Trade credit financing for supply chain coordination under financial challenges:a multi‑leader–follower game approach

This study is designed to solve supply chain inefficiencies caused by some members’financial problems,such as capital shortages and financing restrictions in a stochastic environment.To this end,we have established a supply chain finance framework by designing two novel coordinating contracts based on trade credit financing for different problem settings.These contracts are modeled in the form of multi-leader Stackelberg games that address horizontal and vertical competition in a supply chain consisting of multiple suppliers and a financially constrained manufacturer.However,previous studies in the trade credit literature have addressed only simple vertical competition,that is,seller-buyer competition.To solve the proposed models,two algorithms were developed by combining population-based metaheuristics,the Nash-domination concept,and the Nikaido-Isoda function.The results demonstrate that the proposed supply chain finance framework can eliminate supply chain inefficiencies and make a large profit for suppliers,as well as the financially constrained manufacturer.Furthermore,the results of the contracts’analysis showed that if the manufacturer is required to settle its payments to suppliers before the end of the period,the trade credit contract cannot coordinate the supply chain because of a lack of incentive for suppliers.However,if the manufacturer is allowed to extend its payments to the end of the period,the proposed trade credit financing contract can coordinate the supply chain.Finally,the sensitivity analysis results indicate that the worse the financial status of the manufacturer,the more bargaining power suppliers have in determining the contract parameters for more profit.

Determining threshold default risk criterion for trade credit granting

To solve the problem of setting threshold default risk criterion to select retailer eligible for trade credit granting, a novel method of solving simultaneous equations is proposed. This method is based on the bilevel programming modeling of trade credit decisions as an interaction between supplier and retailer. First, the bilevel programming is set up where the supplier decides on credit terms at the top level considering a retailer's default risk, and the retailer determines the order quantity at the lower level in response to the credit terms offered. By solving this bilevel programming, the relationship between the optimal terms and the corresponding default risk can be derived. Second, set the extreme scenario where the threshold default risk is approached as the point causing a zero marginal profit to the supplier. Another equation describing this particular scenario can also be derived. Thus, a system of two equations with two unknown variables can be obtained where the exact threshold default risk criterion can be found by solving them. A numerical example is presented as an illustration of the method proposed. It shows that the threshold criterion can be uniquely determined when the financial costs, inventory costs, and the marketing parameters of supplier and buyer are specified.

Trade Credit in the Crisis： Selling or Financing？

The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises （SMEs） and investigates, over the years of 2009-2011： the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.

Optimal Trade Credit Policy for Supplier under Asymmetric Information in the Supply Chain

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.

Optimal Policy for EOQ Model with Two Level of Trade Credits in One Replenishment Cycle

In general, a supplier/retailer frequently offer trade credit to stimulate their respective sales. The main purpose of this paper is to investigate the optimal supplier/retailer’s replenishment decisions under two levels of trade credit policy within the economic order quantity (EOQ) framework. This paper deals with the supplier/retailer’s inventory replenishment problem under two levels of trade credit in one replenishment cycle. A different approach of two levels of trade credit is used, which give more freedom to the supplier/retailer in business. In addition, the easy-to-use procedure is developed to efficiently find the optimal cycle time for the retailer under minimizing annual total relevant cost. Finally, a numerical example is given to illustrate these results.

EPQ model with the effect of inflation and reliability for partial trade credit under fuzzy and cloudy fuzzy environment

The proposed study offers the first-of-its-kind economic production quantity model for deteriorating items having a demand rate to be price dependent under the effect of inflation and reliability with partial trade credit.The model is extended under an uncertain environment by assuming inventory parameters to be triangular fuzzy numbers and cloudy triangular fuzzy numbers.The objective of the study is to maximize the profit of the inventory system and to identify the most suitable environment for the proposed problem.Results are verified using the numerical study.Furthermore,the comparative study is presented to justify the nature of fuzzy and cloudy fuzzy environments.Sensitivity analysis under all environments is conducted to identify the most sensitive parameters of all.

Optimizing order policy and credit term for items with inventory-level-dependent demand under trade credit limit

Under the combined effects of inventory-level-dependent demand(ILDD)and trade credit,the retailer is able to order more quantities to stimulate market demand.However,from the supplier's perspective,two important issues are lacking sufficient attention.First,during the credit period,the retailer's higher order quantities imply increases in both the retailer's account payable and the supplier's opportunity cost of capital.Second,given the supplier's fixed production rate,the increased market demand may drive the capacity utilization to be variable.Thus,by formulating a supplier-dominated system,this paper incorporates trade credit limit(TCL)to address its effects on optimal policies vis-a-vis the item with ILDD.Specifically,three indicators can be proposed to reveal which type of financing policy the retailer should choose.Moreover,based on TCL,the supplier can effectively manage the retailer's order quantity and the corresponding account payable.Additionally,the retailer's maximum allowable order quantity is developed to ensure that the supplier can supply the retailer's order quantity on time.Furthermore,when the effects of ILDD become more significant,the manufacturer will reduce the maximum allowable order quantity to control the retailer's order incentive.

Decaying items inventory models with partial linked-to-order upstream trade credit and downstream full trade credit

In practice,any member of supply chain may offer full or partial trade credit contract to his downstream level.Full trade credit is the case that the latter is allowed to defer whole payment to the end of credit period.In partial trade credit,however,the downstream supply chain member must pay for a proportion of the purchased goods at first,and can delay paying for the rest until the end of credit period.This paper considers a two-level trade credit,where the supplier offers order-quantity-dependent partial trade credit to a retailer,who suggests full trade credit to his customers.An economic order quantity(EOQ)inventory model of a deteriorating item with expiration dates is formulated here.Theoretical results are developed to obtain the optimal solutions to the problem.Numerical examples and sensitivity analysis are performed to justify the proposed models and theoretical results and managerial insights are provided.

OPTIMAL OPERATIONAL DECISIONS WHEN A MANUFACTURER OFFERS TRADE CREDIT TO HIS RETAILER

In this paper, we develop models to determine operational and financial decisions of a supply chain under the condition that the retailer faces a financial constraint and the manufacturer can offer trade credit to assist the retailer. We first study the case where the retailer is risk-neutral, and derive the optimal ordering and financial decisions. Then, the case where the retailer is risk-averse （downside risk） is studied and-the effects of the risk on the retailer and manufacturer＇s operational and financial decisions are discussed. Finally, numerical examples are provided to conduct managerial analysis.

Trade Credit, Future Earnings, and Stock Returns: A Self-Dealing Perspective

Chinese listed firms are characterized by a great magnitude of long-duration accounts receivable from controlling shareholders and their affiliates,and they often do not make bad debt allowances.On many occasions,these receivables are never collected.We find that firms with a great magnitude of accounts receivable demonstrate a low level of future profitability and low stock returns.It does not appear that the low earnings persistence of these firms is responsible for their poor future performance as predicted by the accrual anomaly,because the firms also report low concurrent earnings.In the context of the Chinese stock market,we interpret the results as being consistent with self-dealing through trade credit by controlling shareholders.This study contributes to the self-dealing literature by identifying a more subtle channel of expropriation of minority shareholders in China.

Trade Credit Policy Between Supplier-Manufacturer-Retailer for Ameliorating/Deteriorating Items

This paper is related to the advancement of the inventory models for ameliorating items and focused on the real-life business situation as with the time the deterioration rate of ameliorating items is increased.In the global world,every supply chain entities as suppliers/manufacturers/retailers want to increase the consumption of their goods without any losses.For this,he/she tries to lure manufacturer/retailers by offering some discounts,i.e.credit period for settling the account.The problem states that the manufacturer purchases the ameliorating items from the supplier,where the supplier offers his/her credit period to settle the account.The manufacturer purchases ameliorating items(like pigs,fishes,ducklings,etc.)and take those items as rawmaterial;when the livestock matures the manufacturer sells it to the retailer and offer credit time for settling the account.Reason to propose the model is when the quantities of livestock become larger,then the manufacturer faces difficulty in maintaining all the livestock.In such a situation,the traditional method(without offering credit period)fails to provide the maximum profit to the manufacturer.Therefore,in order to get maximum profit,the manufacturer needs some more realistic scientific outlook for making decisions.The proposed model provides a more realistic assumption of business markets,by offering credit policy.In the introduced model,manufacturer faces amelioration and deterioration rate simultaneously due to the growth and the death of livestock.The amelioration and deterioration rates are assumed as theWeibull distribution type.Shortages allowed only for the retailer,which is partially backlogged.The main goal of this paper is to minimize the total relevant inventory cost for both the manufacturer and the retailers,by finding the optimal replenishment policy.Themathematical formulation with optimal solutions for manufacturer and retailers are given.Convexity and existence of the proposed model via numerical examples and graphical representations are explained.Finally,the conclusions with some future research direction are discussed.

Inventory Policy for a Deteriorating Item with Time-Varying Demand Under Trade Credit and Inflation

It’s often the case that the supplier will provide the retailer with a permissible delay period in payments, during which the supplier charges the retailer no interest and the retailer accumulates interest earned from investment return. As a type of price reduction and an alternative to price discount,trade credit helps the supplier encourage the retailer’s ordering. This paper develops an inventory replenishment model for a deteriorating item with time-varying demand and shortages, taking account of trade credit and time value of money under inflation over a finite time horizon. This model is an extension and development of the existing studies related to the inventory system considering trade credit and time value of money and offers a more general model with more flexibility and resilience to handle the situation where demand of the end market is non-decreasing with regard to time.

贸易信用中账期对供应链上下游及供应链绩效的影响研究

贸易信用是供应链中上游企业允许下游企业延期支付的供应链内部融资方式。有观点认为供应链下游企业会通过延长账期挤占上游企业的利益,特别是一些处于优势地位的下游,他们不仅延长账期,同时还向上游提供供应链金融服务。针对这一观点,本文构建了含有一个供应商和一个零售商的供应链模型,对比分析了三种供应商资金模式下(自有资金充足、自有资金不足通过银行融资和自有资金不足通过零售商融资)账期对供应链上下游和供应链绩效的具体影响。研究发现:(1)对于供应商和供应链绩效,账期并非越短越好,对于零售商,账期并非越长越好;(2)当供应商资金不足时,相比银行融资,零售商融资会导致账期延长,但这有利于供应链各成员的利润;(3)账期和零售商融资并存有可能让供应链各成员获得更多利润,甚至会比供应商资金充足情况更优。本文的研究有助于厘清贸易信用中账期对供应链成员的收益以及供应链整体绩效的影响,从而有利于供应链金融业务的健康开展。

碳信息披露能提升企业商业信用融资吗?

“双碳”背景下,企业披露的碳信息日益成为利益相关者决策的重要依据。本文以2010—2022年沪深A股上市公司为研究样本,采用文本分析法量化碳信息披露的可读性和信息增量特征,并探究其对商业信用融资金额与期限的影响。研究发现,企业碳信息披露可读性越好,所获的商业信用融资金额越高。而且,碳披露的信息增量越多,商业信用融资不仅额度越高且期限越长,表明相较于披露“形式”,供应商和客户更注重企业的“实质”表现。进一步的作用机制分析显示,良好的碳信息披露可读性和信息增量能够提升企业的信息透明度与市场地位,激发供应链上下游的善意信任与能力信任,进而对商业信用融资产生积极作用。异质性分析发现,在企业面临的媒体关注度越高以及所处地区环境规制越弱的情况下,碳信息披露的商业信用融资效应越显著。此外,经济后果检验表明,碳信息披露带来的商业信用融资能显著提升企业环境绩效与财务绩效,表现为促进绿色创新和提升企业价值。

商业信用融资对企业高质量发展的影响研究——基于创新与效率视角

利用2010-2021年我国沪深A股上市公司数据,实证检验商业信用融资对企业高质量发展的影响,并从创新与效率视角进行中介效应检验。研究发现,商业信用融资与企业高质量发展显著正相关,研发投入、营运能力和代理成本在其中发挥了部分中介作用,即商业信用融资有助于增加企业研发投入、提高企业营运能力和降低企业代理成本进而推动企业高质量发展。

Identification of the Credit Guarantee Network of Steel Trade Enterprises in China

The risk points in the credit guarantee network of steel trade enterprises were identified by using the network analysis method in this paper. Firstly, the formation and operation mechanism of steel trade credit guarantee network was analyzed.Secondly,a guarantee network was established to analyze the related network structure indexes based on the mutual guarantee data of 83 enterprises in a steel trade market. These indexes included centrality,honest broker,and structural hole. The results suggest that network analysis method can be used to find out the risk points of the guarantee network. Additionally,some recommendations are brought forth to reduce or prevent future crises.

应用型本科院校大学生诚信体系构建研究

大学生信用水平的提升对于优化国家社会信用结构,提升信用社会运行效率具有重要作用。应用型高校在不断加强学生的在校技能,提高学生解决实际业务的能力的同时还需要提高学生具备良好的信用。尤其是国际贸易专业的学生不仅要加强专业能力的提高,也要加强信用建设的发展。本文对通过信用的含义出发,分析应用型本科院校大学生信用体系建设存在的主要问题,从而提出了信用体系建设的初步框架,希望对高校的信用体系建设有一定的借鉴作用。

考虑信贷和投资约束下贸易政策不确定性对企业融资成本影响的研究

融资成本是影响企业融资行为的重要因素,贸易政策不确定性通过金融不确定性信贷约束和企业不确定性投资约束抑制企业融资。随着中美贸易摩擦延续,贸易政策不确定性对企业融资成本的影响成为了学者关注的重要研究内容。基于此,本文以1999年至2020年沪市A股上市企业的财务数据为样本,检验了中国贸易政策不确定性对企业融资成本的影响。实证结果显示,中国贸易政策不确定性上升会显著增加企业的融资成本,金融不确定性信贷约束和企业不确定性投资约束是贸易政策不确定性作用于企业融资成本的中介变量,且不同行业对贸易政策不确定性的敏感性存在差异。在中美贸易摩擦延续背景下,本文为审视贸易政策不确定性对企业融资成本的影响提供了新的视角和证据,丰富了贸易政策不确定性和企业行为相关文献的研究成果。

经济政策不确定性与商业信用融资--基于商业信用网络位置视角的分析

以2000—2022年沪深A股上市公司数据为样本,研究经济政策不确定性对商业信用融资的影响及商业信用网络位置的调节效应。研究发现,面对经济政策不确定性时,企业会选择提升商业信用融资,企业的商业信用网络中心位置能够帮助企业获得更多性商业信用融资。进一步研究表明,面对经济政策不确定性时,商业信用网络中心位置的企业是通过提升企业的议价能力与系统性风险地位进而提升商业信用融资的。面对经济政策不确定性提升,商业信用网络中心位置会缓解企业对银行信用的依赖,但当企业自身能够获得银行信用青睐时,商业信用网络中心位置会进一步提升企业的商业信用。因此建议企业在经济政策不确定高时充分融入商业信用网络,以商业信用资源弥补企业的银行信用不足,同时监管当局需要合理引导优化金融资源配置,避免商业信用与银行信用资源的过度倾斜。

考虑主体信用的配电网分布式绿电交易方法

发展分布式可再生能源是推动能源转型的关键手段,组织市场化交易能够促进分布式可再生能源生产和消纳.然而,可再生能源出力的不确定性使其容易在市场交割时出现偏差,进而为配电系统安全运行带来压力,但现有市场化交易机制仍难以激励市场主体主动减少偏差.为此,通过量化信用成本来引导分布式绿电的诚信交割行为.同时,考虑分布式绿电主体的策略性报价行为,建立考虑主体信用的分布式绿电市场化交易模型.然后,提出基于最优响应法的迭代算法来计算绿电市场的纳什均衡点.算例结果表明:所提市场机制能够以激励相容的方式引导用户的诚信行为,在降低交割偏差的同时提高绿电市场社会福利.