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【主题】Financing the Newsvendor: Supplier vs. Bank, Optimal Rates, and Alternative Schemes
【时间】2008-12-2310:23
【地点】清华大学经管学院伟伦楼453
【语言】中文/英文
【内容摘要】
We consider a supply chain with a retailer having a single opportunity to order a product from a supplier to satisfy future stochastic demand (i.e., a supplier sells to a newsvendor setting). The retailer is capital constrained and in executing his procurement actions is in need of short-term financing. Within a game theoretic modeling framework of the profit maximizing supplier acting as the Stackelberg leader and the retailer as the follower, we analyze the impact of various financing schemes in the presence of bankruptcy risk for the retailer. Among those financing schemes considered are: supplier early payment discount (or supplier financing), open account financing, joint supplier financing with bank, and bank financing. In our model the bank offers loans that are fairly priced for all risks involved. We will use the supplier early payment discount scheme as a unifying decision framework to analyze all decisions involved in optimally structuring the above schemes from the supplier perspective (wholesale price, effective payment discount or financing rate). Under mild assumptions we are able to conclude that a risk neutral supplier should always provide financing to the retailer at rates less than or equal to the risk free rate, and if offered an optimally structured scheme the retailer will always prefer supplier to bank financing. Furthermore, under supplier financing and with retailer facing bankruptcy risk, the supply chain profits improve, and, while the supplier always improves its profits under such scheme, the retailer might also improve his profits relative to bank financing (without supplier financing provision) depending on his current “wealth” (working capital and liquid fixed assets).
【主讲人简介】
Wenhui Zhao is a Research Fellow in Operations and Manufacturing Management at Olin Business School, Washington University in St. Louis. He received his PhD in Operations Research (2007) and MS in Transportation Engineering (2001) from the Ohio State University. Zhao also received an MS in Structural Engineering (1999) and BS degrees in Civil Engineering and Computer Science (1996) from Tsinghua University. At Washington University in St. Louis, his research focuses on supply chain management and interface of operations and finance. At the Ohio State University, his research focused on combinatorial optimization and facility layout. |
