Supply Chain Finance Decision Analysis with a Partial Credit Guarantee Contract

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1 Jounal o Alied Mathematics and Physics, 07, 5, htt:// ISSN Online: ISSN Pint: Suly Chain Finance Decision Analysis with a Patial Cedit Guaantee Contact Yueliang Su, Baoyu Zhong School o Business, South China Univesity o Technology, Guangzhou, China How to cite this ae: Su, Y.L. and Zhong, B.Y. (07) Suly Chain Finance Decision Analysis with a Patial Cedit Guaantee Contact. Jounal o Alied Mathematics and Physics, 5, htts://doi.og/0.436/jam eceived: May 4, 07 Acceted: June 6, 07 Published: June 9, 07 Coyight 07 by authos and Scientiic eseach Publishing Inc. This wok is licensed unde the Ceative Commons Attibution Intenational License (CC BY 4.0). htt://ceativecommons.og/licenses/by/4.0/ Oen Access Abstact The innovation o suly chain inancial sevices can alleviate the light o SMEs inancing diiculties. In the asect o suly chain inance model, thee is a cedit guaantee inancing model, which is dieent om the simle extenal inancing and intenal inancing mode o suly chain. Based on this, this ae studies the decision-making o suly chain inance unde the atial cedit guaantee o coe enteises. Fist o all, the ae constucts a simle suly chain inancing model, consisting o a bank, a coe enteise and a etaile. And then, consideing the cedit guaantee inancing model, calculate the exected oit unction. Stackelbeg game model is used to give the otimal decision o each subject in decentalized system and the otimal decision in centalized system. Finally, in ode to make a moe seciic and detailed study on the oit and decision-making based on the cedit guaantee inancing model, the imotant aametes o the model ae analyzed. Though the calculation, it is oved that unde the cedit guaantee o the coe enteise, the etaile has the otimal odeing stategy, and the coe enteise has the best wholesale ice. The inluences o the atial cedit guaantee coeicient and the etaile s loan coeicient on the suly chain inance decision-making ae also studied. Keywods Suly Chain Finance, Decision-Making, Patial Cedit Guaantee. Intoduction Consideing the isk o SMEs, inancial institutions have been cautious about the inancing o SMEs. Suly chain inance, though the integation o inomation chain, caital chain, logistics chain, and so on, oms an intenal ciculation ecosystem, which is a beakthough to solve the inancing diiculties o SEMs. In the develoment o suly chain inance in China, the evaluation o the en- DOI: 0.436/jam June 9, 07

2 teise s cedit, collateal is basically caied out by the bank o the bank commissioned by thid aties. Theeoe, the main mode o suly chain inance in China is banking-oiented model. At the same time, as the most oweul leading enteise in the suly chain, the coe enteise can hel to imove the whole suly chain with the advantage o inomation and cedit. The cedit guaantee inancing model, oviding cedit guaantee o the downsteam etailes, gadually aeaed. About suly chain decision-making and coodination, most scholas study the wholesale ice contact, isk shaing, evenue shaing, buy back contact, ebate contact and othe contacts based on two echelon suly chain, etailemanuactue o sulie-manuactue. In the suly chain, only a small numbe o scholas conside the imact o inancial constaints on the suly chain decisions. The eseach about the decision-making o thee echelon suly chain, etaile-manuactue-bank, is also less. In this ae, the cedit guaantee contact is integated into the suly chain inance model, to study the decision-making o suly chain inance.. Liteatue eview In ecent yeas, many scholas have used the basic newsboy model and the Stackelbeg game model to do quantitative eseach on the suly chain with caital constaints. Dada & Hu [] conside the newsboy model o SCF with caital constaints, and oint out that the oblem o suly chain inancing stategy is mainly ocused on the otimal inventoy management o etailes when they have caital constaints. Sinivasa [] uthe consides the oblem o single stage inancing decision in two echelon suly chain with caital constaints, which shows that the eomance o joint inancing is geate than seaate inancing s. Kouvelis and Zhao [3] conside the inancing decision oblem o suly chain with a caital constaint in the game amewok that manuactue led. Yan et al. (04) [4] establish a multi-agent game model in which the bank acts as a leade and the manuactue acts as the sub-leade, and study the joint inancing decision oblem o the suly chain inancial system. Nina et al. [5] design a atial cedit guaantee contact o SCF, incooating the bank cedit inancing and manuactue s tade cedit guaantee, to analyze its equilibium inancing stategies. Yan & Sun [6] study the otimal stategy o the caital-constained etaile in SCF though waehouse eceit ledge unde the uncetain demand envionment. Consideing the cedit limit and the uin obability o the etaile, the otimal inancing inteest ate, the etaile s otimal ode decision and the otimal wholesale ice o the manuactue ae analyzed. Lu et al. [7] establish a multi-stage suly chain decision model including a sulie, a downsteam manuactue and a inancial institution accoding to accounts eceivable inancing model o suly chain, and study the decision-making oblem o the ims with and without inancing. Yi & Zhou [8] conside a two echelon suly chain consisting o a single sulie and a single etaile. The ae analyses the bank s loan to value atios when the etaile 356

3 ledging his ode contact in a newsboy suly chain. Li & Lou [9] establish a one-to-one suly chain dynamic game model with a caital-constained sulie, and analyze the eectiveness to the imovement o the eiciency o suly chain by etaile s advance ayment. Lin Chen et al. [0] study the icing and eot decisions o a suly chain with single manuactue and single etaile. The esults imly that the uncetainty degee o sales eot elasticity has an outstanding inluence on the icing and eot decisions, wheeas the uncetainty degee o ice elasticity has a modest imact on these decisions. Z. Liu et al. [] ind that the etaile s otimal ode quantity is detemined by the invese distibution o the extenal demand and the conidence level consideing a contact-design oblem o two cometing heteogeneous sulies woking with a common etaile. H. Chen et al. [] conside the otimal selling oblem o a sulie who sells the same oduct to two cometing etailes unde two tyes o uncetainty the selling costs o etailes and extenal demand and the esults demonstate that highe isk levels coelate with lowe belie-degee costs o the two etailes and highe belie-degee sizes o the maket. On the basis o the scholas eseach, the cedit guaantee contact is integated into the suly chain inance model. This ae innovatively set u the cedit guaantee coeicient and etaile s loan coeicient and studied the inluence o coeicients on decision-making o suly chain inance. 3. Model Descition Suly chain inancing is geneally shot, this ae establishes a single ode cycle o suly chain inance model including a caital-constained etaile, a coe manuactues and a bank. Then we omulate a Stackelbeg game model in which the bank acts as a leade. 3.. Vaiable Deinitions and Paametes In ode to descibe the analysis model easily, the elevant vaiables and aametes ae deined as ollows. () : Unit etail ice () c: Unit manuactuing cost (3) w:the manuactue s wholesale ice (4) a: The etaile s loan coeicient, 0 a w (5) B: The etaile s loan amount, B = aq (6) : The bank s endogenous inteest ate (7) : The isk-ee inteest ate (8) λ : The cedit guaantee coeicient, 0< λ < (9) q: The etaile s ode quantity (0) x: andom demand () F( x ) : Distibution unction o andom demand () ( x ) : density unction o F( x ) Let qw,, esectively be the decision vaiables and q, w, esectively be the etaile s otimal ode quantity, manuactue s otimal whole- 357

4 sale ice, and the bank s otimal inteest ate. 3.. Model Assumtions In ode to descibe the analysis model easily, make the ollowing assumtions. ) The suly chain inance system consides only one ode cycle, consisting o a etaile, a manuactue and a bank. ) It is assumed that the distibution unction F(x) is a continuous unction which is consistent with the inceasing ate o ailue distibution (IGF). 3) It is assumed that etaile only sells a single oduct and the manuactue can ully meet the demand o the etaile and the bank can meet the etaile s loan. 4) Assuming that the etaile s inancing volume is ootional to the ode quantity and let the loan coeicient be aamete a, whee B = aq. a +. 5) Assume that the oduct has no esidual value and ( ) 6) In the suly chain inance system, the aticiants ae isk neutal, and the goal is to maximize the exected oit The Model Famewok A single cycle suly chain inancial system consisting o a etaile, a manuactue and a bank is established. The caital-constained etaile needs to aly o a loan. The manuactue ovides a cetain cedit guaantee o the etaile s loan, who will ay a cetain ootion o the emaining loan when the etaile can t eay. Bank is the leade o suly chain inance system. Suly chain inance ocess ae assumed by Figue. ) Fist o all, as the leade o the suly chain inancial system, the bank gives an aoiate loan inteest ate ) Secondly, the sub-leade decides a wholesale ice w when the bank has given the inteest ate. 3) Then, the etaile makes a decision on the ode quantity q ate the bank gave inteest ate and the manuactue decided wholesale ice w. At the same time, the etaile aly to the bank o a loan B = aq because o caital constaints. 4) At the end o the eiod, the etaile eay the loan accoding to sales. I the etaile has the ability to eay the loan, the etaile beas all the incial λ Bank Aly o a loan, B=aq λ etaile Odeq w Manuactue Figue. Suly chain inance ocess. 358

5 and inteest. I the etaile s total sales ae insuicient to eay all o the loan, the bank and the manuactue take u the emaining loan togethe. The manuactue beas λ o the etaile s emaining loan. We omulate a multilevel Stackelbeg game model to chaacteize the inteactions among the thee SCF aticiants, which can be exessed as ollows. ( L) max π ( ; qwx,, ) B ( SL) max π ( w; q,, x) w M ( F) max π ( q ;, wx, ) q 4. The Suly Chain Finance System s Poits Poosition When the andom demand x is geate than the minimum ealized demand x, the etaile can ay the incial and inteest by itsel at the end o the eiod, whee x = aq ( + ). And x q is also obtained. Poo: At the end o the eiod, the etaile need to eay the incial and inteest i.e. aq ( + ). I x q x x = aq + <, the total sales o the etaile ae x. Then, ( ) holds o x x = aq ( + ). I x q, the total sales o the etaile ae q. Then, q x = aq ( + ) is obtained o aq ( + ). Hence, x = aq ( + ) q holds o x = aq ( + ) q. 4.. The Suly Chain Finance System s Poits in Decentalized System At the beginning o the eiod, the manuactue gives the wholesale ice w, and the etaile odes quantity q. Due to inancial constaints, the etaile alies o a loan B = aq om bank and its own unds ae wq = aq. The bank gives a loan inteest ate and signs a cedit guaantee contact with the manuactue who beas λ o the etaile s emaining loan. At the end o the eiod, the etaile s sales evenue is min { x, q }, who need to eay the incial and inteest aq ( + ). I the etaile can t eay the incial and inteest, i.e. x x aq + x that the etaile can t eay. The bank and the manuactue take u the emaining loan togethe. The manuactue beas λ o the etaile s emaining loan and the bank beas λ o the etaile s emaining loan. ) The etaile s oit unction can be exessed as in Equation () <, the emaining loan is ( ) ( ), ( ) ( ) ( ) ( ) wq aq x x = x aq + wq aq, x < x < q q aq + wq aq, q x The etaile s exected oit unction can be exessed as in Equation () () 359

6 π = E( ) x q ( ) ( ) ( ( ) 0 x ( )) ( ) + ( x aq ( + ) ( wq aq) ) ( x) dx = wq aq x dx + x aq + wq aq x dx q ) The manuactue s oit unction can be exessed as in Equation (3) ( ) λ ( ) ( ), w c q aq + x, x < x M = w c q x x () (3) The manuactue s exected oit unction can be exessed as in Equation (4) π M = E( M) x (( ) λ ( ) ) ( ) ( ) ( ) = w c q aq + x x dx + w c q x dx 0 x (4) 3) The bank s oit unction can be exessed as in Equation (5) ( ) ( λ ) ( ) ( ), aq aq + x, x < x B = aq x x The bank s exected oit unction can be exessed as in Equation (6) x ( ) ( ( ) ( λ) ( ) ) ( ) 0 + aq ( ) ( x) dx π = E B = aq aq + x x dx B x (5) (6) 4.. The Suly Chain Finance System s Poit in Centalized System The suly chain inance system s oit unction can be exessed as in Equation (7) x cq aq, x < q S = q cq aq, x q The suly chain inance system s exected oit unction can be exessed as in Equation (8) q ( ) ( ) ( ) d ( ) ( ) d (8) π = E S = x cq aq x x + q cq aq x x S 0 q 5. The Suly Chain Finance System s Otimal Decisions We solve the model via backwad induction to detemine the otimal decisions o the suly chain inance system. 5.. The Suly Chain Finance System s Decisions in Decentalized System Poosition Given the unit etail ice, the manuactue s wholesale ice w, unit manuactuing cost c, etaile s loan coeicient a, the bank s endogenous inteest ate and the isk-ee inteest ate (7), o IGF distibutions o demand, the 360

7 caital-constained etaile s unique and otimal ode quantity that satisies ( w a) a( + ) F( x ) q F =, whee x = aq ( + ). Poo: Fom Equation (), taking the ist-ode and second-ode deivative o π with esect to q, it ollows that dπ = + + ( w a) a( ) F( x ) F( q) ( ) π + d a = x q ( ) ( ) I the distibution o demand is IGF, ( x ) ( q) a ( + ) a( + ) holds o ( ) holds o x q. Be- sides, a +. Hence, we have d π dπ 0. Fom the ist-ode condition o = 0, we have Lemma q = F Poo: Fom Poosition, we have ( ) F q w a a + F x ( ) ( ) ( ) dx < 0, < 0, < 0 d ( ) ( ) ( ( )) w a a + F x q = Taking the ist-ode deivative o F( q ) with esect to w, we have + a ( + d ) ( x ( q q )) ( q ) =. Hence, + < 0 and > 0. It is ob- 0 d vious that = a + x q q ( ) ( ) ( ) ( ) w < holds o a ( ) ( x ( q )) ( q ) ( ) dx a + = <

8 d < 0 can be obtained too. Poosition 3 Given the unit etail ice, unit manuactuing cost c, etaile s loan coeicient a, the bank s endogenous inteest ate, the isk-ee inteest ate the cedit guaantee coeicient λ and the otimal ode quantity q ( ) ( ) ( ) w a a + F x = F o IGF distibutions o demand, the manuactue s unique and otimal wholesale ice that satisies Poo: λa( + ) F( x ) q w = + c. The wholesale ice has a deinite closed inteval that w [ c, ],,, and the manuactue s oit unction is continuous on the closed inteval, thee must be a maximum exected oit. Consideing π M q and ( ) aq + x = om Poosition and Equation (4), ( q ) = E( M) x = (( ) λ ( + ) ) ( ) + ( ) ( ) 0 w c q aq x x dx w c q x dx Taking the ist-ode deivative o ( q M ) x π with esect to w, dπ M = + ( ) λ ( + ) ( ) = q + ( w c λa( + ) F( x )). ( ) q and w c λa( ) F( x ) and hence, q w c a F x + monotonically decease o 0 < d π M dπ M < 0. Fom the ist-ode condition o = 0, we have λa( + ) F( x ) q w = + c Poosition 4 Given the unit etail ice, unit manuactuing cost c, etaile s loan coeicient a, the isk-ee inteest ate, the cedit guaantee coeicient λ, the ( w a) a( ) F( x ) otimal ode quantity q F + = and the otim- 36

9 λa( + ) F( x ) q al wholesale ice w = + c, o IGF distibutions o demand, the exected oit o the bank inceases with the loan inteest ate when < ( λ ) a( + ) F( x ) + Poo: Fom Lemma, dπb dπb = d d 0 <. Hence, dπ B d d ing the ist-ode deivative o dπ B with esect to dπ B = a λ a + F x dπ B can be tansomed into. Tak q ( ) ( ) ( ) ( ) d π B < 0 o ( ) ( ) ( ) < λ a + F x +. And then d π B dπ > 0 o B < 0 d and 0 <. d 5.. The Suly Chain Finance System s Decision in Centalized System Poosition 5 In centalized system, given the unit etail ice, unit manuactuing cost c, etaile s loan coeicient a and the isk-ee inteest ate, o IGF distibutions o demand, the caital-constained etaile s unique and otimal ode c a quantity that satisies q = F. Poo: Fom Equation (8), taking the ist-ode and second-ode deivative o π S with esect to q, it ollows that dπ S = F ( q) c a d π S q = d It is obvious that π S = ( q) 0. dπ c a S Fom the ist-ode condition o = 0, we have qs = F 6. Numeical Examle Assuming that distibution unction o andom demand obeys uniom distibution with a mean o 00, the unit etail ice = 8, manuactue s wholesale ( ) 363

10 ice c = 6, the isk-ee inteest ate = Given the etaile s loan coeicient a = 6 and cedit guaantee coeicient λ = 0.9, Figue descibes the change o etaile s otimal ode quantity with the loan inteest ate in decentalized and centalized system. Figue 3 descibes the change o SCF aticiants and system s otimal oit with the loan inteest ate in decentalized and centalized system. () Fom Poosition 5, the etaile s otimal ode quantity is only elated to ca,,, in centalized system. Theeoe, the etaile s otimal ode quantity and the otimal oit o the suly chain inance system do not change with the loan inteest ate. () Ate the game analysis, the etaile s otimal ode quantity deceases with the incease o the loan inteest ate in the decentalized system. On the othe hand, the bank s otimal oit inceases with the incease o loan inteest ate, and the gowth ate slows down with the incease o loan inteest ate. The etaile, manuactue and SCF system s otimal oit decease with the incease o the loan inteest ate. In ode to encouage etaile and manuactue, the bank should choose the aoiate inteest ate. Figue. etaile s otimal ode quantity undedieent loan inteest ate. Figue 3. SCF aticiants and system s otimal oit unde dieent loan inteest ate. 364

11 (3) The bank s otimal oit is highe than the etaile s one ate the bank s inteest ate eaches about 0.07, and the bank s otimal oit is highe than the manuactue s one ate the bank s inteest ate eaches about 0.4. (4) Accoding to Figue 3, the otimal oit o the suly chain inancial system in centalized system is always highe than the sum o the thee SCF aticiants otimal oit in the decentalized system. The highe is, the lage otimal oit ga between the decentalized and centalized system is. Given the bank s endogenous inteest ate and cedit guaantee coeicient λ = 0.9, Figue 4 descibes the change o etaile s otimal ode quantity with the etaile s loan coeicient a in decentalized and centalized system. Figue 5 descibes the change o SCF aticiants and system s otimal oit with the etaile s loan coeicient a in decentalized and centalized system. Figue 4. etaile s otimal ode quantityunde dieentetaile s loan coeicient. Figue 5. SCF aticiants and system s otimal oit unde dieentetaile s loan coeicient. 365

12 ) In centalized system, the etaile s otimal ode quantity and the otimal oit o the suly chain inance system decease with the incease o the loan coeicient a. ) In decentalized system, the etaile s otimal ode quantity deceases with the incease o a, and then inceases at a aste ate. The bank s otimal oit inceases with the incease o a. And with the incease o a, the etaile s otimal oit istly declines at a aste ate, then deceases slowly, and inally deceases shaly. The manuactue s otimal oit deceases with the incease o a, and then inceases at a aste ate. The vaiation tendency o the thee SCF aticiants total otimal oit is aoximately the same as that o the manuactue. 3) The bank s otimal oit and the etaile s otimal oit ae equal at about 6.5 o a. 4) Fom Figue 5, the otimal oit o the suly chain inancial system in centalized system is always highe than the sum o the thee SCF aticiants otimal oit in the decentalized system too. When the the loan amount is the same as the ode cost (aq = wq), that is, the etaile s own caital is zeo, the otimal oit o the SCF system in centalized system is equal to the sum o the thee SCF aticiants otimal oit in the decentalized system. Aoiately inceasing etaile s loan coeicient can naow the otimal oit ga between the decentalized and centalized system. Given the bank s endogenous inteest ate = 0.06 and the etaile s loan coeicient a = 6, Figue 6 descibes the change o etaile s otimal ode quantity with the cedit guaantee coeicient λ in decentalized and centalized system. Figue 7 descibes the change o SCF aticiants and system s otimal oit with the cedit guaantee coeicient λ in decentalized and centalized system. ) In centalized system, the etaile s otimal ode quantity and the otimal oit o the suly chain inance system do not change with the cedit guaantee coeicient λ. Figue 6. etaile s otimal ode quantity unde dieent cedit guaantee coeicient. 366

13 Figue 7. SCF aticiants and system s otimal oit unde dieent cedit guaantee coeicient. ) In decentalized system, the otimal ode quantity o the etaile deceases with the incease o λ. The bank s otimal oit inceases with the incease o λ at a aste ate. The otimal oit o etaile and manuactue deceases with the incease o λ, whose vaiation tendency is aoximately the same. The sum o the thee SCF aticiants otimal oit in the decentalized system also deceases with the incease o λ. 3) When λ is below about 0.6, the bank s best oit is negative. The bank s otimal oit is ositive only when λ is lage enough. 4) Accoding to Figue 7, the otimal oit o the suly chain inancial system in centalized system is always highe than the sum o the thee SCF aticiants otimal oit in the decentalized system. The highe λ is, the lage otimal oit ga between the decentalized and centalized system is. 7. Conclusions This ae studies the decision-making oblem o thee echelon suly chain, etaile-manuactue-bank, in centalized and decentalized systems. Though the calculation, it is oved that unde the cedit guaantee o the coe enteise, the etaile has the otimal odeing stategy, and the coe enteise has the otimal wholesale ice. Besides, the otimal oit o the SCF system in centalized system is always highe than the sum o the thee SCF aticiants otimal oit in the decentalized system. The etaile s loan coeicient and the cedit guaantee coeicient can naow the otimal oit ga between the decentalized and centalized system to a cetain extent. It is embodied in two asects. On the one hand, when the etaile s loan coeicient is consistent with the wholesale ice, that the etaile s loan amount is 0, the otimal oit o the SCF system in centalized system is the same as the sum o the thee SCF aticiants otimal oit in the decentalized system. Consideing that the incial and inteest o the etaile ae the 367

14 etaile s total sales when the suly chain inancial system is balanced, i.e. the etaile s oit is zeo. Hence, the etaile s loan coeicient can naow the otimal oit ga between the decentalized and centalized system to a cetain extent. On the othe hand, the smalle λ is, the naowe otimal oit ga between the decentalized and centalized system is. Consideing that the bank s exect oit is negative when the cedit guaantee coeicient is too small, the cedit guaantee coeicient can naow the otimal oit ga between the decentalized and centalized system to a cetain extent. Thee ae also shotcomings in this ae. In this ae, the decisions o aamete a and λ ae not taken into account in the game model, but the inluences on the game esult ae analyzed. On the othe hand, this ae consides a simle suly chain model. The actual situation is that suly chain inance inancing is acing a moe comlex suly chain system, and involves dynamic evolution. Acknowledgements This eseach was suoted by the Fundamental eseach Funds o the Cental Univesities (05ZKYJZX0). eeences [] Dada, M. and Hu, Q. (008) Financing Newsvendo Inventoy. Oeations eseach Lettes, 36, htts://doi.og/0.06/j.ol [] Sinivasa aghavan, N.. and Misha, V.K. (0) Shot-Tem Financing in a Cash- Constained Suly Chain. Intenational Jounal o Poduction Economics, 34, htts://doi.og/0.06/j.ije [3] Kouvelis, P. and Zhao, W. (0) Financing the Newsvendo: Sulievs. Bank, and the Stuctue o Otimal Tade Cedit Contacts. Oeations eseach, 60, htts://doi.og/0.87/oe [4] Yan, N., Dai, H. and Sun, B. (04) Otimal Bi-Level Stackelbeg Stategies o Suly Chain Financing with Both Caital-Constained Buyes and Selles. Alied Stochastic Models in Business and Industy, 30, htts://doi.og/0.00/asmb.0 [5] Yan, N.N., Sun, B.W., Zhang, H. and Liu, C.Q. (06) A Patial Cedit Guaantee Contact in a Caital-Constained Suly Chain: Financing Equilibium and Coodinating Stategy. Intenational Jounal o Poduction Economics, 73, -33. htts://doi.og/0.06/j.ije [6] Yan, N.N. and Sun, B.W. (0) Otimal Stategies o Suly Chain Financing System Based on Waehouse eceits Financing with Cedit Line. System Engineeing-Theoy & Pactice, No. 9, [7] Lu, Q.H. and Zeng, L.F. (0) eseach on Decision-Making and Value o Suly Chain Financing with Accounts eceivables. Jounal o Management Sciences in China, 5, 0-8. [8] Yi, Z. (0) Study on Loan-to-Value atios o Bank in the Suly Chain Finance. Chinese Jounal o Management Sciences, No., [9] Li, C. and Luo, J.W. (06) evenue-shaing Coodination Mechanism o a Finan- 368

15 cial Constained Suly Chain Based on Advance Payment. Chinese Jounal o Management, No. 5, [0] Chen, L., Peng, J., Liu, Z. and Zhao,. (06)Picing and Eot Decisions o a Suly Chain with Uncetain Inomation. Intenational Jounal o Poduction eseach, 55, htts://doi.og/0.080/ [] Liu, Z., Zhao,., Liu, X. and Chen, L. (06) Contact Designing o a Suly Chain with Uncetain Inomation Based on Conidence Level. Alied Sot Comuting, 56, htts://doi.og/0.06/j.asoc [] Chen, H., Wang, X., Liu, Z. and Zhao,. (07) Imact o isk Levels on Otimal Selling to Heteogeneous etailes unde Dual Uncetainties. Jounal o Ambient Intelligence and Humanized Comuting, -9. htts://doi.og/0.007/s Submit o ecommend next manuscit to SCIP and we will ovide best sevice o you: Acceting e-submission inquiies though , Facebook, LinkedIn, Twitte, etc. A wide selection o jounals (inclusive o 9 subjects, moe than 00 jounals) Poviding 4-hou high-quality sevice Use-iendly online submission system Fai and swit ee-eview system Eicient tyesetting and ooeading ocedue Dislay o the esult o downloads and visits, as well as the numbe o cited aticles Maximum dissemination o you eseach wok Submit you manuscit at: htt://aesubmission.sci.og/ O contact jam@sci.og 369