How Inventory Is (Should Be) Financed: Trade Credit in Supply Chains with Demand Uncertainty and Costs of Financial Distress
How Inventory Is (Should Be) Financed: Trade Credit in Supply Chains with Demand Uncertainty and Costs of Financial Distress
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DOI：
10.2139/ssrn.1734682
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发表时间：
2013-02
期刊：
影响因子：
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通讯作者：
S. A. Yang;J. Birge
中科院分区：
文献类型：
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作者：
S. A. Yang;J. Birge
本文的一个新的实质性修订版本，标题为“贸易信贷，风险分担和库存融资组合”，可在以下网站下载：http://ssrn.com/abstract=2746645.As作为供应合同的一个组成部分，贸易信贷与供应链合同和库存管理有着内在的联系。本文通过一个明确反映企业经营决策与金融风险相互作用的模型，从经营的角度对贸易信用进行了深入的研究。围绕贸易信贷在渠道协调和库存融资中扮演什么角色的问题，我们证明了在需求不确定的情况下，贸易信贷作为一种风险分担机制，提高了供应链效率。在提供贸易信贷时，供应商平衡其对经营利润的影响和财务困境的成本。面对一个贸易信用合同，零售商融资库存使用的组合现金，贸易信用，和短期债务，这个库存融资组合的结构取决于零售商的融资需求和议价能力。此外，我们的模型表明，金融多样化，即采用多种融资来源，提供了一个替代的解释，使用保理业务的应收账款管理和一些供应链的分散化。最后，使用Compustat公司层面的数据样本，我们发现我们的模型预测的库存融资模式存在于广泛的公司。
A new substantially revised version of this paper under the title of "Trade Credit, Risk Sharing, and Inventory Financing Portfolios" is available for download at: http://ssrn.com/abstract=2746645.As an integrated part of a supply contract, trade credit has intrinsic connections with supply chain contracting and inventory management. Using a model that explicitly captures the interaction of firms’ operations decisions and financial risks, this paper attempts to develop a deeper understanding of trade credit from an operational perspective. Revolving around the question of what role trade credit plays in channel coordination and inventory financing, we demonstrate that with demand uncertainty, trade credit enhances supply chain efficiency by serving as a risk-sharing mechanism. When offering trade credit, the supplier balances its impact on operational profit and costs of financial distress. Facing a trade credit contract, the retailer finances inventory using a portfolio of cash, trade credit, and short-term debt, where the structure of this inventory financing portfolio depends on the retailer’s financing need and bargaining power. Additionally, our model suggests that financial diversification, that is, employing multiple financing sources, provides an alternative explanation for the use of factoring in accounts receivable management and the decentralization of some supply chains. Finally, using a sample of firm-level data from Compustat, we find that the inventory financing pattern our model predicts exists in a wide range of firms.