Inventory, Risk Shifting, and Trade Credit
Inventory, Risk Shifting, and Trade Credit
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DOI：
10.1287/mnsc.2016.2515
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发表时间：
2017-10-01
影响因子：
5.4
通讯作者：
Chod, Jiri
中科院分区：
文献类型：
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作者：
Chod, Jiri
本文有两个目的。首先，我们展示了当零售商订购多个不同成本、收入或需求参数的产品时，债务融资如何扭曲零售商的库存决策。利用有限责任的优势，债务融资的零售商喜欢那些具有低残值的项目，那些具有高利润率的项目，以及那些占总库存投资比例很大的项目。其次，我们认为，这种扭曲是减轻融资时，由供应商谁可以观察到的实际订单数量确定信用条款之前。借入货物而不是借入现金限制了零售商偏离第一最佳库存决策的能力。另一方面，很少有供应商能像银行那样以低成本获得资金。我们研究了银行和供应商融资的组合，使零售商能够两全其美。
This paper has two objectives. First, we show how debt financing distorts a retailer's inventory decision when the retailer orders multiple items that differ in cost, revenue, or demand parameters. Taking advantage of limited liability, a debt-financed retailer favors 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 the financing is provided by the supplier 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. On the flip side, few suppliers can access capital at the same low cost as banks. We study a combination of bank and supplier financing that allows the retailer to get the best of both worlds.