This study investigates the financial leveraging effect of a final assembler's sourcing strategies in a multi-tier supply chain—a three-tier supply chain consisting of a large final assembler (FA), a first-tier supplier (S1), and a second-tier supplier (S2). From the perspective of FA, we consider two sourcing and four financing strategies. The two sourcing strategies entail delegating component procurement to S1 (sequential sourcing) or directly procuring from S2 (directed sourcing). The four financing strategies include commercial loan financing, factoring, and reverse factoring with or without a payment term extension. Our main objective is to find out the combination of the sourcing and financing strategies and the relative conditions that would induce better operational decisions and enhance overall supply chain performance. The results reveal the contingencies when directed sourcing or sequential sourcing might work well. For instance, when the suppliers utilize factoring as a financing option, FA, S2, and the supply chain are better off with directed sourcing when S2 is powerful or when S2's impact is low but the interest rate is high. Otherwise, sequential sourcing guarantees the better profit for FA, S2, and the supply chain. Reverse factoring yields more predictable performance, which can be utilized either for the FA's benefit with a payment term extension or for the supply chain's long-term health without a payment term extension.

这项研究调查了多层装配供应链中最终装配商的采购策略的财务杠杆效应，该多层供应链是由大型最终装配商（FA），第一层供应商（S1）和第二层供应商组成的三层供应链，二级供应商（S2）。从财务分析的角度，我们考虑两种采购和四种融资策略。这两种采购策略需要将组件采购委派给S1（顺序采购）或直接从S2采购（定向采购）。四种融资策略包括商业贷款融资，保理和有或没有还款期限扩展的反向保理。我们的主要目标是找出采购和融资策略以及相关条件的组合，这些条件将促使做出更好的运营决策并增强整体供应链绩效。结果表明，在直接采购或顺序采购可能会很好地发生时，可能会遇到意外情况。例如，当供应商利用保理作为融资选择时，当S2强大或S2的影响很小但利率很高时，FA，S2和供应链可以通过定向采购更好地利用。否则，顺序采购可确保FA，S2和供应链获得更好的利润。逆向分解可产生更可预测的性能，可将其用于FA的福利，包括延长付款期限，或者可用于供应链的长期健康，而无需延长付款期限。当S2强大或S2的影响很小但利率很高时，通过定向采购可以使供应链更好。否则，顺序采购可确保FA，S2和供应链获得更好的利润。逆向分解可产生更可预测的性能，可将其用于FA的福利，包括延长付款期限，或者可用于供应链的长期健康，而无需延长付款期限。当S2强大或S2的影响很小但利率很高时，通过定向采购可以使供应链更好。否则，顺序采购可确保FA，S2和供应链获得更好的利润。逆向分解可产生更可预测的性能，可将其用于FA的福利，包括延长付款期限，或者可用于供应链的长期健康，而无需延长付款期限。