基于零售商异质性的贸易信用贷款定价与供应链金融模式选择

贸易信用融资和银行外部融资是两种常用的供应链金融模式.基于零售商的异质性,构建了核心企业主导的贸易信用融资模型,探讨了零售商异质性如何影响核心企业对供应链金融模式的选择.结果表明,核心企业的贸易信用分配最优决策存在且唯一,受零售商市场需求和初始资本异质性的影响;在参数满足一定条件时,核心企业会优先放贷给市场需求大而资金最缺乏的零售商,可能拒绝部分零售商贷款.对比核心企业回购担保的银行外部融资情形发现,如果外部融资成本没有绝对优势或绝对劣势,则当零售商市场需求或初始资本的异质性程度较大时,核心企业优先选择贸易信用融资模式向零售商贷款;当零售商初始资本的异质性程度较小时,核心企业优先选择为零售商的银行贷款进行担保.

Trade credit loan pricing and supply chain financing pattern choice based on retailers' heterogeneity

Trade credit and bank financing are two main patterns of supply chain finance. Based on retailers' heterogeneity, this paper proposed a core enterprise leading trade credit financing model. We analyze how retailers' heterogeneity affects the core enterprise's optimal choice of supply chain financing pattern. The results show that the optimal trade credit distribution strategies for the core enterprise uniquely exist, and that the core enterprise prefers retailers with severe capital-constrained while it refuses to distribute trade credit to other retailers under some circumstances. By comparing trade credit to bank financing, we find that under the condition that the external financing cost is not absolutely advantageous or disadvantageous, the core enterprise prefers trade credit financing pattern when the heterogeneity of retailer is large, but it prefers bank financing pattern when the heterogeneity of retailer is small.