非对称信息下资金约束供应链的融资与均衡决策  

Financing and Equilibrium Decision of Capital Constrained Supply Chain under Asymmetric Information

作　　者：王强强 张斌 WANG Qiangqiang;ZHANG Bin(School of Business Administration,Dongbei University of Finance and Economics,Dalian 116025,China;School of Business,Sun Yat-sen University,Guangzhou 510275,China)

机构地区：[1]东北财经大学工商管理学院,辽宁大连116025 [2]中山大学管理学院,广东广州510275

出　　处：《运筹与管理》2024年第7期23-29,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(72071216);东北财经大学青年科研人才培育项目(DUFE20210279)。

摘　　要：研究信息不对称对担保信用融资模式下零售商和制造商策略性决策的影响。其中,零售商资金受限且具有精确的需求信息,而制造商只了解需求的分布。通过构建信号博弈模型刻画信息非对称,识别出零售商和制造商的策略性决策。结果显示,需求信息不对称既可能有利于零售商也可能不利于零售商,但总是不利于制造商。当生产成本和高类型零售商概率比较小时,分离均衡为占优均衡;当生产成本和高类型零售商概率比较大时,混合均衡为占优均衡。Many small,and medium-sized enterprises(SME),especially those located in developing countries,face daunting financing challenges.The China Association of Small and Medium Enterprises reports that 81%of Chinese small and micro enterprises struggles with capital shortages.Traditionally,bank financing is considered a solution for many capital-constrained firms.However,according to the enterprise surveys of the World Bank Group,79.2%of bank loans require collateral.It is difficult for SME to obtain financial resources because they lack collateral and history creditworthiness.To address the issue on creditworthiness,guarantee credit financing(GCF)is wildly used in practice as an alternative to bank financing.For example,China Minsheng Bank and DRC Bank(a regional bank in China)provide guarantee credit in cooperation with focal companies.Haier Group provides financial support through its financial holdings company for its dealers to sell Haier’s products.With guarantee credit,the retailer easily obtains bank loans to support its operations.At the same time,the supplier can increase its revenue,and the bank faces less financial risk.Guarantee credit financing refers to bank loans provided to a capital-constrained firm(retailer)for specific procurement based on a guarantee provided by a focal company(manufacturer)in the supply chain.In theory,GCF is relatively novel to supply chain finance,but has obtained increasing attention for the past years.Scholars focus on the impact and role of GCF from the perspective of retailer’s and manufacturer’s credits and study how the manufacturer(retailer)can optimally structure the terms of the guarantee credit arrangement.Retailers with point-of-sale data are better positioned than suppliers to forecast future market demand.In practice,Haier Group provides GCF to some capital-constrained SME,especially for its retailers.Most of the capital-constrained retailers use point-of-sale systems to record historical sales data.By documenting and accumulating a large amount of sale data,t

关 键 词：供应链管理 担保信用融资 信号博弈 占优均衡 

分 类 号：F830.9[经济管理—金融学] F832.1