| 考虑零售商破产成本的批发定价影响因素分析 |
| Analysis of factors influencing wholesale pricing with consideration of retailer bankruptcy costs |
| 摘要点击 98 全文点击 0 投稿时间：2024-01-24 修订日期：2025-06-13 |
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| 中文关键词 供应链管理；批发价格契约；流动性约束；破产成本 |
| 英文关键词 Supply chain management; price-only contract; liquidity constraint; bankruptcy cost |
| 基金项目 国家自然科学基金项目（面上项目，重点项目，重大项目），河北省自然科学基金项目 |
| 投稿方向 |
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| 中文摘要 |
| 破产成本的存在将影响融资利率，进而影响融资企业的订货决策及其上游企业的定价决策。为了探讨上述因素对资金短缺供应链决策的影响，本文构建一个斯塔伯格博弈模型，其中供货商设定批发价格，零售商确定订购量以及贷款金额(若适用)。在较为一般的限制条件下，本文证明了模型解的存在性和唯一性，并刻画了博弈均衡策略，分析了资金水平、破产成本及生产成本对均衡策略及双方收益的影响。研究表明：1) 批发价格关于资金水平先增后减，最后保持不变；在资金短缺下，零售商利润关于资金水平并非单调增.2) 高的破产成本并不必然导致高的贷款利率.3) 除非资金水平非常高，否则,总存在一个区间，当且仅当生产成本位于这个区间时，均衡策略独立于生产成本的变化。本文还刻画了零售商对外融资的门槛条件。研究揭示了一些管理启示，对批发定价及库存管理具有启发意义。 |
| 英文摘要 |
| The presence of bankruptcy costs affects the interest rate, and in turn impacts the ordering decisions of financially constrained firms and the pricing strategies of their upstream suppliers. To examine how these factors affect supply chain decisions under capital constraints, this paper constructs a Stackelberg game model where the supplier sets the wholesale price, and the retailer determines the order quantity and loan amount (if applicable). Under mild assumptions, it proves the existence and uniqueness of equilibrium solution and characterizes the equilibrium strategies. It analyzes how the capital level, the bankruptcy cost, and the production cost influence the equilibrium strategies and the profits of both parties. Key findings include: (i) The wholesale price initially increases with the capital level then decreases, and finally stabilizes. Under capital constraints, the retailer’s profit is not monotonically increasing with its capital level. (ii) High bankruptcy costs do not necessarily lead to higher interest rates. (iii) Except when capital levels are extremely high, there exists a range of production costs within which the equilibrium strategy remains independent of production cost variations. Additionally, it identifies the threshold conditions under which the retailer will seek external financing. The findings highlight several managerial insights, offering practical guidance on wholesale pricing and inventory management strategies under financial constraints. |
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