Robust Decisions of Capital-Constrained Supply Chain with Demand Uncertainty

Transcription

1 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 oust Decisions of Capital-Constained Supply Chain with De Uncetainty ina Yan Astact In this pape, we design a supply chain finance syste coposed of a capital-constained etaile, a anufactue a coecial ank, with unknown de distiution Consideing the etaile s capital-constaint degee, cedit line ankuptcy isk, we estalish a Stackeleg gae in which the anufactue acts as the leade the coecial ank as the su-leade ased on the pofit-axiization ojective, we solve the optial ode of the etaile, the optial inteest ate of the coecial ank the optial wholesale pice of the anufactue the oust deviation fo each paticipant ased on iniize-axiu-eget Finally, we conduct nueical exaples to ake a copaative analysis etween these two diffeent decisions exploe the ipact of the de uncetainties on optial stategies oust deviations It concluded that the oust decision povides a consevative stategy fo isk avesion the egion of de intevals has geat ipact on oust deviations, athe than the optial decisions Index Tes Supply chain finance, oust optiization, Stackeleg gaes, de uncetainty I ITODUCTIO Supply chain financing SCF) is a nascent aea eeging fo a gowing appeciation fo financial flows y supply chain pactitiones y eseaches, which is also a esponse to an eeging need fo anks to play a oe active ole in the activities of supplies uyes [1] Well-stuctued SCF schees have poven valuale indispensale to acceleate the tunove of inventoies eceivales to fee up oe cash In the past, acadeic papes egading supply chain anageent SCM) ainly dealt with the design optiization of the flows of goods infoation The financial flows etween copanies in the supply chain, howeve, wee often neglected have only ecently found geate attention in the acadeic SCM liteatue Until ecently, financial consideations wee conspicuously scace in the extensive liteatue on odels of supply chain opeations The eseach in the SCF field efes to ulti-disciplines, such as financial engineeing, copoate finance, logistics anageent, SCM opeation anageent Dada Hu 2008) also analyzed the decision of a capital-constained Manuscipt eceived Januay 31, 2014; eceived May 5, 2014 This wok was suppoted in pat y the atual Science Foundation of China Gant o , ), eijing Philosophy Social Science Planning Poga gant no12jgc099) poga fo Innovation eseach in Cental Univesity of Finance Econoics ina Yan is with the Cental Univesity of Finance Econoics, eijing, , P China e-ail: yannina@ cufeeducn) newsvendo who can oow funds fo pocueent; fo this study, we deive a non-linea loan schedule that coodinates the channel [2] Chen Wang 2012) investigate the ipacts of liited liaility fo the pefoance of SCF shows that liited liaility accounts fo the eason why the etaile with a lowe initial udget initiates a highe odeing level unde tade cedit contact [3] Jing et al, 2012) discuss the euiliiu in SCF with two cedit choices ank o tade cedit) show that ank cedit financing geneally chages a lowe wholesale pice thus ecoes oe attactive than tade cedit financing fo the etaile [4] Zhang 2011) consideed a ulti-poduct newsoy pole with oth supplie uantity discounts a udget constaint The pole is foulated as a ixed intege nonlinea pogaing odel solved using a Lagangian elaxation appoach [5] Lee hee 2010) focused on the coodination poles of capital-constained supply chain agents with positive inventoy financing costs investigated fou widely exained coodination echaniss [6] Sinivasa Misha 2011) consideed a two-level supply chain with a single etaile anufactue, whee oth fis ae facing financial constaints They investigated how the lende s pofit elated to the cash position at the next level of the supply chain of the oowes [7] Howeve, ou wold is inceasingly uncetain vulneale In the SCF syste, the uncetainties of the inne opeations of supply, poduction sales oute de fluctuations would have inevitale effects on oth opeational decisions financial decisions With the inceases of de uncetainties, ost copanies would exet theselves to ipleent soe SCF stategies with oust pefoance fo itigating eegency isks Although a lage nue of eseaches have engaged on using oust optiization ethod to solve newsvendo poles, esouce allocation poles, inventoy poles, picing decision poles, little eseach focus on the oust decisions of capital-constained supply chain in which the opeational decisions financial decisions ae integated togethe In this pape, we ainly focus on thee issues Fist, we design an SCF syste coposed of a financially constained etaile, a anufactue a coecial ank as the capital supplie In this syste faewok, we foulate inte-functional inte-oganizational activities as ulti-level Stackeleg gaes in which the anufactue acts as the leade the ank as the su-leade We chaacteize the euiliiu solution fo each patne pesent copaative statics oth analytically nueically Second, fo the point of view of de uncetainty, we discuss the oust decisions of SCF syste ased on DOI: /IJMO2014V

2 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 iniize-axiu-eget, only knowing the egion of de intevals Thid, to copae with the decisions of optial ojective oust deviation, we conduct nueical analysis to exploe the ipact of de uncetainty on SCF decisions ake a copaative analysis etween the The est of the pape is oganized as follows Section II pesents the asic odeling of SCF, including the faewok, notations assuptions Section III foulates a Stackeleg gae of SCF analyzes optial decisions fo each paticipant In Section IV, we analyze the deviation oustness of SCF decisions Section V conducts nueical studies to illustate ou analytical esults Finally, Section VI concludes with eaks II MODEL DESCIPTIO In this pape, we set up a stylized single-peiod newsvendo odel of the SCF syste involving thee paties: a capital-constained etaile, an upstea anufactue, a coecial ank In ou odel, the etaile faces a situation euivalent to the classical newsvendo, whee he puchases a single poduct fo the anufactue then sells it to his custoes, not knowing the actual de fo the poduct at the tie of puchase The ost coon pactical pole is that the etaile is capital-constained in the pocueent pocess To ease financial needs help settle payents on tie he chooses SCF as a eans of sustituting fo lowe ceditwothiness To clealy descie analyze ou uantitative odels, we fist suaize the notations assuptions used elow is ode uantity, etaile s decision vaiale w is the unit wholesale pice, anufactue s decision vaiale is ank s exogenous inteest ate The exogenous paaetes ae the isk fee ate f, the unit etaile pice p, the unit poduction cost c the etaile s initial capital K π) is the expected pofit fo each decision-ake In addition, we use supescipts fo no financing ank financing, supescipts * fo optial decision oust decision, espectively Moeove, the suscipt, ae used fo the etaile, anufactue the ank, espectively In ou odel, we assue the poduct is peishale has zeo salvage value y the end of the peiod To siplify exposition, we also ignoe any goodwill loss due to stockout Moeove, without loss of geneality, we assue c w w1 + ) p ae justified Following the convention in the ank cedit liteatue, we assue the ank aket is copetitive that the isk-neutal anks have access to unliited funds at the isk-fee inteest ate f, which is noalized to zeo without loss of geneality[4], [8], [9] We also conside the pefect capital aket without taxes, tansaction costs ankuptcy costs Futheoe, the uncetain de is denoted y a non-negative o vaiale x The poaility density function PDF) is f ), cuulative distiution function CDF) is F ), copleentay CDF is F) = 1 F) Let F e diffeentiale, stictly inceasing F 0) = 0 Fo technical pupose, we assue that the de distiution has a stictly inceasing failue ate IF), ie Gx ) xf x) Fx ) is onotonically inceasing in x, which is a coon assuption in supply chain odeling Many coon distiutions ae IF, fo instance, the unifo, noal, exponential, gaa so on see to Laiviee, 2006) Moeove, without loss of geneality, we assue that p w1 + ) c1 + ) is justified In addition, we also assue that oth the anufactue the etaile ae assued to e isk- neutal with the ojective of axiizing thei expected pofits, all the paticipants have the sae elief aout the distiution of de, naely, the infoation on de is syetic III OPTIMAL DECISIOS OF SCF Consideing the powe of channel allocation astey of esouces, we foulate the inteaction etween the capital-constained etaile, the anufactue the ank as a ulti-level Stackeleg gae in which the anufactue acts as the leade the ank acts as the su-leade The seuence of oves is as sae as follows Fistly the leade anufactue) will announce how uch chage the etaile fo the wholesale pice w then the su-leade ank) will accodingly evaluate the etaile s financing conditions eg, initial capitals, ankuptcy isks, pocueent/poduction uantities so on) set a suitale inteest ate to the etaile Then, act as the followe, the etaile will decides how uch to ode accoding to the ank s inteest ate the anufactue s wholesale pice To pusue the Stackeleg euiliiu esults, we use ackwad induction to solve the etaile s optial decision fist A etaile s Optial Decision We use to denote the ode uantity with ank financing the loan aount fo the ank is L ) = w K Hence, the capital-constained etaile s pole with financing can e foulated as E 1) + ax π = E pin, x) L1 ) K K + st w K w Fo Euation 1), it s ovious that If the etaile s liuid assets fo the sales at the end of the season can cove its loan oligations, ie, Ep [ in, x)] L )1 + ), he will encounte ankuptcy isk So fo this expession we can easily get the inial ealized de xˆ ) = w K )1 ) ˆ + p = L p the axial ode uantity ˆ = K w, whee pˆ = p 1+ is the unit discounted evenue with financing Oviously, when the ealized de of custoes is too low o the ode uantity 1) 221

3 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 is too high the etaile would take a lage acklog of inventoy, which ay esult in low evenues In this case, the etaile couldn t epay the loans would face the isk of ankuptcy To soe extent, the ankuptcy isk would tansfe to the ank Poposition 1 Fo inceasing failue ate IF) distiutions of de, when the ank sets the anufactue sets w, the etaile s optial ode uantity * afte financing satisfies that * pf ˆ ) ˆ * = wf x )) when K wf w p) 1 ˆ Poof E 1) Can e ewitten as follows, 1 ) L + π = K L1 + ) F + p xf x) dx p F ) p + x ˆ ) ) xˆ ) = p F x dx K 1 If the distiution of de is IF, if K ˆ wf w p), taking the fist-ode second-ode deivative of π with espect to, it follows that dπ ) ˆ ˆ d = p F w pf x) w ˆ) d π ) ˆ d = p f + p f x) < 0 Theefoe, * * 1 fo dπ d = 0 we have = F wf xˆ) pˆ It follows fo Poposition 1 that the capital-constained etaile will not oow fo the ank when pˆ < w< F K w) In ode to encouage the etaile to adopt ank financing, the ank chooses ˆp etween ) ˆ wf K w p< pwhee ˆp< p is euivalent to > 0 ank s Optial Decision In this pape, we assue that the ank has aundant capital to satisfy the etaile s loan euest Futheoe, ased on the aketization of inteest ate, we foulate the ank s decision as a pofit-axiization pole y choosing an optial inteest ate { } * * * * ax ;, x) in L )1 ), pin, x) L )1 f) π = + + 2) ote, at the end of the selling season if the etaile is faced with a ankuptcy isk, ie, the evenue is insufficient to cove the loan; the ank would undetake the ankuptcy isk has the pioity of liuidation pefeences to acuie all the sales evenue of the etaile Poposition 2 If the de distiution is IF, consideing the etaile s initial capital ankuptcy poaility, then the coecial ank will set an optial inteest ate * can e expessed as follows: ˆ ))) ) )) ˆ )) = w p Lgx p wf Lf wlgx * 2 * 2 * * 2 * Poof E 2) can e ewitten * x ˆ ) * as π = p Fxdx ) w + K 0 * x ˆ ) * ) ˆˆ ) 0 = p Fxdx px Taking the fist-ode second-ode deivative of π with espect to ˆp, it follows that * * * * π ˆ ˆ ) ˆ ˆ ˆ ˆ ˆ ˆ = d dp pf x dx dp p dx dp x ) 2 d π dpˆ * 2 * 2 * * * = pf xˆ ) pˆ d xˆ dpˆ pf xˆ ) dxˆ dpˆ 2dxˆ dpˆ It s * easy to deduce that d π dpˆ < 0 since dxˆ ) dp ˆ > 0 ˆ ˆ 2 * 2 d x ) dp < 0 Hence, let * ˆ 0 dπ dp =, we have ) * * * * 2 * 2 * dxˆ dpˆ = wf ) Lf ) pˆ f ) w f xˆ ) Futheoe, since pˆ * = p 1+ * the optial inteest ate can e otained as ˆ ))) ) )) ˆ )) = w p Lgx p wf Lf wlgx * 2 * 2 * * 2 * Fo poposition 2 it is ovious that the ank s optial financing ate fo the capital-constained etaile is dependent on the oowe s financial conditions ie, initial capital, cedit line, so on), as well as his opeational paaetes ie, etailing pice, ode uantity, wholesale pice) It also shows that thee exists an inexticale elationship etween opeational decisions financing decisions C Manufactue s Optial Decision In this pape, we assue that the anufactue has unliited poduction capacities poduces at iniu as uch goods to fulfill the etaile s de As the leade of the aove Stackeleg gae, the anufactue s decision is to choose an optial wholesale pice fo axiizing the expected pofit unde the given financing ode, which can e expessed as E 3) ax, ) ) w * π w = w c 3) Accoding to the analysis in section 31, the anufactue will espond to the etaile y setting an optial wholesale pice ased on whethe the etaile is capital constained Poposition 3 If the de distiution is IF, the * anufactue s optial wholesale pice w fo the capital-constained etaile with supply chain financing is Poof Fo E 3), taking the fist-ode second-ode deivative of π with espect to w, we have * * dπ dw= w c) d dw+ * 2 * 2 2 d π dw = d dw+ w c) d dw Fo the * fist-ode condition of dπ dw = 0, the optial wholesale pice can e otained as w * = c pˆ w * * g xˆ * )) pˆ 1 G * )), ie, * ) w = pc p 1 G ) + c 1 + ) ˆ * g x )) It s ovious fo Poposition 3 that * w > c since * G ) 1 Theefoe, the optial wholesale pices ae effective to guaantee the anufactue s positive pofit Theefoe, atheatically, the aove thee Popositions can e coined togethe to get the euiliiu solutions of the poposed Stackeleg gae fo supply chain financing Though calculations analysis, we found that even the de distiutions ae known the closed-fo analytical expession of these euiliius ae difficult to solve Howeve, the specific poaility density distiution deteined as * * ) * * w = pc p 1 G ) + c 1 + ) ˆ * g x )) 222

4 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 function of the de fo each poduct in pactical opeations ae usually unavailale IV OUST DECISIOS OF SCF ext, we assue that though the analysis of histoical data foecasts, we can only get the egion of de inteval at est, ie x [ A, ] A, not knowing the specific de distiution So, how to design the oust stategies which is est in any wost de case fo each node copany in supply chain unde de uncetainties ae of geat pactical significance Accoding to the definition of oustness in [10], we analyze the deviation oustness of supply chain financing decisions A etaile s oust Decision In this section we would povide a solution of oust ode uantity which iniizes the axiu pofit loss due to de uncetainty ove all choices of ode uantities This is a iniax eget appoach in which the eget is captued y the diffeence π x, x) π, x), naely, the pofit that could e ealized if thee was no de uncetainties inus the pofit ade fo the ode uantity ote, in this case the etaile would set its ode = x The axiu eget efes to the axiu cost of infoation collecting in ode to otain specific de distiution knowledge Hee, the deviation oust poles fo the unconstained etaile can e expessed as E 4) Θ ) = in Θ ) = in ax x, x), x) π π ) 0 x [ A, ] p w x pe x w [, ]{ } = in ax ) in, ) + 4) 0 x A Siilaly, the deviation oust pole fo the capital-constained etaile is foulated as E 5) Θ ) = in Θ ) = in ax x, x), x) π π ) [ A, ] 0 x = in ax [ p w1 )] in, ) 1 ) x p x w A A 5) Poposition 4 Fo, the etaile s oust ode of the unconstained supply chain is = β A), the esulting deviation oust pofit is Θ ) = w1 β ) A) In addition, the capital-constained etaile s oust ode with the inteest ate is = β 1 + ) A), his deviation oust pofit with supply chain financing is Θ ) = p A) β 1 + ) 1 β 1 + ) Poof E 4) can e ewitten as follows, in ax p w) x ) x A A Θ ) = in ax w v) x) x< A A = in ax w v) A), p w) )) A Hence, the oust deviation ode fo the unconstained etaile is = Aw+ p w) p = β A) Sustituting into Θ ), we have Θ ) = w1 β ) A) Siilaly, E 5) can e ewitten as follows, in ax p w) x ) x A A Θ ) = in ax w v) x) x< A A w A p w ) )) = in ax 1 + ) ), 1 + ) ) A Hence, the oust deviation ode fo the etaile is ) = Aw1 + ) + p w1 + ) p= β 1 + ) A) Sustituting into Θ ), it follows that Θ ) = p A) β 1 + ) 1 β 1 + ) ank s oust Decision In the supply chain financing syste with a capital-constained etaile, the coecial ank, as one of the key paticipants, he ay diffeentiate the inteest ate to ealize pofit axiization accoding to oust ode uantities Siila to the aove analysis, we foulate the ank s oust decision pole as E 6) { } ax π ;, ) in )1 ), in, ) x = L + p x L ) Poposition 5 Fo x [ A, ], the oust inteest ate deteined y the ank unde given initial capital the wholesale pice is expessed as = p w K) w A) 2 w A), the ank s oust pofit is π, ) = pw K w A ) 4 ) ) 2 6) w K 2 + w A) 4p Poof Fo E 6), taking the fist-ode second-ode deivative of π with espect to, we have dπ d = w K A) wβ 2 2 d π d = β 1 + w) A) < 0 Hence, let dπ d = 0, we have * ) ) 2 ) = p w K w A 2 ) ) = pw K w A w A Sustituting into π, it follows that π, ) = pw K w A ) 4 ) ) 2 w K + w 2 A) 4p C Manufactue s oust Decision Consideing the etaile s oust ode uantity, the anufactue akes consevative picing decisions to seek axiu expected pofit In the unconstained supply chain, the anufactue s decision pole with the etaile s oust decision is: ax π w, ) = w c) 7) c w p Then, in the capital-constained supply chain, his decision pole is foulated as E 8) 223

5 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 ax π w, ) = w c) 8) c w p Poposition 6 Fo x [ A, ], the anufactue s oust wholesale pice w fo the unconstained etaile w fo the capital-constained etaile with supply chain financing ae deteined as w = c 2+ p 2 A) w = c 2+ p 2 A)1 + ) Poof In the unconstained supply chain syste, taking the fist-ode second-ode deivative of π with espect to w, it follows that dπ dw = w c) d dw d π dw = 2 A)1 + f ) p v) < 0 Hence, fo the fist-ode condition of dπ dw = 0, we have w = c A)1 + f ) Av+ p 2 A)1 + f ) Siilaly, in the capital-constained supply chain, fo E 8), taking the fist-ode second-ode deivative of π with espect to w, we have dπ dw = w c) d dw + d π dw = 2 A)1 + ) p< 0 Hence, fo 2 2 dπ dw = 0, we have * * w = c A)1 + ) Av+ p 2 A)1 + ) It s ovious fo Poposition 6 that w < 0, which iplies that oust wholesale pice deceases in the oust inteest ate Moeove, it s staightfowad that w w since f, which iplies that the oust wholesale pice of supply chain financing is not oe than that of the unconstained supply chain In othe wods, consideing the etaile s capital constaints the anufactue would offe a lowe wholesale pice to ease the cash gap financing costs the esulting ankuptcy isk V UMEICAL AALYSIS To futhe exploe the ipact of de uncetainty on the decisions ade in SCF, we conduct a coputational study, showing that geneally, as we would expect, oust decisions with unknown des ae consevative copaed with optial decisions unde given de distiution Specifically, using nueical exaples we illustate the aove copaative statics to discuss the diffeences etween oust decisions optial decisions unde diffeent de uncetainties as captued y the egion of de intevals) Fo paaete setting, we assue that p = 1, c = 03, K = 15, f = 0, the inteval of de with unknown distiution is x [ A, ] the known ean is μ = 10 Accoding to the aove analytical discussion, we ake the following eniched osevations though soe nueical exaples ased on diffeent de intevals, ie, A In ode to exploe the ipact of the de distiution on the optial decisions fo each decision-ake in SCF, we copae the scenaios with unifo, noal gaa distiutions the oust deviation without known distiution, depicted in Fig 1-Fig 6 Fig 1 Optial oust odes with diffeent de intevals Fig 2 etaile s optial oust pofits with diffeent de intevals Fig 1 deonstates that the etaile s oust ode inceases in the de inteval, the diffeences etween the oust ode the optial odes with known distiution ecoes sall It iplies that as the de inteval inceases, the de uncetainties ecoe less influential ote that when the inteval is salle the oust ode is athe consevative copaed with optial odes It also esults in less pofit, as depicted in Fig2 It s ovious in Fig2 that the oust pofit is less than the optial pofits if the de uncetainty is sall As the de inteval inceases, the distiution infoation geatly affects the oust pofit, ut slightly on the optial pofits Fig 3 Fig 4 depict the anufactue s picing decisions the esulting pofits The oust wholesale pice pofit decease in the de uncetainty The consevative anufactue chages a highe oust pice than optial pices to the capital-constained etaile fo isk avesion if the de inteval is sall Geneally, egadless of the de uncetainty, the oust pofit aintains less than the coesponding pofits unde optial picing decision 224

6 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 Futheoe, we copute the ank s optial oust inteest ates the esulting pofits, depicted in Fig5 Fig 6 Accoding to the etaile s odeing decision anufactue s picing decision, the ank s oust inteest ate fistly inceases then deceases with the inceasing of the de uncetainty Moeove, siila phenoenon can e oseved in Fig 6 when copaed with the ank s optial expected pofits unde diffeent de distiution Thee is no significant diffeence in optial pofits etween these thee distiutions, especially with highe de uncetainty Howeve, the oust pofit is oviously less than the optial pofits with less de intevals Fig 6 ank s optial oust pofits with diffeent de intevals Fig 3 Optial oust wholesale pices with diffeent de intevals Fig 4 Manufactue s optial oust pofits with diffeent de intevals Fig 5 Optial oust inteest ates with diffeent de intevals VI COCLUSIO In this pape, we tied to take oust decisions into consideations in supply chain financing gaes, coposed of a capital-constained etaile, a anufactue a coecial ank In paticula, we focused on the diffeent euiliius unde diffeent de uncetainties, ie, the optial decisions with given de distiution the oust deviations only knowing the egion of de intevals Though ou analysis, we estalish the following ajo esults Fist, the optial decision unde the ojective of pofit axiization need to know the specific de distiution the closed-fo analytical expessions of these euiliius ae difficult to solve Second, the oust decision ased on iniize-axiu-eget povides a consevative stategy fo isk avesion Moeove, it is clea fo the analysis that the egion of de intevals has geat ipact on oust deviations, athe than the optial decisions Specifically, the oust inteest ate wholesale pice ae highe than the countepats of optial decisions unde given de distiutions Howeve, ou oust analysis of SCF is a tentative investigation In this pape, we ignoe the analysis of isk pefeence, which is wothy to e studied futhe EFEECES [1] H C Pfohl M Go, Supply chain finance: optiizing financial flows in supply chains, Logistics eseach, vol 1, no 3-4, pp , 2010 [2] M Dada Q Hu, Financing newsvendo inventoy, Ope es Lett, vol 36, no 5, pp ,2008 [3] X Chen A Wang, Tade cedit contact with liited liaility in the supply chain with udget constaints, Ann Ope es, vol 196, no 1, pp , 2012 [4] Jing, X Chen, G Cai, Euiliiu financing in a distiution channel with capital constaint, Pod Ope Manage, vol 21, no 6, pp , 2012 [5] G Zhang, The ulti-poduct newsoy pole with supplie uantity discounts a udget constaint, Eu J Ope es, vol 206, no 2, pp , 2010 [6] C H Lee D hee, Coodination contacts in the pesence of positive inventoy financing costs, Int J Pod Econ, vol 124, no 2, pp , 2010 [7] S aghavan V K Misha, Shot-te financing in a cash-constained supply chain, Int J Pod Econ, vol 134, no 2, pp zz ,

7 Intenational Jounal of Modeling Optiization, Vol 4, o 3, June 2014 [8] X D Xu J ige Joint Poduction Financing Decisions: Modeling Analysis [Online] Availale: [9] P Kouvelis W Zhao, Financing the newsvendo: Supplie vsank, optial ates, altenative schees, Woking Pape, Olin usiness School, Washington Univesity, St Louis, MO 2008 [10] G Vaiaktaakis, oust ulti-ite newsoy odels with a udget constaint, Int J Pod Econ, vol66, no 2, pp , 2000 ina Yan was on in China in 1980 She eceived the PhD in anageent science fo otheasten Univesity, Shenyang, China in 2007, engaged in the Postdoctoal eseaches in enin Univesity Shougang Ion& Steel eseach Acadey, eijing, China, fo 2007 to 2009 She is an associate pofesso of usiness School in Cental Univesity of Finance Econoics He eseach inteests ae in supply chain anageent, opeations anageent e-coece She has pulished ove 30 papes in Chinese Intenational Jounals, such as Intenational Jounal of Poduction eseach, O Spectu, Asia-Pacific Jounal of Opeational eseach, O Spectu so on 226