تحلیل زمان و مقدار تخفیف پویا در یک زنجیره تامین دو سطحی با در نظر گرفتن تأمین مالی از محل بدهی کوتاه مدت و سرمایه در گردش

نویسندگان
چکیده
در این مقاله، یک زنجیره تامین دو سطحی با یک خریدار و یک تولید‌کننده با سرمایه در گردش ناکافی در نظر گرفته شده است. تولیدکننده در صورت پرداخت زود هنگام خریدار، به ازای هر روز زودتر درصدی تخفیف به خریدار می‌دهد. خریدار و تولیدکننده کمبود نقدینگی را از محل بدهی کوتاه مدت از موسسات مالی تامین می‌کنند. تابع هدف در هر دو سطح زنجیره، سود عناصر زنجیره است و متغیرهای تصمیم طرفین، درصد تخفیف و زمان پرداخت زود هنگام است. تحلیل توابع سود عناصر زنجیره نشان می‏دهد که این توابع دارای نقطه زینی‏ (بحرانی) هستند. با توجه به این موضوع، یافتن محدوده مناسب درصد تخفیف و زمان پرداخت زودتر از موعد مشترک برای طرفین، که بدتر از حالت عدم توافق نباشد دارای اهمیت است. برای تعیین این محدوده، سود تولید‏کننده بیشتر یا مساوی، مقدار سود هنگامی که تخفیف نمی‏دهد قرار داده شده است. در آن محدوده، محدوده نرخ بهره تأمین مالی و نرخ سود حاصل از سرمایه‏گذاری خریدار تحلیل شده است. نتایج نشان می‏دهد که شرایطی وجود دارد که با بکارگیری مکانیزم تخفیف پویا، توافق بین عناصر زنجیره ایجاد کرد.
کلیدواژه‌ها

عنوان مقاله English

Optimizing the time and amount of dynamic discounts in a two-level supply chain considering financing from short-term debt and working capital.

نویسندگان English

Zahra KhalatBabdi
Morteza Khakzar Bafruei
Narges Kolahi
چکیده English

In this paper, a two-level supply chain with one buyer and one producer with insufficient working capital is considered. If the buyer pays early, the manufacturer gives a percentage discount to the buyer for each day early. The buyer and the producer cover the lack of liquidity from short-term debt from financial institutions. The objective function in both levels of the supply chain is the profit and the decision variables of the both level are the discount percentage and early payment time. The analysis of the profit functions of the two level of the chain shows that these functions have a saddle (critical) point. Considering this issue, it is important to find the appropriate range of discount percentage and payment time, which is not worse than disagreement between buyer and producer. To determine this range, the manufacturer's profit is greater than or equal to the amount of profit when not discounting. In that range, the interest rate range of financing and the interest rate of the buyer's investment have been analyzed. The results show that there are conditions that created an agreement between the levels of the supply chain by using the dynamic discount mechanism.

کلیدواژه‌ها English

Optimization
Working Capital
Dynamic Discount
Early Payment Discount Time
Supply chain
1. F. Jia, C. Blome, H. Sun, Y. Yang, and B. Zhi, Towards an integrated conceptual framework of supply chain finance: An information processing perspective, International Journal of Production Economics, 219 (2020), doi: 10.1016/j.ijpe.2019.05.013.

2. H.-C. Pfohl and M. Gomm, Supply chain finance: optimizing financial flows in supply chains, Logistics Research, 3–4 (2009), 149–161.

3. J. Chen, L.-X. Yang, D.-W. Huang, X. Yang, and Y. Y. Tang, Dynamic discount pricing in competitive marketing, IEEE Access, 7 (2019), 145340–145347.

4. S. Templar, E. Hofmann, and C. Findlay, Financing the End-to-End Supply Chain: A Reference Guide to Supply Chain finance. 2020. [Online]. Available: https://www.alexandria.unisg.ch/248751/

5. L. Zhao and A. Huchzermeier, Managing supplier financial distress with advance payment discount and purchase order financing, Omega, 88 (2016), 77–90.

6. F. Caniato, L. M. Gelsomino, A. Perego, and S. Ronchi, Does finance solve the supply chain financing problem?, Supply Chain Management an International Journal, 21 (2016), 534–549.

7. J. Liebl, E. Hartmann, and E. Feisel, Reverse factoring in the supply chain: objectives, antecedents and implementation barriers, International Journal of Physical Distribution & Logistics Management, 46 (2016), doi: 10.1108/ijpdlm-08-2014-0171.

8. Z. Wang, Q. Wang, Y. Lai, and C. Liang, Drivers and outcomes of supply chain finance adoption: An empirical investigation in China, International Journal of Production Economics, 220 (2020), 107453, doi: 10.1016/j.ijpe.2019.07.026.

9. R. Pellegrino, N. Costantino, and D. Tauro, Supply Chain Finance: A supply chain-oriented perspective to mitigate commodity risk and pricing volatility, Journal of Purchasing and Supply Management, 25, (2019) 118–133.

10. H. Song, K. Yu, and Q. Lu, Financial service providers and banks’ role in helping SMEs to access finance, International Journal of Physical Distribution & Logistics Management, 48 (2018), 69–92.

11. X. Chen and G. Cai, Joint logistics and financial services by a 3PL firm, European Journal of Operational Research, 214 (2011), 579–587.

12. K. K. Van Der Vliet, M. M. Reindorp, and J. J. Fransoo, The price of reverse factoring: Financing rates vs. payment delays, European Journal of Operational Research, 242 (2015), 842–853.

13. L. Klapper, The role of factoring for financing small and medium enterprises, Journal of Banking & Finance, 30 (2006), 3111–3130.

14. R. Grüter and D. A. Wuttke, Option matters: valuing reverse factoring, International Journal of Production Research, 55 (2017), 6608–6623.

15. S. K. Devalkar and H. Krishnan, the impact of working capital financing costs on the efficiency of trade credit, Production and Operations Management, 28 (2019), 878–889.

16. Y. Shou, J. Shao, and W. Wang, How does reverse factoring affect operating performance? An event study of Chinese manufacturing firms, International Journal of Operations & Production Management, 41 (2021), 289–312.

17. A. N. Berger and G. F. Udell, A more complete conceptual framework for SME finance, Journal of Banking & Finance, 30 (2006), 2945–2966.

18. S. Li and X. Chen, The role of supply chain finance in third-party logistics industry: a case study from China, International Journal of Logistics Research and Applications, 22 (2018), 154–171.

19. Y.W. Zhou, Y.G. Zhong, and M. I. M. Wahab, How to make the replenishment and payment strategy under flexible two-part trade credit, Computers & Operations Research, 40 (2013), 1328–1338.

20. B. Zhi, X. Wang, and F. Xu, Portfolio optimization for inventory financing: Copula-based approaches, Computers & Operations Research, 136 (2021), 105481, doi: 10.1016/j.cor.2021.105481.

21. S. Hua, Y. Xiaoye, and S. Yuanfang, Dynamic discounting program of supply chain finance based on a financial information matching platform, Annals of Operations Research, 331 (2022), 221–250.