学术前沿讲座-Risk Sharing, Inventory and Financial Decisions with Cooperative Financing
发布时间: 2018-04-24

报告题目

Risk Sharing, Inventory and Financial Decisions with Cooperative Financing

报告人(单位)

钟远光华南理工大学

点评人(单位)

黄超(东南大学)丁溢(东南大学)

时间地点

时间:20184292

地点:九龙湖经管楼B-418

报告内容摘要

Cooperative financing has been used commonly by small and medium-size enterprises (SMEs) for years, however, few papers have investigated the efficacy of cooperative financing in operations literature. In this paper, we consider two capital-constrained firms finance their orders under non-cooperative and cooperative financing mode. Under non-cooperative financing mode, we formulate a stylized model to illustrate the financing and ordering decisions. For the cooperative financing mode, we derive a two-stage decentralized model in which firms make unilateral order decisions based on prior cooperative agreements as to how the additional benefits that result from joint liability. We characterize the equilibrium solutions for cooperative financing mode. We show that the firm become more aggressive in ordering as the shared risk goes up. We further compare the two financing mode from the perspective of firm and bank. Our analysis shows that the choice of financing mode is completely determined by a two-threshold policy in regards to the firm's initial cash level and interest rate. Nevertheless, the cooperative financing mode becomes a “win-win” arrangement for the bank and the firms as long as the interest rate is within a reasonable region. We also demonstrate the impacts of initial capital, retail price, product cost, financing cost and demand variability on the firm’s operating decision and expected end-period cash level. Our model is generalized to the case of the multiple firms and the interest rates endogenously charged by the bank. (Joint work with Cao Bin, Chen Xin, Zhou Yongwu)

报告人简介:钟远光,华南理工大学工商管理学院副教授。入选广东省青年珠江学者。目前研究兴趣包括供应链金融,共享经济以及优化理论在运作管理中的应用等。在Management Science, IIE Transactions, Omega, European Journal of Operational Research, Transport Research Part C: Emerging Technologies等期刊上发表论文30多篇。主持国家自然科学基金、广东省自然科学基金,广东省软科学等项目多项。获广东省第六、七届哲学社会科学优秀成果奖,教育部第七届高等学校科学研究优秀成果奖,华南理工大学工商管理学院ME“我最喜爱的老师”,POMS-HK最佳论文奖,华人学者管理科学与工程协会最佳论文奖。