Inventory, Risk Shifting, and Trade Credit
Inventory, Risk Shifting, and Trade Credit
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DOI：
10.2139/ssrn.2411128
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发表时间：
2015-03
期刊：
影响因子：
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通讯作者：
J. Chod
中科院分区：
文献类型：
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作者：
J. Chod
本文有两个目的。首先，它显示了债务融资如何扭曲零售商的库存决策，零售商订购多个项目，不同的成本，收入或需求参数。利用有限责任的优势，债务融资的零售商将青睐那些具有低残值的项目，那些具有高利润率的项目，以及那些代表总库存投资的大部分项目。其次，我们认为，这种扭曲是减轻融资提供的供应商谁可以观察到的实际订单数量，然后再确定信贷条件。“借货”而不是“借现金”限制了零售商偏离第一最佳库存决策的能力。当从单一供应商采购多个不同项目时，以及当破产风险和有限责任效应相当大时，贸易信贷融资的这种好处最为显著。
This article has two objectives. First, it shows how debt financing distorts the inventory decision of a retailer who orders multiple items that differ in cost, revenue, or demand parameters. Taking advantage of limited liability, a debt-financed retailer will favor items with a low salvage value, those with a high profit margin, and those that represent a large proportion of the total inventory investment. Second, we argue that this distortion is mitigated when financing is provided by the supplier(s) who can observe the actual order quantities before determining the credit terms. “Borrowing goods” rather than “borrowing cash” limits the retailer’s ability to deviate from the first-best inventory decision. This benefit of trade credit financing is most significant when sourcing multiple differentiated items from a single supplier, and when bankruptcy risk and, thus, the limited liability effect are considerable.