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Vendor financing and its impact on vendor's optimal policies.

机译：供应商融资及其对供应商最佳政策的影响。

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摘要

This research aims to elucidate how vendor financing impacts the business strategy of the vendor and to shed light on the resulting optimal inventory and dividend policies. We consider a vendor employing a Make-to-Stock inventory policy and selling to a particular set of buyers facing product demand. The vendor is constrained by a fixed amount of capital available for purchasing inventory and incurs a variety of costs. Since the buyers are also financially constrained, the vendor offers financing to the buyers in the form of trade credits, and receives the corresponding incremental orders, which would not be placed with the vendor in the absence of vendor financing. This thesis makes two primary contributions: (1) the suboptimal supply chain policies that arise from implementing vendor financing are explored; and (2) a stochastic optimization model and the attendant objective function from the perspective of the vendor are formulated and solved for optimal financial and inventory policies, simultaneously. The objective function maximizes the expected discounted dividends generated by the vendor, given its initial inventory and capital, subject to capital constraints. This is compared and contrasted with the case wherein the vendor utilizes an inventory policy, but no vendor financing and cases wherein the vendor uses vendor financing but has less available access to external funds. Analyses and insights are provided thereafter.
机译：这项研究旨在阐明卖方融资如何影响卖方的业务战略，并阐明由此产生的最佳库存和股息政策。我们考虑使用供应商按库存库存策略并向面临产品需求的特定买方销售的供应商。卖方受到可用于购买库存的固定数量资本的约束，并产生各种成本。由于买方也受到财务约束，因此卖方以贸易信贷的形式向买方提供资金，并接收相应的增量订单，在没有卖方融资的情况下，该增量订单将不会与卖方下达。本论文有两个主要贡献：（1）探讨了由于实施卖方融资而产生的次优供应链政策； （2）同时建立并求解了卖方的随机优化模型和伴随的目标函数，以实现最优的财务和库存策略。该目标函数根据卖方的初始库存和资本，在受到资本约束的情况下，使卖方产生的预期折现红利最大化。将其与卖方使用库存策略但不使用卖方融资的情况以及卖方使用卖方融资但对外部资金的可用访问较少的情况进行比较和对比。此后提供分析和见解。

著录项

  • 作者

    Duhaylongsod, Jose Benedicto B.;

  • 作者单位

    Rutgers The State University of New Jersey - New Brunswick.;

  • 授予单位 Rutgers The State University of New Jersey - New Brunswick.;
  • 学科 Operations Research.;Economics Finance.
  • 学位 M.S.
  • 年度 2013
  • 页码 59 p.
  • 总页数 59
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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