Because of the high risk of agricultural supply chain financing and high cost of financing, the plight of agricultural supply chain financing becomes increasingly prominent, and seriously affects the development of agricultural modernization. To solve the supply chain financing difficulties of agricultural supply chain consisting of a capital-constrained farmer and an agribusiness firm, two different Stackelberg game models, in which the agribusiness firm as the leader and the farmer as the follower, are proposed respectively by considering bankruptcy risks of the farmer in supply chain financing under trade credit and uncertainty of production yield. In the meanwhile, the comparative analysis on the farmer's optimal decision making is performed, and the government compensation values for both the social welfare and the supply chain are discussed finally. The fingdings can be drawn as follows:(1) the smaller the input-output rate of the bad year is, the more favorable supply chain financing model, in which the farmer has the risk of bankruptcy, is to the farmer; (2) the government compensation policies can reduce the agribusiness firm's risk of advance payment and create more social welfare; (3) the government compensation policies can also motivate the farmer to design the proper input quantity of production to promote the supply chain efficiency, even to realize the optimal expected profit of centralized decision-making under certain conditions, and create more value for the capital-constrained supply chain. Finally, the numerical study is given to demonstrate the conclusions. Our research results not only provide some managerial insight to the decision-making of the farmer, but also help us have a new understanding of government compensation policies and recognize the importance of government compensation.
HUANG Jian-hui, YE Fei, ZHOU Guo-lin
. Decisions and the Value of Government Compensation in Agricultural Supply Chain under Trade Credit and Uncertainty of Production Yield[J]. Chinese Journal of Management Science, 2018
, 26(1)
: 107
-117
.
DOI: 10.16381/j.cnki.issn1003-207x.2018.01.011
[1] Petersen M A, Rajan R G. Trade credit:Theories and evidence[J]. Review of Financial Studies, 1997, 10(3):661-691.
[2] Atanasova C V, Wilson N. Bank borrowing constraints and the demand for trade credit:Evidence from panel data[J]. Managerial and Decision Economics, 2003, 24(6-7):503-514.
[3] Chen Xiangfeng, Wang Anyu. Trade credit contract with limited liability in the supply chain with budget constraints[J]. Annals of Operations Research, 2012, 196(1):153-165.
[4] Yan Nina, Sun Baowen. Coordinating loan strategies for supply chain financing with limited credit[J]. OR Spectrum, 2013,35(4):1039-1058.
[5] Chern M S, Pan Qinhua, Teng J T, et al. Stackelberg solution in a vendor-buyer supply chain model with permissible delay in payments[J]. International Journal of Production Economics, 2013,144(1):397-404.
[6] Teng J T, Lou K R. Seller's optimal credit period and replenishment time in a supply chain with up-stream and down-stream trade credits[J]. Journal of Global Optimization, 2012, 53(3):417-430.
[7] 钟远光,周永务,李伯勋,等.供应链决策模式下零售商的订货与定价研究[J].管理科学学报,2011,14(6):57-67.
[8] 徐贤浩, 邓晨, 彭红霞. 基于供应链金融的随机需求条件下的订货策略[J]. 中国管理科学, 2011, 19(2):63-70.
[9] 陈祥锋. 资金约束供应链中贸易信用合同的决策与价值[J]. 管理科学学报, 2013, 16(12):13-20.
[10] 王文利, 骆建文.交易信用与资金约束下两阶段零售商订货策略[J].系统工程理论与实践,2014,34(2):304-312.
[11] Zhang Qinhong, Tsao Y C, Chen T H. Economic order quantity under advance payment[J]. Applied Mathematical Modelling, 2014, 38(24):5910-5921.
[12] Zhang Qinhong, Dong Ming, Luo Jianwen, et al. Supply chain coordination with trade credit and quantity discount incorporating default risk[J]. International Journal of Production Economics, 2014, 153(4):352-360.
[13] Zia N P, Taleizadeh A A. A lot-sizing model with backordering under hybrid linked-to-order multiple advance payments and delayed payment[J]. Transportation Research Part E Logistics & Transportation Review, 2015, 82:19-37.
[14] 李超, 骆建文. 基于预付款的资金约束供应链收益共享协调机制[J]. 管理学报, 2016, 13(5):763-771.
[15] Meuwissen M P M, Asseldonk M A P M V, Huirne R B M. Alternative risk financing instruments for swine epidemics[J]. Agricultural Systems, 2003, 75(2-3):305-322.
[16] Feng Qingshui, Zhang Xuewei. Development strategies on agricultural insurance under the building of new countryside[J]. Agriculture and Agricultural Science Procedia, 2010, 1:13-23.
[17] 张义刚, 唐小我. 供应链融资中的制造商最优策略[J].系统工程理论与实践,2013,33(6):1434-1440.
[18] 高前善. 农业规模经济、农业生产方式与我国农地狭小经营的根源与出路[J]. 生产力研究, 2007,(2):23-24.
[19] Niu Baozhuang, Jin Delong, Pu Xujin. Coordination of channel members' efforts and utilities in contract farming operations[J]. European Journal of Operational Research, 2016, 255(3):869-883.
[20] 叶飞, 林强. 销售价格受产出率影响下订单农业的定价模型[J].系统工程学报, 2015, 30(3):417-430.
[21] Lee C H, Rhee B D. Trade credit for supply chain coordination[J]. European Journal of Operational Research, 2011, 214(1):136-146.
[22] Jing Bing, Seidmann A. Finance sourcing in a supply chain[J]. Decision Support Systems, 2014,58:15-20.
[23] 马国顺, 蔡红. 不完全信息下Cournot-Bertrand多维博弈模型及其均衡[J]. 管理评论, 2014,26(4):31-39.
[24] 孟卫军, 张子健. 供应链企业间产品创新合作下的政府补贴策略[J]. 系统工程学报, 2010,25(3):359-364.
