An analysis of trade credit models in supply chains

台灣目前的經貿結構受全球化經濟的影響與以往大不相同，且全球信用風險所帶來的危機，使以往的信用風險管理方法已無法有效因應，以中小企業為主體發展的經濟體系常有融資困難的問題，因此不論在學術或實務上，供應鏈金融的研究議題都已備受重視。本研究將由信用交易著手，提出一供應鏈契約以協助中小企業的發展。 本研究針對零售商的觀點，設計一以報童模型為基礎之信用交易供應契約，此供應契約由三個供應鏈層面組合而成，首先在信用交易模式下確立零售商的金流還款準則，依此準則決定提前還款或延後還款，隨後以此為基礎加入終端需求資訊更新進行討論，最後再搭配退貨機制使零售商可以針對供應鏈中物流，資訊流及金流做一整體考量以因應市場需求風險並協助中小企業改善其營運績效。 接著透過數個數值範例做情境分析，藉由改變需求分配之參數以模擬真實市場需求變化，透過平均數與標準差的改變發現退貨機制能有效協助零售商之存貨管理；隨後針對市場規模變更來檢視本研究中所提之信用交易供應契約對零售商的營業利潤影響，雖然供應商因此犧牲自身利益，但零售商卻能因風險轉移而從此契約中得利。With highly impact of global economic, Taiwan’s economic structure becomes different with before, and the managerial solutions are unable to work because of the risk of global trade credit. Small and medium enterprises (SMEs) are usually face to financing problem, that’s also the reason that more and more research of supply chain finance in academic and practices. Thus, this research focuses on trade credit, and we’ll develop a supply chain contract for SMEs to help them in financing. The perspective of a supply chain trade credit model based on a news-vendor model is from a retailer, and it includes three dimensions. First, we build a cash-payment criterion, so retailers will decide to pay early or not. Second, we consider the information flow of demand request; at last, combined with return policy, retailers can make decision with overall situation to improve their operating performance. Running scenario analysis by several numerical examples, we changed the parameters of demand distribution to simulate the real situation, the result shows that return policy help retailers manage inventory effectively. After all, to exam the effect of trade credit contract, we change market sizes to see whether retailer’s profit will be impacted. Although supplier scarifies parts of her own profit, retailer will gain benefit from the supply chain contract by risk sharing