different channels simultaneously,it can be defined as a hybrid channel financing mechanism.In addition,few studies focus on the operations management of hybrid channel financing.Hence this paper considers the mixed channel financing of enterprises and banks in a certain proportion,so as to provide a more flexible financing strategy choice.On the other hand,COVID-19 has impacted market demand,resulting in higher uncertainty of demand information,and also deep-ened the difficulty of information acquisition and prediction.The upper and lower bounds of demand information(best and worst cases)are easier to acquire than its probability distribution.Nevertheless,the upper and lower bounds of demand information are also obtained according to previous experience or other consumer survey methods,so it is still inaccurate.For the case of highly uncertain information in actual operations management,especially that of the unknown probability distribution,the risk can be avoided by making a decision through robust optimization approaches.Hence this paper focuses on the impact of the inaccuracy on the robust decision-making of supply chain financing by considering demand disruption.To sum up,how can supply chain enterpri-ses with capital constraints avoid risks and select financing channels when dealing with uncertain demand disrup-tion?How does the lender determine the financing interest rate and whether the lender should adopt financing competition?These problems have important practical significance and need to be solved urgently.This paper explores an operation decision system composed of a capital-constrained retailer,a supplier,and a bank.The decision-makers play a tripartite game.The models of bank-supplier hybrid-channel,bank single-channel and supplier single-channel financing are established.This paper focuses on the supply chain financing strategy with only the upper and lower bounds of demand disruption known,and provides a robust order strategy and risk appetite for the retailer through the minimax regret approach.In addition,through effective financing and ordering strategies,this paper strives to reduce the negative impact of demand disruption on capital-constrained supply chain enterprises with partial demand information,so as to provide corresponding decision support for supply chain enterprises and banks.The results and managerial insights indicate that the retailer has the same regret value when choosing any financing channel scheme under the minimax regret criterion.However,the retailer should choose the hybrid financing channel,which can reduce the bargaining power of lenders on finan-cing interest rates and then reduce the loan cost of retailers,so as to obtain more profits.The bank and supplier should promote information exchange through negotiation and reach a consensus to avoid financing competition.The resulting equilibrium is beneficial to both the bank and supplier.On the other hand,the bank and supply chain enterprises should adjust the financing interest rate,pricing,and order decision in time for the demand disruption.The accuracy of the lower bound of demand information is particularly more important than that of the upper bound when the bank and supplier make interest rate decisions and the retailer makes order decisions.Hence more efforts should be made in the prediction and evaluation of the lower bound of the disrupted demand.Moreover,since the upper bound of disrupted demand will have a greater impact on the wholesale price,the supplier should pay attention to its prediction and evaluation of wholesale pricing,and adjust the wholesale price in time to reduce the negative impact of demand disruption.关键词
需求扰动/混合渠道融资/鲁棒订货策略/博弈模型/供应链管理Key words
demand disruption/hybrid channel financing/robust order quantity/game model/supply chain management分类
管理科学引用本文复制引用
赵宇杰,周泓..不确定需求信息扰动下供应链混合渠道融资及鲁棒运作策略[J].运筹与管理,2024,33(12):46-53,8.基金项目
国家自然科学基金面上项目(71971011) （71971011）
国家建设高水平大学公派研究生项目(202206020132) （202206020132）
北京航空航天大学博士研究生卓越学术基金项目(BY2008128) （BY2008128）
