本文主要采用案例分析与模型研究的方法，通过对国内某知名零售企业 W
公司进行 SWOT 分析，指出了该公司实施 VMI 的必要性。为了进一步探究实施
VMI 对于该公司的可能影响，本文进一步对比分析了 W 公司在实施 VMI 前后的
库存成本变化及其影响因素，得出 W 公司与供应商实施 VMI 的收益来源主要是
库存成本变化，并且在实施 VMI 短期内供需双方存在责任利益不一致的情况。
在此基础上，作者提出了利益风险分担原则，采取斯坦科尔伯克模型、批发价格
契约设计了利益分配模型。作者综合考虑组织结构、管理机制、信息建设等方面，
结合 W 公司提出了 VMI 的实施对策。
关键词：VMI；库存成本；斯坦科尔伯克模型；价格契约；
Abstract
VMI is a new inventory management method developed in response to increasing
competition and changing market conditions and has been put to use by a number of
giant multinationals and also widely applied in many fields. However, given that it
hasn’t been long since this concept was first introduced to China, its application in the
domestic retailing is yet to be improved and the operation pattern and profit
mechanism still need to be examined. The study of VMI’s application in retailing,
therefore, demonstrates essential practical significance and vital urgency.
In this essay, case analysis and model study are used. By carrying out a SWOT
analysis for one of the major retailing companies in China, W, we see great
importance of VMI for it. We further analyze the differences between its inventory
costs as well as the affecting factors before and after VMI is applied in order to find
out potential impacts VMI may have on W. The result shows that the difference
between inventory costs is the main source of revenue for W and the supplier and that
responsibility and benefit inconsistency is identified shortly after VMI’s application in
both parties. In consequence, we suggest the principle of allocation of risks and
benefits-sharing and use Stackelberg model and Wholesale Price Contract to design
profit distribution model. Organization structure, management mechanism and
information construction, etc. are all considered when we are drawing up the VMI
scheme for W.
Keywords: VMI; inventory cost; Stackelberg; price contract
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