Research On The Choice Of Financing Mode For Car Rental Supply Chain

In recent years,with a series of factors such as the penetration of China's auto financial market,support from national policies,tourism consumption upgrades,and the booming second-hand car market,a growing number of families and individuals have begun to try to rent various cars,and consumers' awareness of car rental keeps rising,and the car rental industry has ushered in a period of rapid growth.However,the car rental industry still faces serious funding problems.The vast majority of its participants are small and medium-sized enterprises,and their typical characteristic is lack of funds.At present,the common financing methods are deferred payment and external financing.They agree that the rental company should pay the payment and interest at the end of the period.However,for a heavy asset industry such as car rental,this undoubtedly greatly increases the operating cost of the rental company.Therefore,this paper proposes a new repayment method and studies the financing mode selection under the new repayment method,which has important practical significance.This paper focuses on the two-tier car rental supply chain composed of the manufacturer as the leader of the Stackelberg game and the renter as the follower.It considers the optimal financing mode choices and the optimal strategy of the two sides of the supply chain under the three financing modes when the renter has insufficient funds.The paper proposes a new repayment method.This repayment method assumes that the loan amount of the cars purchased by the renter at the beginning of the period can be repaid at any time according to the rental income,and the loan interest is adjusted accordingly.On this basis,according to the EOQ model,the paper establishes three types of financial rental models: the deferred payment financing model provided by the manufacturer,the deferred payment financing model that is also provided by the manufacturer and can be repaid in advance,and the external financing model provided by the bank.Then,the models are analyzed and solved separately,and the optimal strategies of both sides of the supply chain under the three financing modes are given.Thirdly,the sensitivity analysis of the financing interest is carried out,and the optimal strategy under the optimal financing interest rate is given.Finally,under the comprehensive comparison of the three financing modes,the choices of different decision makers are given.Studies have shown that from the perspective of the rental company,when three financing modes exist at the same time and the financing rate is exogenous,the rental company will choose the traditional deferred payment financing mode;when the three financing modes exist at the same time but the financing rate is endogenous,the rental company will choose the external financing mode.From the perspective of both sides of the supply chain,when three financing modes exist at the same time and the financing rate is exogenous,the deferred payment financing mode with early repayment is the best;when the three financing modes exist at the same time and the financing interest rate is endogenous,the external financing mode is the best.It provides a decision-making reference for the selection of financing modes of both parties in the supply chain.