2010 International Conference on Management Science & Engineering (17th)
November 24-26, 2010
Melbourne, Australia
Research on Optimal Strategy of Engineering Materials Procurement
Based on Supply Chain Financing
LI Fei-xiang，XU Chang-xin
Business School of Hohai University, P.R.China, 210098
Abstract：Under the general contracting pattern, the
construction enterprises obtain the right of procurement,
but they face both financing constraints and risks of
material price volatility at the same time. Supply chain
financing provides a reliable way to solve this problem.
In this paper, we first design the supply chain financing
procurement pattern for the construction enterprises
based on Finance Transportation and Warehouse (FTW).
We then develop a Stackelberg game model between the
construction enterprises and the third party logistics
enterprises under uncertainties. Uncertainties such as
price, demand and financing constraints are all
considered in the proposed model. After that, we discuss
the construction enterprises' optimal strategy under the
prerequisite that the construction enterprises must repay
the loan. The optimal quantity of the purchased and
pledged engineering materials are all solved.
Keywords: engineering materials procurement,
optimal procurement strategy, supply chain financing,
stackelberg game model
1 Introduction
As we all know, engineering materials procurement
is an essential part in project management and it is
critical for the cost controlling, which directly
determines the economic benefits of the project. With the
development of engineering industry, the EPC Pattern
has become the mainstream, it is a contracting system
which aims at delivering products and services to the
proprietor, making the overall implementation and
arrangement of the whole concept of the project. This
pattern requires the construction enterprises to have
strong financing ability, however, China's construction
enterprises only have little funds which can not meet the
needs in large-scale EPC projects. Meanwhile, the credit
of China’s banks to construction enterprise is low, and
the approval process is complex, the financing problem
of construction enterprises has become a bottleneck
during the process of carrying out the EPC. Therefore,
how to purchase materials under financing constraints is
a urgent problem to solve.
This article will introduce the idea of Finance
Transportation and Warehouse (FTW), which was
proposed by Luo Qi, Zhu Daoli (2002), to solve the
problems of engineering materials procurement under the
financing constraints. This paper is structured as follows:
the first part is the literature review of the construction
supply chain and FTW, second part designs the supply
chain financing procurement pattern for the contractor
based on FTW, the third part sets up the stackelberg
game between the construction enterprises and the third
party logistics enterprises to analyze the optimal
procurement and pledge quantity under the condition that
the construction enterprises must repay the loan, the
fourth part is the conclusion and outlook.
2 Literature review
Engineering materials procurement belongs to the
category of architecture supply chain, foreign scholars’
researches on construction supply chain management
began in the mid 90s of last century, Voordijk submitted
PhD thesis titled "Toward integrated logistics in supply
chains: developments in construction" in 1994, marking
the beginning of construction supply chain management
studies[1]. California Berkeley held the seventh IGLC
(International Group of Lean Construction) annual
meeting in 1999, the construction supply chain
management was listed as one of the themes IGLC years
officially, the construction supply chain management has
been concerned by more and more people. Vollman,
Vrijhoef, Cheng, Love etc. explored the concept and
characteristics of the construction supply chain
in-depth[2-5]. London and Kenley, O'Brien did some
in-depth research on the construction supply chain by
using the theories of industrial organization, industrial
economics, integration of transaction cost economics,
production and operation management[6-8]. Vrijhoef
proposed an extended a theoretical framework about
building inter-organizational relationship in construction
supply chain[9]. London, New, Cox, Maqsood and
Akintoye etc. generally agreed that the construction
supply chain research should be focused on the
development and management of mutual relationships
between organizations[10-11]. Combined with the specific
characteristics of the construction industry, they
concluded that the successful implementation of
relationship management is the key factor of the
- 1688 978-1-4244-8119-4/10/$26.00 ©2010 IEEE
construction supply chain management. Researches on
construction supply chain management has just been
started, it is worth mentioning that Zhao Shuang[12]
proposed an engineering materials procurement pattern
under the supply chain environment (multi-joint
procurement pattern, third party logistics pattern, real
time purchase patter). Li Jiapeng[13] put forward some
ideas , methods and optimization measures to improve
the material procurement management. From the supply
chain management perspective, combining with the
characteristics of the construction projects, Liu Yang [14],
Yan Kexin[15] established construction supply chain
models in the DB and EPC patterns, and discussed
methods of the construction supply chain management.
To solve the problems of financing in the supply
chain, Luo Qi and Zhu Daoli[16], who were from
Department of Management Science in Fudan University,
innovatively put forward the conception of FTW. After
comparing with other financing channels, Zhen
Shaoqin[17] thought that the SMEs could be more
proactive in FTW pattern. Wang Zhi[18] compared
conceptions of FTW and material bank. He also divided
the operational mode of FTW into three categories: C-J
mode, C/J/S mode, C/JF mode. Su Dan[19] and Liu
Xuan[20] discussed how to provide the third-party logistic
innovative services cooperated with the financial
institutions. Li Jing[21], ZHANG Yuhua[22], Gong Yan[23]
paid special attention to the applicable conditions and
limitations of the FTW. Ying Wenyao (2006) and some
others applied the principles of systematic dynamics to
analyze the FTW’s effect on solving the financing
constraints of the enterprises and its impact on the
overall performance of the supply chain. Xu Peng[24]
used the principal-agent theory to study the balance of
the inspiration and supervision on the third-party
logistics from the banks. All these papers provided the
basis for this study.
Currently, most researches on the FTW are about
the establishment of the general pattern, without
considering the characteristics of specific industry.
Although many scholars have done some in-depth study
on the construction supply chain, researches on the FTW
are not enough deeply.
3 Supply chain financing pattern design of
engineering material procurement
As the FTW pattern can solve the problem of
financing constraint of the construction enterprises, this
study will design a supply chain financing pattern based
on the FTW. It is an integrated and unified management
and comprehensive coordination of the finance,
transportation and warehouse. "Finance" refers to
financial, "Transportation" means the logistics, and
"warehouse" refers to the storage of the materials.
Therefore, the engineering materials procurement FTW
pattern services the construction enterprises based on
construction materials flowing. It is a comprehensive
service platform covering credit integrating and
reengineering, logistics, e-commerce and traditional
commerce. It is an integrated management innovation of
logistics, information flow and cash flow.
3.1 The choice of collateral materials in FTW
General FTW consists of three basic elements:
collateral materials, pledge platform and pledge
relationship. The collateral materials are pledged for
financing, that is, the enterprise's products or
semi-finished products. It is a prerequisite for obtaining
financing. The construction enterprises should make full
use of their advantages to choose suitable materials. In
the engineering materials purchasing process, the
specific principles are as follows:
1) In the pledging period, the price should be
stable relatively;
2) Qualities of the materials should not change with
time;
3) The ownership and legitimacy of the materials
should be clear and unambiguous;
4) Select scarce resources as collateral materials as
possible.
In short, the selection criteria should be identified as
the property is stable, non-perishable and difficult to
wear and tear, small fluctuations of the market price,
such as black metals and non-ferrous metals. The
resources which are scarce and related to people's
livelihood are the ideal collateral materials. According to
the above analysis, what general engineering material
can be seen as collateral materials is shown in Table 1.
Tab.1 Suitability of the materials for pledging
Material Type
Cement
Brick sand
Paints, coatings
Wire & Cable
Hardware material
Waterproof fireproof insulation corrosion
Air-conditioning equipment
Intelligent materials
Telephone, TV system
Mechanical & Electrical equipment
Steel and nonferrous metals
Doors, windows
Kitchen & Bath equipment
Pipe fittings
Decorative materials
Electrical materials
Fire equipment
Acoustic insulation materials
Lighting fixtures & accessories
Landscaping
0 means not suitable for pledging，
1 means suitable for pledging very much
- 1689 Suitability
0.9
0.3
0.9
0.95
0.7
0.6
0.1
0.3
0.6
0.1
0.95
0.4
0.8
0.85
0.5
0.3
0.3
0.2
0.1
0
3.2 Pledge platform and pledge relationships
Pledge platform is the institution or the combination
of institutions to achieve activities of FTW, such as
banks, third party logistics enterprises (TPL) and so on,
and to ensure the efficiency of FTW. Pledge relationships
are relationships among the enterprises which needs
financing, the institution which provides FTW service
(such as third party logistics, etc.), and the financial
institution which provides financing. An engineering
material procurement FTW platform is comprised by the
logistics enterprises, the financial institutions and the
construction enterprises. In this study, procurement of
engineering materials FTW pattern has been designed,
shown in Figure 1.
Fig.1 The FTW pattern of engineering materials
procurement
In this pattern, the banks give credit to large-scaled
logistics enterprises intensively according to the strength
of the large logistics enterprises, and the third-party
logistics enterprises, as the agents of the banks, can
provide Chattel Mortgage services to construction
enterprises within the credit limit given by the banks.
Therefore, the logistics enterprise is the core of the
model, the third-party logistics enterprises provide
logistics services and asset management services
(monitoring, auction, etc) of collateral property (movable
property), while, the construction enterprise is the
demander of the construction supply chain FTW. Pledge
relationships among them mainly formed by the
following agreements: "Concentrated Credit Agreement"
between banks and large-scale logistics enterprises,
"Credit Agreement" between the large-scale logistics
enterprises and construction enterprises, "Chattel
Mortgage Agreement" and "Storage Control Protocol".
The specific operation steps of this pattern are as
following:
1) The third-party logistics enterprise requests the
loan from the bank and pay the amount margin of the
loans depending on its own resources and credibility, by
means of the "Total Logistics Services Agreement" and
the "Tripartite Agreement".
2) The banks investigate the credit of the third-party
logistics enterprise, weigh the building sales prospects,
then loan to the third-party logistics enterprises after
receiving the margin.
3) The construction enterprises pay a little margin to
the third-party logistics enterprise, in order to confirm
that the third party logistics enterprise will transport the
materials.
4) The construction enterprise makeS up the initial
procurement plan according to the current and future
needs of the project materials and material market price
trends.
5) The third-party logistics enterprise transports part
of materials purchased (warehouse receipts notes) to the
warehouse timely and adequately, reports the banks for
the record after counting and checking the number,
then the materials, bills and other articles become pledge.
6) The third-party logistics enterprise is responsible
for transporting the residual materials to the project site
timely and adequately to ensure that the construction
enterprise will start the construction on schedule.
7) The construction enterprise gets loans through
pledging part of the materials and warehouse receipts
bills.
8) The construction enterprise uses the loan to
purchase more materials again to meet the construction
needs continuously.
9) The third-party logistics enterprise sends the
materials purchased again to the construction site.
10) After receiving the project income, the
construction enterprise repays the loan principal and
interest and service costs, at the same time, the pledge is
removed.
11) The third-party logistics enterprises return the
net to construction enterprise after deducting the bank
charges and the full logistics service agency fees.
3.3 Economic utility analysis of the construction
supply chain FTW
The purpose of construction supply chain FTW is to
use capital flow to revitalize the logistics, or use the
logistics to pull capital flow. Therefore, the construction
enterprises, banks and the third-party logistics enterprise
can all find their points of interest to achieve win-win
situation through the construction supply chain FTW.
1) Interests of the construction enterprises
The primary function of the construction supply
chain FTW is to provide a new financing channel for the
construction enterprises under the construction general
contracting. Secondly, it can improve the credit rating of
these construction enterprises to get increased and more
convenient credit. In addition, the construction
enterprises can get efficient and professional logistics
services, which can bring more economic interests to the
construction enterprises.
2) Interests of the banks
For the banks, carrying out construction supply
chain FTW business, firstly, can widen the clients and
expand the credit scale; Secondly, it help the banks to
obtain professional service, saved coordination and
monitoring time and reduced credit transaction costs. As
well, it can divert the credit risk.
3) Interests of the third-party logistics enterprises
- 1690 For the third-party logistics enterprises, conducting
construction supply chain FTW business can bring more
business, more stable customers to the third-party
logistics enterprises, expand the variety and scale of
logistics services of third-party logistics enterprises,
create more value-added services, and improve the
competitiveness of enterprises.
4.3 Stackelberg game model
4.3.1 Profit function of the bank
Although we have assumed that the construction
enterprise must repay the loan, it is necessary to discuss
the loan ratio. The specific discussion is showed in
table.2.
Tab.2
4 Game analysis of engineering materials
procurement based on the construction
supply chain FWT
Repay
or not
4.1 Description of the problem
There is a construction enterprise which has a cash
flow m0 used for the procurement of a seasonal material.
The material procurement price is c, the material price in
the contract is quoted at p, the handling price of the
unused material is c1, the penalty price when the material
is in short supply is c2, and c2> p> c> c1. Initial proposed
procurement is q1, that cq1=m0, then the number of the
material which will be pledged to the third party logistics
enterprise for loans is q2, the number of the loans is tcq2
(where, 0 ≤ q2 = kq1 ≤ q, 0 ≤ k ≤ 1; t as the loan ratio, 0
<t <1), thus the enterprise can buy the q3 materials at the
price of c again (where cq3 = tcq2). The problem is that
the enterprise can not exactly know the future demand of
the materials, so it is not sure that how many materials
should be pledged and how many materials should be
purchased. This section will use the Stackelberg game
model to analysis the optimal procurement strategy in the
construction supply chain FTW pattern.
Repay
4.2 Hypothesises of the model
1) There are only three parties involved in FTW: the
bank, the construction enterprise, the third-party logistics
enterprise. The bank and the logistics enterprise are
principal-agent relationship. In the pledging process, the
bank entrusts the logistics enterprise to participate in the
assessment, monitoring, auction business and so on. Also
in this section we assume the pledge is static.
2) The logistics enterprise ensures that the pledged
materials always can be sold at the fist time and the
highest price to make minimum loss when the
construction enterprise defaults.
3) The construction enterprise does not know the
future demand of the material, only know that it obeys a
probability distribution. The demand of the material x
obeys the uniform distribution of [0, D]. Therefore, the
distribution function: F (x) = x / D, the density function:
f (x) = 1 / D.
4) The bank takes the initial purchase price for the
assessment of the pledge, loan rate is α, deposit interest
rate is α', the term of the loan is T, where α, α' are the
annual interest rates, supposing that simple interest is
accrued for convenient analysis.
5）The construction enterprise must repay the
loan.
Discussion on the loan ratio
The future demand for the material x
x≥q1+q3
π1=p(q1+q3)-cq1-tcq2(1+αΤ)-c2[x-(q1+q3)]
0≤x<q1+q3
π2=px+c1(q1 +q3-x)-cq1–tcq2(1+αΤ)
x≥q1+q3
π3=p[q3+(1-k)q1]-cq1-c2[x-(q1+q3)]
Not repay
kq1<x<q1+q3
π4=p(x-kq1)+c1(q1 +q3-x)–cq1
0≤x≤kq1
π5=c1[q3+(1-k)q1]-cq1
π1-π3≥0, π2-π4≥0
t ≤pkq1/cq2(1+αΤ)=p/c(1+αΤ)
Repay
conditions
π2-π5≥0
p x + c1 ( kq 1 − x )
= t0
cq 2 (1 + α T )
t≤
⎡ c1
p ⎤
t0 ∈ ⎢
,
⎥
c
T
c
1
1
α
αT ) ⎦
+
+
(
)
(
⎣
The above analysis shows that: when the demand
x∈(kq1, +∞), the repayment condition is t ≤p/[c(1+αΤ)].
When the demand x∈[0, kq1], if t ≤mint0 =c1/ [c(1+αΤ)],
the construction enterprise is sure to repay the loan.
Therefore, when the demand x∈[0,+∞), the construction
enterprise must repay the loan on the condition that
t≤c1/[c(1+αΤ)]. So, the profit function of the third party
logistics enterprise is as follow:
πb=tcq2(1 +αΤ)-tcq2(1+α′Τ)
(3.1)
4.3.2 Corporate profit function
When the construction enterprise knows that the
range of the loan ratio t≤c1/[c(1+αΤ)], it will be sure to
repay the loan. Therefore, the construction enterprise will
have the number q1+q3 materials, it’s expected profit of
the construction enterprise is as follow:
+∞ ⎧
⎡
⎤⎫
Eπ = ∫q +q ⎨ p⎜⎛ q + q ⎟⎞ − cq − tcq (1+αT ) − c ⎢x − ⎜⎛ q + q ⎟⎞⎥⎬f ( x) dx
e 1 2⎩ ⎝ 1 3⎠ 1
2
2 ⎣ ⎝ 1 3 ⎠⎦⎭
q +q ⎧⎡
⎤⎫
+∫01 2 ⎨⎢ px + c ⎜⎛ q + q − x ⎟⎞ − cq − tcq (1+αT ) ⎥⎬f ( x) dx
1⎝ 1 3 ⎠ 1
2
⎦⎭
⎩⎣
∫
+∞
f ( x )dx = 1 − ∫
q1 + q2
xf ( x )dx = μ − ∫
q1 + q3
q1 + q2
∫
+∞
q1 + q3
0
0
f ( x )dx
(3.3)
xf ( x )dx
(3.4)
where μ is the mathematical expectation.
- 1691 (3.2)
Take equation (3.3) and (3.4) into equation (3.2), we
can transform equation (3.2) as:
Eπ e = p ( q1 + q3 ) − cq1 − tcq2 (1 + α T ) + c2 ( q1 + q3 )
q +q
(3.5)
− c2 μ − ( p + c2 − c1 ) ∫
F ( x )dx
0
1
3
From the question and hypothesizes, we know that
cq1 =m0, q2 =kq1, cq3 =tcq2，so we can change (3.5) into
the functional form expressed by k:
Eπ e ( k ) = p(1 + tk )
m0
m
− m0 − tm0 (1 + α T )k + c2 (1 + tk ) 0
c
c
− c2 μ − ( p + c2 − c1 ) ∫
(1+ tk )
0
m0
c
(3.6)
F ( x )dx
4.3.3 Stackelberg game
The third party logistics enterprise is in dominant
position in FTW. First, the enterprise gives the
construction enterprise a certain loan-value ratio to
maximize it’s own profits, and then the construction
enterprise will determine the optimal procurement
quantity and the optimal amount of pledged materials q2,
according to the loan-value ratio. This process can be
seen as the Stackelberg game model, and the Stackelberg
game model is generally solved by using the backward
induction method. This section will use the backward
induction method. First consider the optimal choice of
the construction enterprise when loan-value ratio is given.
Second the third party logistics enterprise determines the
optimal loan-value ratio on the basis of the construction
enterprise’s optimal decision.
1）Optimal choice of the construction enterprise
According to equation (3.9), we can get the first and
second order conditions:
∂Eπe ( k ) ptm0
(1+ tk)tm02
c mt
(3.7)
=
− tm0 (1+αT ) + 2 0 − ( p + c2 − c1)
∂k
c
c
Dc
∂ 2 Eπ e ( k )
( p + c2 − c1 )t 2 m02
(3.8)
=−
<0
∂k 2
Dc 2
There is a maximum expected profit from equation
∂Eπ e ( k )
= 0 , from equation (3.7), we can know
(3.8), make
π b = (α − α ' )T
From the formula (3.11), we can obtain that
expected profit of the third party logistics enterprise is a
constant. Therefore, in order to assure the construction
enterprise to repay and get the profit πb , the third party
logistics enterprise only need to maintain the loan-value
ratio at
k=
Dc[ p − c (1 + α T ) + c2 ] − ( p + c2 − c1 )m0
(3.9)
( p + c2 − c1 )tm0
Then the construction enterprise’s optimal amount
of pledged materials q2=kq1, and
m
q1 = 0
c
; the optimal
m
procurement quantity is q1 + q3 = q1 + tq2 = 0 (1 + tk ) .
c
2）The best choice for the third party logistics
enterprise
After the third party logistics enterprise predicts the
construction enterprise will apply for loans tcq2, the
enterprise’s problem is that:
max π b = tcq2 (1 + α T ) − tcq2 (1 + α 'T )
(3.10)
= tcq2 (α − α ' )T = m0 (α − α ' )Ttk
Under the assumption that the construction
enterprise must repay the loan, so the loan-value ratio
must be in the certain range: t ≤c1 [c(1+αΤ)].
Take equation (3.9) into equation (3.10), we can get:
.
The optimal amount of pledged materials when the
construction enterprise definitely repays the loan is
solved as follow:
Dc[ p − c (1 + α T ) + c2 ] − ( p + c2 − c1 ) m0
q2 = kq1 =
c ( p + c2 − c1 )t
.
As the construction enterprise's pledge rate k ∈
[0,1], so that:
k=
Dc[ p − c(1 + α T ) + c2 ] − ( p + c2 − c1 )m0
≤1
( p + c2 − c1 )tm0
,
Then the loan-value ratio should be as follow:
t≥
Dc[ p − c (1 + α T ) + c2 ] − ( p + c2 − c1 ) m0
( p + c2 − c1 )tm0
.
From the above, we know that the third party
logistics enterprise should not only set the maximum of
the loan-value ratio in order to ensure the construction
enterprise’s repayment, but also set the lower limits of
the loan-value ratio to ensure the construction enterprise
have enough materials to pledge. Therefore, the
loan-value ratio of the third party logistics enterprise
should meet the requirements as follows:
t ∈[
Dc[ p − c (1 + α T ) + c2 ] − ( p + c2 − c1 ) m0
c1
,
]
( p + c2 − c1 )tm0
c (1 + α T )
.
5 Conclusions and outlook
Under the general contracting pattern, to solve the
problem of financing constraints, this paper has designed
the supply chain financing procurement pattern for the
construction enterprises based on (FTW), then developed
a Stackelberg game model between the the construction
enterprise and the third party logistics enterprise under
uncertainties. At last, it gives the construction enterprise's
optimal procurement strategy under the prerequisite that
the construction enterprise must repay the loan. The
optimal quantity of purchased and the optimal quantity
of pledged are all solved.
In this paper, we only discuss that the construction
enterprise purchase a single kind material, while the
situation that the construction enterprise purchases many
kinds of materials needs further discussion.
- 1692 ⎛
⎞
c1
t ∈ ⎜⎜ 0,
⎟⎟
⎝ c (1 + αT ) ⎠
Then the number of optimal procurement is solved
as follows:
m
D[ p − c (1 + α T ) + c2 ]
q1 + q3 = 0 (1 + tk ) =
c
p + c2 − c1
.
∂k
that:
Dc[ p − c (1 + α T ) + c2 ] − ( p + c2 − c1 )m0
(3.11)
p + c2 − c1
References
[1]Voordijk, H. Toward integrated logistics in supply
chains: Developments in construction. Ph.D. Dissertation,
Maastricht University, MERIT, Datawyse, MaastriCht,
1994.
[2]Vrijhoef, R., Koskela, L. and Howell, G.
Understanding construction chains: An alternative
interpretation. Proceedings of the 9th Annual Conference
International Group for Lean Construction, SingaPore.
2001.
[3]Cheng, E.w.L., Li, H., Love, P.E.D. and lrani, Z. An
e-business model to support supply chain activities in
construction. Logistics Information Management, 2001:
68-77.
[4]Dainty, A.R.J., Briscoe, G.H. and Millett, S.J.
Subcontractor perspectives on supply chain alliances.
Construction Management and Economics, 2001,
(19):841-848.
[5]Vrijhoef, R. and Koskla, L. The four roles of supply
chain management in construction. European Journal of
Purchasing and Supply Management, 2000(6):169-178.
[6]London, K., Kenley, R. The development of a
neo-industrial organization methodology for describing
and comparing construction supply chains. Proceedings
of the 8th Annual Conference of the International Group
for Lean Construction, Brighton, UK, 2000.
[7]London, K., Kenley, R. An industrial organization
economic supply chain approach for the construction
industry: A review. Construction Management and
Economics, 2001, (19):777-788.
[8]O’Brien, W.J., London, K. and Vrijhoef, R.
Construction supply chain modeling: A research review
and interdisciplinary research agenda. Proceedings of the
10th Annual Conference of the International Group for
Lean Construction, Gramado, Brazil, 2002.
[9]Vrijhoef, R., Koskela, L. and Voordijk, H.
Understanding construction supply chains: A multiple
theoretical approach to inter-organizational relationships
in construction. Proceedings of the 11th Annual
Conference of the International Group for Lean
Construction, 2003.
[10]London, K., Kenley, R. and AgaPiou, A. Theoretical
supply chain network modeling in the building industry.
Proceedings of the 14th Annual ARCOM Conference,
Reading, UK, 1998.
[11]Briscoe, G., Dainty, A.R.J. and Millett, S.
Construction supply chain Partnerships: Skills,
knowledge and attitudinal requirements. European
Journal of Purchasing and Supply Chain, 2001, (7):
243-255.
[12]ZHAO Shuang. Study on engineering materials
procurement
mode.
China
Railway
Materials
Management Association, 2009.
[13]LI Jiapeng. Research on the power plant built project
material procurement management. Beijing: North China
Electric Power University, 2009.
[14]LIU Yang, DU Jing. Discussion on construction
supply chain based on the design-build model.
Construction Economy, 2008, S1.
[15]Yan Kexin. Study on the construction and
management of construction supply chain. China Electric
Power Education, 2008, S2.
[16]Luo Qi, Zhu Daoli, Chen Boming. A third-party
logistics service innovation: Financing warehouse and its
operation model. China Business and Market, 2002, 02.
[17]Zheng Shaoqin. Financing warehouse——A bridge
between the banks and enterprises. The Theory and
Practice of Finance and Economics, 2004, 01.
[18]WANG Zhi, WANG Zongjun. Financing warehouse
and material banks. China Materials Distribution, 2005,
02.
[19]SU Dan, YANG Huiwen. Conception of finance,
transportation and warehouse and innovation and
integration increasing service of logistics. World
Shipping, 2006,02.
[20]LIU Xuan, LING Jianping, LI Yanfeng. The analysis
of China finance logistics model. Logistics Sci-Tech,
2007,01.
[21]Li Jing, Lei Yang. Financing warehouse-an efficient
way to handle with the difficulties of the middle and
small enterprises-study on financing warehouse and the
operation style. Special Zone Economy, 2004, 12.
[22]ZHANG Yuhua. Financing warehouse: Finance and
the innovative logistics services of the third party.
Northern Economy, 2005, 01.
[23]GONG Yan. Study on the financing warehouse
financing model of the middle and small enterprises and
analysis on their limits. Market Weekly Disquisition
Edition, 2007,10.
[24]XU Peng; WANG Yong; YANG Jin. Study of
incentive and supervision mechanism of banks based on
FTW of principal-agent mode towards TPL. Journal of
Management Sciences, 2008, 01.
- 1693