Credit guarantee types for financing retailers through online peer-to-peer lending: Equilibrium and coordinating strategy
Credit guarantee types for financing retailers through online peer-to-peer lending: Equilibrium and coordinating strategy
复制标题
通过在线点对点借贷为零售商融资的信用担保类型：均衡和协调策略。
DOI：
10.1016/j.ejor.2021.05.054
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发表时间：
2021-10-12
影响因子：
6.4
通讯作者：
Fan, Xiaojun
中科院分区：
文献类型：
--
作者：
Wang, Chengfu;Chen, Xiangfeng;Fan, Xiaojun
本研究探讨了信用担保公司和P2P借贷平台在零售商融资业务中的作用。信用担保公司分为保守型和冒险型两种。保守型信用担保公司通过设定担保费率来获取一定的预期收益，而冒险型信用担保公司设定担保费率以实现利润最大化，而不考虑预期收益。在分散融资系统中，担保类型会影响Stackelberg均衡中的所有局部最优决策变量，冒险信用担保类型下的最优订货量设定比保守信用担保类型下的最优订货量设定更灵活。然后分析了集中式融资体系和参与条件，得出供应链融资协调策略。在冒险性信用担保下，P2P借贷平台融资体系可以实现SCF协调，但在保守性信用担保下，SCF协调无法实现。当信用担保公司具有冒险性且满足订货量协调条件时，信息服务费率在担保费率中线性递减，P2P借贷平台和信用担保公司的期望利润随信息服务费率（或担保费率）的增加具有不同的单调性。最后，我们确定了零售商的初始营运资金的边界和服务费率的合适范围，以实现SCF协调。(c)2021爱思唯尔有限公司版权所有。
This study investigates the role of a credit guarantee company and a peer-to-peer (P2P) lending platform in the financing business of a capital-constrained retailer who faces uncertain demand over a single period. The credit guarantee company is divided into two types: conservative and adventurous. The conservative credit guarantee company aims to earn a certain expected return by setting its guarantee service fee rate, whereas the adventurous one sets the guarantee service fee rate to maximize its profit while ignoring the expected return. In a decentralized financing system, the guarantee types will influence all local optimal decision variables in Stackelberg equilibrium, and the optimal order quantity setting under the adventurous credit guarantee type is more flexible than that under the conservative one. We then analyze the centralized financing system and prerequisites for participation to obtain the supply chain financing (SCF) coordinating strategy. Under the adventurous credit guarantee, the P2P lending platform financing system can achieve SCF coordination, but under the conservative credit guarantee, SCF coordination cannot be achieved. When a credit guarantee company is adventurous and the coordination condition on order quantity is satisfied, the information service fee rate linearly decreases in the guarantee service fee rate, and the P2P lending platform's and the credit guarantee company's expected profits have different monotonic properties with the information service fee rate (or the guarantee service fee rate) increasing. Finally, we identify the boundary of the retailer's initial working capital and the suitable ranges of the service fee rates to achieve SCF coordination. (c) 2021 Elsevier B.V. All rights reserved.