财务
股权融资
内部融资
贸易信贷
业务
衡平法
经济短缺
帕累托最优
股本
资本市场
信息不对称
债务
多目标优化
哲学
法学
机器学习
政府(语言学)
语言学
计算机科学
政治学
作者
Chuanxin Xia,Yujie Xiao,Wenyan Zhuo,Yu Jen Hsiao
标识
DOI:10.1016/j.pacfin.2020.101395
摘要
Retailers in supply chains usually deal with the problem of capital shortage by obtaining financing from the Chinese financial market. Examining the financing requirement of capital-constrained retailers, this paper studies the optimal decisions of the supplier and retailer in the supply chain, who are both risk-neutral decision-makers under wholesale price contracts. We assume that the retailer may obtain financing from a bank, the supplier and investors. Thus, the retailer can adopt two mixed financing modes: mixed financing of a bank and equity credit and mixed financing of trade and equity credit. We obtain equilibrium decisions under the two financing modes. By comparing the equilibrium results, we find that the mixed financing of trade and equity credit exhibits the only financing equilibrium. A Pareto interval of the wholesale price exists such that both the supplier and retailer can obtain higher profits with the mixed financing of trade and equity credit than the mixed financing of bank and equity credit. Finally, we present a numerical analysis to support our results.
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