根据供应链应收账款融资交易模型,建立了包含供应商、下游厂商和金融机构的多阶段供应链决策模型,研究了包含和不包含融资情况下相关企业的决策问题,得到供应链中各参与方在各阶段的期望收益,并通过数值分析研究了供应链应收账款融资对供应链成员和整个供应链的价值.分析发现:没有其他融资的情况下,中小供应商有可能出现生产不连续的情况,而供应链应收账款融资能够使其进行连续生产,并在快速增长的市场中能在较短的周期内达到最优产量；应收账款融资也能使厂商得到连续供货,收益持续增长,供应商的初始现金越多,厂商的期望收益越高；当供应商的实力较弱时,金融机构能够得到较大融资总收益,当供应商的实力达到一定程度后,金融机构得到的总收益呈下降趋势.供应链应收账款融资对中小供应商、厂商和金融机构都具有很大的应用价值.%In this paper, we consider a supply chain with a supplier, a downstream buyer and a financial institution, where the supplier is facing financial constraints. We construct a multi-stage decision-making model with or without accounts receivable financing, respectively. After our analysis, we get the expected profits of participants in the supply chain in all stages. Through numerical analysis, we further research the values of the supply chain financing with accounts receivables to supply chain members and the entire supply chain. Our work shows that, small and medium suppliers without financing couldn't produce in succession, but could when they get accounts receivable financing, and they also could produce optimal production in a shorter period in a fast-growing market. When there is supply chain financing, the buyer may achieve sustained earnings growth because he receives continuous supply, and he benefit more from accounts receivable financing when the seller has more initial capital. The financial institution gets large financing income when the seller has less initial capital, but he will gain less benefit when the seller become strong enough. The small and medium suppliers, buyer and financial institution all benefit from accounts receivable financing.
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