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Supply chain coordination with trade credit under the CVaR criterion

机译：根据CVaR标准与贸易信用进行供应链协调

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摘要

Trade credit is a popular payment method in the supply chain. However, it may transfer the market risk facing by the retailer to the manufacturer in the form of default risk. To reduce the default loss, we set up a modified newsvendor model incorporating random default probability. Under the goal of loss minimisation, the manufacturer's optimal production quantity is derived with the criterion of conditional value at risk, and compared with the retailer's optimal order quantity. It is found that, compared with traditional newsvendor setting, the setting of default possibility in trade credit can increase the order quantity but decrease the production quantity. If the risk aversion level and gross profit of product are low, the manufacturer may deliver below the quantity ordered. Although the default loss can be reduced by cutting order, the profits of both agents decrease, thereby leading to a deviation from the supply chain coordination. Trade credit coordinating the supply chain requires an extremely long credit period, which is not feasible. Moreover, quantity discount contract is able to improve the retailer's order quantity, but insufficient to achieve coordination, which also depends on the manufacturer's risk aversion level.
机译：贸易信贷是供应链中一种流行的付款方式。但是，它可能以违约风险的形式将零售商面临的市场风险转移给制造商。为了减少违约损失，我们建立了一个包含随机违约概率的修正新闻供应商模型。在损失最小化的目标下，制造商的最佳生产量是根据处于风险中的条件价值准则得出的，并与零售商的最佳订购量进行比较。研究发现，与传统的新闻报销商设置相比，贸易信用违约可能性的设置可以增加订单数量但减少生产数量。如果风险规避水平和产品毛利润较低，则制造商的交货量可能低于订购的数量。尽管可以通过削减订单来减少违约损失，但两家代理商的利润都会减少，从而导致供应链协调偏离。协调供应链的贸易信贷需要极长的信贷期，这是不可行的。而且，数量折扣合同能够提高零售商的订货数量，但不足以实现协调，这也取决于制造商的风险规避水平。

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  • 来源
    《International Journal of Production Research》 |2019年第12期|3538-3553|共16页
  • 作者

    Chen Zhiming; Yuan Kunwen; Zhou Shaorui;

  • 作者单位

    Guangdong Univ Finance, Sch Credit Management, Guangzhou, Guangdong, Peoples R China|Guangdong Reg Financial Policy Res Ctr, Guangzhou, Guangdong, Peoples R China;

    Guangdong Reg Financial Policy Res Ctr, Guangzhou, Guangdong, Peoples R China|Guangdong Univ Finance, Sch Foreign Languages & Cultures, Guangzhou, Guangdong, Peoples R China;

    Sun Yat Sen Univ, Sch Business, Guangzhou, Guangdong, Peoples R China;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    trade credit; risk management; CVaR; supply chain coordination; quantity discount;

    机译：贸易信贷;风险管理;CVaR;供应链协调;数量折扣;

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