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.

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.

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.

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.

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.

Decision-Making of a Single Supplier and Multiple Loss-Averse Retailers under Partial Trade Credit

Under partial trade credit,suppliers usually require retailers to pay a fraction of the purchase cost immediately when ordering and the remaining payment is deferred at the end of the sales period.Considering a supply chain consisting of a risk-neutral supplier and multiple loss-averse retailers,we develop models under partial trade credit.We analyze the optimal decisions of a supplier and retailers under decentralized decision-making.The study shows that there is a unique Nash equilibrium among the retailers,and the optimal total order quantity of retailers increases as the delayed payment ratio increases and as the degree of retailers'competition increases,but decreases with an increase in the loss aversion.Numerical studies are conducted to demonstrate the solution procedures and the effects of the parameters on decisions and profits.

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。

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。

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。

考虑碳排放配额和碳交易的新能源电力系统日前优化调度

在电力系统碳交易市场化的背景下,研究一种科学、有效的碳排放额度分配策略,具有重要的理论和实际意义。该文在新能源大规模接入的现状下,考虑限制排放主体的碳排放量,并在排放主体间建立碳交易模型,提出一种考虑碳排放配额和碳交易的日前优化调度方法。分别构建火电和风电碳交易费用的模型,提出一种基于熵值法的碳排放额度分配策略,对区域电网基准线排放因子的权重进行重新分配;考虑到因风电接入而造成常规火电机组产生的额外碳排放量,在碳交易价格预测的基础上,计算不同类型机组的碳交易费用;以调度时段内系统总费用最小为优化目标,构建考虑碳排放交易的日前优化调度模型,并求解该模型。仿真结果验证了所提方法的正确性和有效性。

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.

民营僵尸企业挤占了更多的商业信用资源吗?——来自供应链金融市场的解释

本文从供应链视角剖析了僵尸企业,尤其是民营僵尸企业得以存续的原因,并使用我国A股上市公司1990—2019年的数据为样本,实证检验了僵尸企业和商业信用之间的关系。研究发现,相比正常企业,僵尸企业使用了更多的净商业信用,尤其是主动性商业信用;僵尸企业的市场份额越高,其使用的净商业信用越多;僵尸企业会在货币政策紧缩时期使用更多的净商业信用;这些关系在民营企业样本中更加显著;当企业由正常企业转变为僵尸企业时,净商业信用会显著增加,而当企业由僵尸企业转变为正常企业时,净商业信用会显著减少。

新审计报告与商业信用

本文以商业信用为切入点,考察供应商和客户如何解读和回应新审计报告中披露的关键审计事项。研究发现,关键审计事项披露会显著降低企业的商业信用融资,表明供应商和客户将关键审计事项解读为一项风险信息。截面机制检验发现,公司治理较好时,可以缓解供应商和客户对企业财务报告质量的担忧,关键审计事项披露对商业信用的负面影响得以缓解。此外,关键审计事项数量越多、关键审计事项与可抵押资产相关时,关键审计事项披露对商业信用的负面影响越明显,而关键审计事项应对强度越高、具有结论性评价时,负面影响得以缓解。本文从供应链关系视角为新审计报告改革效果提供进一步的经验证据,对企业和准则制定者具有一定的启示。

网络舆论关注会影响商业信用融资吗?

以2010—2020年中国A股上市公司为研究对象,探究网络舆论关注对商业信用融资的影响,实证结果表明:网络舆论关注与商业信用融资存在显著的负向关系,在经过更换度量方式、使用一阶差分模型、Heckman两步法等稳健性检验与内生性讨论后研究结论依然成立。作用机理分析表明,网络舆论关注通过降低信息披露质量与加剧企业金融化抑制了企业的商业信用融资规模,支持了“市场压力”假说。进一步分析显示,在高管压力敏感性较高、行业竞争较强、非制造业企业以及东部地区企业中,网络舆论关注的负向影响更加显著。

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.

金融支持碳普惠制发展研究:制约因素、实践经验和对策建议

金融支持碳普惠制发展能实现微观领域碳减排和提升绿色金融服务能力的双赢目标。本文基于我国碳普惠制试点实践,分析我国碳普惠制发展面临的制约因素,在借鉴国外有关碳普惠制实践经验基础上,探索建立以金融碳账户为核心的碳普惠发展机制,从搭建碳征信服务体系、量化碳减排核算标准、优化绿色金融管理机制、完善正向激励配套措施等方面提出相关对策建议,助力我国绿色低碳发展目标的实现。

公募REITs上市是否会让国有房企信用利差收窄?

利用2014年1月至2023年6月相关企业的财务数据以及已发行的债券数据,以我国公募REITs试点上市为准自然实验,分析其对国有房企的信用风险影响。研究结果表明:公募REITs试点上市之后国有房企的信用利差显著收窄,违约概率和信用风险降低,该结论在一系列的稳健性检验后依然成立;相关机制研究发现,试点上市之后国有房企的信息披露质量加强、融资约束程度得到改善,进而信用利差降低;异质性分析表明,公募REITs试点上市对债券信用利差的降低作用在中央国企、运营能力强的企业以及有担保的企业中更加明显。

企业数字化转型如何赋能商业信用融资——基于信息效率与信息治理

数字经济现已成为驱动我国经济发展新引擎,企业作为推行数字化的重要微观载体,在此背景下数字化转型对企业融资行为亦产生了重要影响。近年来经济持续下行,企业面临融资困境,商业信用融资作为银行信贷的重要替代性渠道,具有便捷、低价等明显优势,是企业缓解融资约束的重要融资方式,在企业债务结构中扮演了关键角色。现有关于商业信用融资的研究大多关注数字普惠金融,鲜有涉及数字化转型的相关探讨,因此本文试图填补该不足,从数字化转型的角度出发,以2007~2022年沪深两市A股企业为研究样本,深入探讨企业数字化转型对商业信用融资的影响、作用机理、异质性表现及二者对企业代理问题、投资效率和企业绩效的影响,以期为企业结合自身资源禀赋制定科学的融资策略,亦为政府积极有效引导企业数字化转型、结合企业内外部环境做好顶层设计,引导企业数字化转型升级、加快数字经济建设提供借鉴。

自由贸易试验区的设立缓解了企业融资约束吗?--基于自由贸易试验区设立的准自然实验

自由贸易试验区的设立是中国深化改革、全方位构建对外开放格局的试验田。本文基于2010—2021年中国A股上市公司数据,以自由贸易试验区的设立作为准自然试验,采用双重差分模型检验自由贸易试验区设立对企业融资约束的影响。研究发现:自由贸易试验区设立能显著缓解企业融资约束,该结果在经过平行趋势检验、安慰剂检验与PSM-DID等检验后依然成立。机制检验发现:自由贸易试验区设立影响企业融资约束化有信贷支持、税收优惠与政府补贴三条路径,且自由贸易试验区设立对企业融资约束的缓解作用在融资困难企业、高新技术企业以及制度创新水平高的地区更显著。因此,要利用自由贸易试验区优势缓解企业融资约束,提升自由贸易试验区内金融服务实体经济的能力,发挥制度创新的核心地位。