Finance sourcing in a supply chain
Finance sourcing in a supply chain
复制标题
DOI：
10.1016/j.dss.2013.01.013
复制
发表时间：
2014-02-01
影响因子：
7.5
通讯作者：
Seidmann, Abraham
中科院分区：
文献类型：
--
作者：
Jing, Bing;Seidmann, Abraham
我们研究了由制造商和资本有限的零售商组成的供应链中银行与贸易信贷的相对优点。我们表明，当生产成本相对较低时，贸易信贷在减轻双重边际化方面比银行信贷更有效，否则银行信贷会变得更有效。在银行融资下，零售商以有限责任持有相同的库存，就好像它没有资本限制一样。在贸易融资下，制造商与零售商分担需求低迷的风险，促使后者库存高于银行融资下的库存。当生产成本相对较低（较高）时，较高的库存水平会减轻（加剧）双重边际化。因此，本文为贸易信贷提供了新的解释，并指导制造商决定何时提供此类信贷。 (C) 2013 Elsevier B.V. 保留所有权利。
We examine the relative merits of bank versus trade credit in a supply chain consisting of a manufacturer and a capital constrained retailer. We show that trade credit is more effective than bank credit in mitigating double marginalization when production costs are relatively low, and that bank credit becomes more effective otherwise. Under bank financing, with limited liability the retailer carries the same inventory as if it faces no capital constraint. Under trade financing, the manufacturer shares the risk of low demand with the retailer, prompting the latter to stock a higher inventory than under bank financing. This higher inventory level mitigates (aggravates) double marginalization when the production costs are relatively low (high). This article thus provides a new explanation for trade credit, and also guides the manufacturer's decision as to when to offer such credit. (C) 2013 Elsevier B.V. All rights reserved.