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.

Supply Chain Finance Credit Risk Evaluation Method Based on Self-Adaption Weight

Credit risk is the core issue of supply chain finance. In the supply chain, problems happened in different enterprises can influent the whole to different degrees through transferring, thus statuses of all enterprises and their different influences should be considered when evaluating the supply chain’s credit risk. We examine the characters of supply chain network and complex network, use the local growing complex network to simulate the real supply chain, use cluster analysis to classify the company into several levels;Introducing each level’s self-adaption weight formula according to the company’s quantity and degrees of this level and use the weight to improve the credit evaluation method. The research results indicate that complex network can be used to simulate the supply chain. The credit risk evaluation (CRE) of an enterprise level with bigger note degrees has a greater weight in the supply chain system’s CRE, thus has greater effect on the whole chain. Considering different influences of different enterprise levels can improve credit risk evaluation method’s sensitivity.

Supply Chain Finance Decision Analysis with a Partial Credit Guarantee Contract

The innovation of supply chain financial services can alleviate the plight of SMEs financing difficulties. In the aspect of supply chain finance model, there is a credit guarantee financing model, which is different from the simple external financing and internal financing mode of supply chain. Based on this, this paper studies the decision-making of supply chain finance under the partial credit guarantee of core enterprises. First of all, the paper constructs a simple supply chain financing model, consisting of a bank, a core enterprise and a retailer. And then, considering the credit guarantee financing model, calculate the expected profit function. Stackelberg game model is used to give the optimal decision of each subject in decentralized system and the optimal decision in centralized system. Finally, in order to make a more specific and detailed study on the profit and decision-making based on the credit guarantee financing model, the important parameters of the model are analyzed. Through the calculation, it is proved that under the credit guarantee of the core enterprise, the retailer has the optimal ordering strategy, and the core enterprise has the best wholesale price. The influences of the partial credit guarantee coefficient and the retailer’s loan coefficient on the supply chain finance decision-making are also studied.

A blockchain and IoT-based lightweight framework for enabling information transparency in supply chain finance

Supply Chain Finance(SCF)refers to the financial service in which banks rely on core enterprises to manage the capital flow and logistics of upstream and downstream enterprises.SCF adopts a self-testing and closed-loop credit model to control funds and risks.The key factor in a successful SCF service is the deployment of SCF businessoriented information systems that allow businesses to form partnerships efficiently and expedite cash flows throughout the supply chain.Blockchain Technology(BCT),featuring decentralization,tamper-proofing,traceability,which is usually paired with the Internet of Things(IoT)in real-world contexts,has been widely adopted in the field of finance and is perfectly positioned to facilitate innovative collaborations among participants in supply chain networks.In this paper,we propose a BCT and IoT-based information management framework(named BC4Regu),which works as the regulatory to improve the information transparency in the business process of SCF.With BC4Regu,the operation cost of the whole supply chain can be significantly reduced through the coordination and integration of capital flow,information flow,logistics and trade flow in the supply chain.The contributions in this paper include:(1)proposing a novel information management framework which leverages Blockchain and IoT to solve the problem of information asymmetry in the trade of SCF;(2)proposing the technical design of BC4Regu,including the Blockchain infrastructure,distributed ledger-based integrated data flow service,and reshaped SCF process;and(3)applying BC4Regu to a group of scenarios and conducting theoretical analysis by introducing the principal-agent model to validate the BC4Regu.

A joint inventory–finance model for coordinating a capital‑constrained supply chain with financing limitations

Faced with economic recession,firms struggle to find ways to stay competitive and maintain market share.Effective coordination of the supply chain can solve this problem,but this may fail if existing capital constraints and financial flows are ignored.This study addresses the challenge by exploiting coordination through joint decision-making on the physical and financial flows of a capital-constrained supply chain.We also consider the capital-constrained member’s financing limitations that lead to lost sales.Two scenarios based on non-coordinated and coordinated structures are modeled in the form of bi-objective optimization problems that simultaneously optimize system costs and service levels.The models are solved using the -constraint method.The results indicate that the non-coordinated model cannot satisfy more than about 50%of the demand due to capital shortage and financing limitations,while the coordinated model can satisfy all of the demand via internal financing.Furthermore,the proposed coordination scheme leads to cost reduction for the members and the total system.To motivate all members to accept the proposed coordination scheme,a cost-sharing mechanism is applied to the coordination procedure.Finally,a sensitivity analysis concerning financial parameters is provided for validating the coordination model.

Risk Assessment of Agricultural Products Supply-Chain Finance Based on D-S Theory

Agricultural products supply-chain finance, as one of the solutions to the issue of “capital problems” of agriculture, countryside and farmers, has proposed a kind of characteristics model to assess the risk of agricultural production, processing and marketing, which can improve the issue of farmers and enterprises lacking of funds. This model is proposed on the basis of uncertain information processing method of D-S theory and its data combination rules, combined with the “discount rate” correction model, and it includes a risk assessment index system of agricultural products supply-chain finance, fully considering the five aspects of production, processing, marketing, cooperation of supply chain and collateral. At last, a taro supply chain is taken for example. And the risk assessment of its supply-chain finance based on this model has been discussed in detail. And the result has proved that the model and its algorithm are practical and feasible.

Farmers' Cooperatives'Poverty-Reducing Roles in Agricultural Supply Chain Finance

Agricultural supply chain finance(SCF)plays a vital role in reducing poverty and linking smallholders with broader markets.By creating a multi-dimensional poverty index(MPI)for farmer households with A-F binary boundary method,this paper employs the propensity score matching and difference-in-difference(PSM-DID)method to estimate how farmers’cooperatives run by various entities affect farmer households’multi-dimensional poverty status.Our findings suggest that:(i)Each percentage of increase in the probability of farmers’access to SCF credit from their cooperatives makes it 8%and 10%more likely for farmers’MPI and multi-dimensional poverty order to decrease with a signi ficant poverty-reducing effect.(2)SCF credit from farmers’cooperatives run by large farmers,agribusinesses and the village cadres are signi ficantly poverty-reducing for full-time poor farmers.(iii)The higher non-farm incomes as a share of farmers’total income,the less poverty-reducing SCF credit from farmers’cooperatives run by large farmers and villagers becomes,and the more poverty-reducing SCF credit for agribusiness everyone cooperatives becomes.These findings highlight the importance of policy guidance for farmers’cooperatives to offer appropriate credit products and solutions according to local conditions,which is vital to maximizing the effects of targeted financial poverty reduction.

Development of Supply Chain Finance, Financial Constraints and Cash Flow Sensitivity

This paper used the Chinese listing Corporation financial data （2003-2013） to study the relationship between the supply chain finance development, SME financing constraints and cash flow. The study found that the small and medium-sized enterprise has obvious cash flow sensitivity, explaining it is subjected to the larger financing constraints. The development of supply chain finance can alleviate the financing constraints of SMEs, but for large enterprises it is unable to play a corresponding role.

Research on Application of Supply Chain Finance Based on Block Chain

Supply chain finance has played a positive role in solving the financing difficulties of small and medium-sized enterprises.However,in the actual implementation process,there are still problems such as information asymmetry,doubts about the authenticity of trade background,and high operational risks,which seriously restrict the development of supply chain finance.However,block chain technology has the characteristics of de-centralization,data transparency,common maintenance and non-tampering.Applying this technology to supply chain finance can effectively solve the existing problems.Based on the research on the development status of traditional supply chain finance,this paper puts forward a new development mode of supply chain finance based on block chain technology,and through the analysis of typical cases,finally gives some policy suggestions for the development of block chain supply chain finance.

Financing Decisions Analysis of E-commerce Supply Chain Finance for Fresh Agricultural Products in China

The supply chain finance(SCF)solutions are becoming increasingly diversified with the continuous perfection of the economic system.However,financing for small and medium sized enterprises(SMEs)is still a difficult issue waiting to be solved by enterprises and the government in China.SCF solutions based on e-commerce platforms have developed rapidly in China that provide an alternative for SMEs when few studies have been conducted on e-commerce SCF solutions which focus on fresh agricultural products.Therefore,this research focuses on the SCF solutions applicable to e-commerce enterprises of fresh agricultural products.

Financing strategies for coal-electricity supply chain under yield uncertainty

The financing strategies for a coal-electricity supply chain in which the coal company has capital constraint and faces yield uncertainty were studied. We propose an advance payment mechanism: in the coal company's initial production period, the electricity company provides advance payment to the coal company, and the coal company pays interest to the electricity company as the risk compensation. The optimal operation strategies for the coal company and the electricity company under the advance payment mechanism are derived and compared with those under the bank loan financing case. We find that,the expected profit functions of the coal company and the electricity company under the advance payment mechanism are the same with those under the case that the coal company has enough capital;under the advance payment mechanism, the profits of the coal company and the electricity company are higher than those under the bank financing case. We also discuss the compensation interest rate of the advance payment and the ordering and production quantities under the advance payment mechanism.

Financing Strategy of Low-Carbon Supply Chain with Capital Constraint under Cap-and-Trade Regulation

Cap-and-trade regulation provides incentives for manufacturers to reduce carbon emissions,but manufacturers’insufficient capital can disrupt the implementation of low-carbon emission reduction technologies.To alleviate capital constraints,manufacturers can adopt external financing for low-carbon emission reduction investments.This paper studies the independent financing and financing cooperation behavior in a supply chain in which the manufacturer and retailer first implement low-carbon emission reduction technologies and then organize production and sales in accordance with wholesale price contracts.Through comparing the optimal profits and low-carbon emission reduction levels under the independent financing and financing cooperation mode,we come to the following conclusions:(1)Although financing interest increases the cost of the supply chain,manufacturers prefer to invest in reducing carbon emissions rather than buying carbon quotas.(2)When financing independently,a decentralized decision-making mode(MD)is the best choice for manufacturers.(3)In cooperative financing,when the supply chain adopts a decentralized decision-making mode(SD)in which the retailer determines the financing cost-sharing ratio according to their optimal profit,the profits of the supply chain and its members are significantly improved.(4)When manufacturers and retailers adopt a centralized decision-making model(SC)in cooperative financing,they jointly determine the financing cost-sharing ratio and the level of low-carbon emission reduction.If the financing cost-sharing ratio meets a certain threshold range,the profits of manufacturers and retailers achieve Pareto improvement,indicating that this cooperative financing model is effective.

Financial Coordination and Income Distribution of Agricultural Supply Chain

The agriculture field is a fundamental industry which supports the rapid development of the nation?s economy.However,credit constraints faced by farmers have restricted the modernization in the agricultural industry.The agricultural supply chain finance is effective in promoting rural industrial revitalization and agricultural modernization,which is of great significance to the transformation and development of rural economy and agriculture in China.In this paper,the financial coordination model in agricultural supply chain is constructed,and the income distribution model of Shapley value method is introduced.The results showed that the agricultural supply chain finance can significantly improve the income of the participants in the agricultural industrial chain and verify the economic feasibility of agricultural supply chain finance.

区块链在供应链金融的应用研究

供应链金融发展已有很多年,但仍不能满足中小企业和实体经济发展的需求。传统供应链金融存在诸多痛点,包括:交易真实性难以辨别、监管成本高;远离核心企业的中小微企业融资难融资贵;金融机构业务覆盖面窄;供应链产业链生态不稳,核心企业供应链管理亟待提升等。区块链是一种去中心化技术,易溯源难篡改,适用于多个交易方需要高度互信的业务场景,天然适合解决供应链金融的痛点。基于问题导向,将区块链在供应链金融的应用称为“区块链+供应链金融”,研究了区块链技术解决供应链金融发展痛点的应用模式,对供应链金融应用区块链技术的典型案例进行了深入分析,阐明了区块链在供应链金融中的功能和作用。研究表明,“区块链+供应链金融”能有效缓解中小微企业融资难融资贵问题,对发挥供应链金融生态的协同效应、服务实体经济高质量发展具有重要意义。

金融科技赋能下供应链金融对企业价值的影响

发展供应链金融对于深化金融供给侧结构性改革,增强金融服务实体经济具有不容忽视的重要战略意义.本文通过对2007年-2019年中国A股上市公司全部320.8万篇公告的文本数据信息进行收集整理,实证检验了上市公司发展供应链金融业务对企业价值的影响.研究结果表明:发展供应链金融在短期可以促进企业股价的上涨,在长期可以促进企业价值的提升,并且上市公司采用的供应链金融业务越多,公告中提到供应链金融词汇越频繁,这种提升效果越显著.发展供应链金融业务可以通过信号传递效应、风险承担效应、系统管理效应促进企业价值提高.在供应链金融相关公告中提到金融科技词汇的词频越高,上市公司获得的企业价值提升效果越强.金融科技可以为股票流动性较低、风险承担较弱的企业发展供应链金融业务起到更强的赋能效果.在进行一系列稳健性检验之后,上述结论依然成立.本文不仅为中国公司发展供应链金融业务提高企业价值,提供了基于公开市场数据大样本的实证证据,也对国家和地方政府支持供应链金融的发展具有现实启示。

供应链金融对制造业数智化转型的影响研究

随着数字经济的快速发展,我国制造业企业迫切需要数智化转型,而供应链金融规模的逐年增长对企业数智化转型的影响正成为热点问题。文章以A股2017—2022年制造业上市公司相关数据为基础,实证研究了供应链金融对企业数智化转型的具体影响机制。结论表明:制造业发展供应链金融可以通过缓解融资约束促进企业数智化转型。文章揭示了“供应链金融—制造业数智化转型”的作用机理和理论边界,为促进制造业的高质量发展提供针对性政策建议。

不同集中度下供应商稳定性对公司债务融资成本的影响

近年来,上市公司供应商断供事件频发,对公司的经营管理产生了不可忽视的负面影响,引起了社会各界的广泛关注。基于此,从外部利益相关者债权人的视角,收集整理2008—2021年沪深A股804家上市公司2825个年度供应商稳定性数据,实证检验供应商稳定性对公司债务融资成本的影响及其机制。研究发现,供应商稳定性能够显著降低公司的债务融资成本,表明外部债权人更看好供应商关系稳定的公司。调节机制分析表明,较高的供应商集中度会削弱供应商稳定性对债务融资成本的降低效应。在采用替换变量、更换回归模型、赫克曼两步法、倾向得分匹配法进行稳健性检验后,以上结论仍然成立。从作用机制上看,供应商稳定性通过提升供应链效率降低债务融资成本。异质性分析发现,在大规模公司、行业市场竞争程度较强及地区市场化程度较高的公司样本中,供应商稳定性对债务融资成本的降低效应更显著。为更有效降低公司债务融资成本,公司应重视供应商的管理和维护,保持稳定的供应商关系,提高供应链效率;为充分发挥供应商稳定性对公司债务融资成本的降低效应,应将供应商集中度控制在合理水平;应实施差异化供应商管理策略,大规模公司、行业市场竞争较强及地区市场化程度较高的公司要高度重视供应商稳定性的促进作用,着力完善供应商关系管理,促使公司确定更合理的供应商稳定性水平。

基于区块链和消费者敏感的农业供应链融资上链决策研究

为解决绿色农业供应链发展面临的生产端资金短缺、消费端食品安全顾虑等问题,将消费者农产品质量和信息搜索成本敏感系数等引入农业供应链融资上链决策中,分别构建电商采用、不采用区块链技术下,农户通过供应链内部、外部融资4种不同情境组合下的博弈模型;通过理论推导和实证仿真分析,探讨农产品质量敏感系数、农产品质量信息搜索成本敏感系数、上链与融资成本等参数对农户融资模式选择和电商上链决策的影响。研究发现,在电商不同上链决策下,当农户外部融资利率大于电商资金机会成本时,内部融资优于外部融资;反之,外部融资优于内部融资。在农户不同融资模式下,当电商上链净收益大于零时,上链为电商最优决策;当上链净收益为负,且上链所节省融资成本不足以抵消该负收益时,不上链为最优决策。

基于支持向量机的农业中小企业供应链金融信用风险评价

农业供应链金融的发展,有效缓解了中小企业融资难的问题,但如何有效评估其信用风险尤为重要。针对农业中小企业,构建了供应链金融信用风险评估指标体系,并运用支持向量机建立了风险评估模型。经过对41组农业中小企业的数据进行训练和检验,发现该模型可以更准确地评估农业中小企业的信用风险,从而帮助商业银行等金融机构采取更有效的应对措施。

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。