A new fair e-eash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by hank. Using the overdraft credit certificate, user can produce e-cash hims...A new fair e-eash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by hank. Using the overdraft credit certificate, user can produce e-cash himself to pay in exchanges. Merchant can verify the e-cash received from user. Bank can make a fair dis pute resolution when there is a dissension between user and merchant. It can avoid ＇the problem of partition e-cash for changes, prevent from reusing e-cash and fa- king e-cash, It. fits justice, anonymity, non deny and impartiality.展开更多
Most papers about trade credit in supply chain studied retailer's inventory policy based on information shared.Few papers paid attention to supplier's trade credit policy under asymmetric information.So this p...Most papers about trade credit in supply chain studied retailer's inventory policy based on information shared.Few papers paid attention to supplier's trade credit policy under asymmetric information.So this paper tries to propose supplier's optimal trade credit policy to reveal retailer's private information.The aim is achieved by developing an incentive model with revelation principle.The retailer's private information can be found out through this trade credit policy.This contract is more general than the wholesale price contract.For the retailer's private information,the order quantity and ratio of delay in payment are distorted.Sensitivity analysis shows that the contract is influenced by sales ability and discount rate.Finally,the indirect mechanism with the same effect is proposed to make it easy to be put into practice.展开更多
Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To emp...Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.展开更多
In the classical inventory models, it is assumed that the retailer pays to the supplier as soon as he received the items and in such cases the supplier offers a cash discount or credit period (permis-sible delay) to t...In the classical inventory models, it is assumed that the retailer pays to the supplier as soon as he received the items and in such cases the supplier offers a cash discount or credit period (permis-sible delay) to the retailer. In this paper we presented an inventory model for perishable items with time varying stock dependent demand under inflation. It is assumed that the supplier offers a credit period to the retailer and the length of credit period is dependent on the order quantity. The purpose of our study is to minimize the present value of retailer’s total cost. Numerical examples are also given to demonstrate the presented mode.展开更多
基金Supported bythe National High TechnologyDevelopment 863 Programof China under Grant (863-301-1-3)
文摘A new fair e-eash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by hank. Using the overdraft credit certificate, user can produce e-cash himself to pay in exchanges. Merchant can verify the e-cash received from user. Bank can make a fair dis pute resolution when there is a dissension between user and merchant. It can avoid ＇the problem of partition e-cash for changes, prevent from reusing e-cash and fa- king e-cash, It. fits justice, anonymity, non deny and impartiality.
基金National Natural Science Foundation of China (No. 70571055)
文摘Most papers about trade credit in supply chain studied retailer's inventory policy based on information shared.Few papers paid attention to supplier's trade credit policy under asymmetric information.So this paper tries to propose supplier's optimal trade credit policy to reveal retailer's private information.The aim is achieved by developing an incentive model with revelation principle.The retailer's private information can be found out through this trade credit policy.This contract is more general than the wholesale price contract.For the retailer's private information,the order quantity and ratio of delay in payment are distorted.Sensitivity analysis shows that the contract is influenced by sales ability and discount rate.Finally,the indirect mechanism with the same effect is proposed to make it easy to be put into practice.
文摘Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.
文摘In the classical inventory models, it is assumed that the retailer pays to the supplier as soon as he received the items and in such cases the supplier offers a cash discount or credit period (permis-sible delay) to the retailer. In this paper we presented an inventory model for perishable items with time varying stock dependent demand under inflation. It is assumed that the supplier offers a credit period to the retailer and the length of credit period is dependent on the order quantity. The purpose of our study is to minimize the present value of retailer’s total cost. Numerical examples are also given to demonstrate the presented mode.
