Abstract:The supply chain control is a combination of corporate finance decision and operation management under the equity financing of suppliers, but the equity financing make the supply chain control conflict more prominent. Therefore, analysing the supply chain control under equity financing is particularly important. This paper depicts the new features of supply chain retail and wholesale pricing power under supplier equity financing. By constructing the supplier equity financing model, this paper discusses how the choice of "market growth" and "contract structure of supply chain" affect supply chain control strategy, reveal the impact of strong and weak control strategies on supplier equity financing and contract design. The key finding is that market growth dominated the selection of supply chain control strategy after the supplier equity financing, unlocked contract should avoid the use of strong supply chain control; When the contract is locked, strong supply chain control promotes the supplier equity financing, the weak supply chain control of unlocked contract promotes the supplier equity financing; Moreover, the optimal supply chain control strategy chosen by the supplier has the phenomenon of "equity financing willingness".
于辉, 李鑫. 供应商股权融资下供应链控制问题的模型分析[J]. 系统工程理论与实践, 2018, 38(9): 2242-2255.
YU Hui, LI Xin. A model analysis on the supply chain control problem based on the equity financing of suppliers. Systems Engineering - Theory & Practice, 2018, 38(9): 2242-2255.
[1] 张锡林, 唐元虎. 供应链控制权的使用[J]. 山西财经大学学报, 2002, 24(6):69-72.Zhang X L, Tang Y H. The use of supply chain control[J]. Journal of Shanxi Finance and Economics University, 2002, 24(6):69-72. [2] 庄贵军, 徐文, 周筱莲. 关系营销导向对于企业营销渠道控制行为的影响[J]. 管理工程学报, 2008, 22(3):5-10.Zhuang G J, Xu W, Zhou X L. The impact of relationship marketing orientation on marketing channel behaviors[J]. Journal of Industrial Engineering and Engineering Management, 2008, 22(3):5-10. [3] 私募通. 100页PPT详解2016年中国股权投资市场发展[EB/OL].[2017-01-22]. http://report.pedata.cn/1485065499339000.html.Pedata. Review and prospect of China's equity investment market in 2016[EB/OL].[2017-01-22]. http://report.pedata.cn/1485065499339000.html. [4] Weitz B A, Jap S D. Relationship marketing and distribution channels[J]. Journal of the Academy of Marketing Science, 1995, 23(4):305-320. [5] Stern L W. The concept of channel control[J]. Journal of Retailing, 1967, 43:14-20. [6] 晏维龙. 生产商主导还是流通商主导——关于流通渠道控制的产业组织分析[J]. 财贸经济, 2004(5):11-17.Yan W L. Who lead the marketing channel, the manufacturer or the distributor?-An analysis by industrial organization theory?[J]. Finance & Trade Economics, 2004(5):11-17. [7] Wang Y, Bell D R, Padmanabhan V. Manufacturer-owned retail stores[J]. Marketing Letters, 2009, 20(2):107-124. [8] Coughlan A T. Competition and cooperation in marketing channel choice:Theory and application[J]. Marketing Science, 1985, 4(2):110-129. [9] McGuire T W, Staelin R. An industry equilibrium analysis of downstream vertical integration[J]. Marketing Science, 1983, 2(2):161-191. [10] Moorthy K S. Strategic decentralization in channels[J]. Marketing Science, 1988, 7(4):335-355. [11] Trivedi M. Distribution channels:An extension of exclusive retailership[J]. Management Science, 1998, 44(7):896-909. [12] 杨丽, 兰卫国, 李帮义. 基于渠道控制模式的差异化分销渠道中价格形成机制[J]. 系统管理学报, 2010, 19(3):323-328.Yang L, Lan W G, Li B Y. Price formation mechanism based on control pattern in channel of distribution with differentiations[J]. Journal of Systems & Management, 2010, 19(3):323-328. [13] 许丽君, 杨丽, 李帮义. 不同控制模式下差异化渠道中的价格形成机制及其稳定性[J]. 系统工程理论与实践, 2009, 29(10):63-67.Xu L J, Yang L, Li B Y. Price formation mechanisms and its stability in channel with differentiated product under different control pattern[J]. Systems Engineering-Theory & Practice, 2009, 29(10):63-67. [14] Staelin R. Commentary-an industry equilibrium analysis of downstream vertical integration:Twenty-five years later[J]. Marketing Science, 2008, 27(1):111-114. [15] Lusch R F, Brown J R. Interdependency, contracting, and relational behavior in marketing channels[J]. Journal of Marketing, 1996, 60(4):19-38. [16] 侯玉梅, 田歆, 马利军,等. 基于供应商促销与销售努力的供应链协同决策[J]. 系统工程理论与实践, 2013, 33(12):3087-3094.Hou Y M, Tian X, Ma L J, et al. Coordination and decision of a supply chain with supplier's promotion and sales effort[J]. Systems Engineering-Theory & Practice, 2013, 33(12):3087-3094. [17] 石丹, 李勇建. 不同激励机制下供应商产能投资问题研究[J]. 系统工程理论与实践, 2015, 35(1):86-94.Shi D, Li Y J. Capacity investment decisions of supplier under different incentive mechanisms[J]. Systems Engineering-Theory & Practice, 2015, 35(1):86-94. [18] Cachon G P, Lariviere M A. Capacity choice and allocation:Strategic behavior and supply chain performance[J]. Management Science, 1999, 45(8):1091-1108. [19] Cachon G P, Lariviere M A. Supply chain coordination with revenue-sharing contracts:Strengths and limitations[J]. Management Science, 2005, 51(1):30-44. [20] Boyaci T. Competitive stocking and coordination in a multiple-channel distribution system[J]. ⅡE Transactions, 2005, 37(5):407-427. [21] Cai G G. Channel selection and coordination in dual-channel supply chains[J]. Journal of Retailing, 2010, 86(1):22-36. [22] Chen J, Zhang H, Sun Y. Implementing coordination contracts in a manufacturer Stackelberg dual-channel supply chain[J]. Omega, 2012, 40(5):571-583. [23] Malone T W. Modeling coordination in organization and markets[J]. Management Science, 1987, 33(10):1317-1332. [24] Romano P. Co-ordination and integration mechanisms to manage logistics processes across supply networks[J]. Journal of Purchasing and Supply Management, 2003, 9(3):119-134. [25] Graham B. The intelligent investor[M]. HarperCollins US, 2005. [26] Fisher P A, Fisher K L. Common stocks and uncommon profits and other writings[M]. Wiley, 1996. [27] Modigliani F, Miller M H. The cost of capital, corporation finance and the theory of investment[J]. The American Economic Review, 1958, 48(3):261-297. [28] Laffont J J, Tirole J. A theory of incentives in procurement and regulation[M]. Cambridge:MIT Press, 1993.