250
Views
7
CrossRef citations to date
0
Altmetric
Research Article

Financing equilibrium in a three-echelon supply chain: the impact of a limited bank loan

&

References

  • Alan, Y., and V. Gaur. 2018. “Operational Investment and Capital Structure under Asset-based Lending.” Manufacturing and Service Operations Management 20 (4): 637–654. doi:10.1287/msom.2017.0670.
  • Cai, G., X. Chen, and Z. Xiao. 2014. “The Roles of Bank and Trade Credits: Theoretical Analysis and Empirical Evidence.” Production and Operations Management 23 (4): 583–598. doi:10.1111/poms.12035.
  • Cao, E., L. Du, and J. Ruan. 2019. “Financing Preferences and Performance for an Emission-dependent Supply Chain: Supplier Vs. Bank.” International Journal of Production Economics 208: 383–399. doi:10.1016/j.ijpe.2018.08.001.
  • Chen, X. 2015. “A Model of Trade Credit in A Capital-constrained Distribution Channel.” International Journal of Production Economics 159: 347–357. doi:10.1016/j.ijpe.2014.05.001.
  • Chen, X., G. Cai, and J. S. Song. 2019. “The Cash Flow Advantages of 3PLs as Supply Chain Orchestrators.” Manufacturing and Service Operations Management 21 (2): 435–451. doi:10.1287/msom.2017.0667.
  • Chen, X., and A. Wang. 2012. “Trade Credit Contract with Limited Liability in the Supply Chain with Budget Constraints.” Annals of Operations Research 196 (1): 153–165. doi:10.1007/s10479-012-1119-0.
  • Chern, M. S., Q. Pan, J. T. Teng, Y. L. Chan, and S. C. Chen. 2013. “Stackelberg Solution in a Vendor-buyer Supply Chain Model with Permissible Delay in Payments.” International Journal of Production Economics 144 (1): 397–404. doi:10.1016/j.ijpe.2013.03.008.
  • Chod, J., E. Lyandres, and S. A. Yang. 2019. “Trade Credit and Supplier Competition.” Journal of Financial Economics 131 (2): 484–505. doi:10.1016/j.jfineco.2018.08.008.
  • Chung, K. J. 2011. “The Simplified Solution Procedures for the Optimal Replenishment Decisions under Two Levels of Trade Credit Policy Depending on the Order Quantity in a Supply Chain System.” Expert Systems with Applications 38 (10): 13482–13486. doi:10.1016/j.eswa.2011.04.094.
  • Dada, M., and Q. J. Hu. 2008. “Financing the Newsvendor Inventory.” Operations Research Letters 36 (5): 269–273. doi:10.1016/j.orl.2008.06.004.
  • Deng, S., C. Gu, G. Cai, and Y. Li. 2018. “Financing Multiple Heterogeneous Suppliers in Assembly Systems: Buyer Finance Vs. Bank Finance.” Manufacturing and Service Operations Management 20 (1): 53–69. doi:10.1287/msom.2017.0677.
  • Fabbri, D., and L. F. Klapper. 2016. “Bargaining Power and Trade Credit.” Journal of Corporate Finance 41: 66–80. doi:10.1016/j.jcorpfin.2016.07.001.
  • Fang, L., and S. Xu. 2020. “Financing Equilibrium in a Green Supply Chain with Capital Constraint.” Computers and Industrial Engineering 143: 106390. doi:10.1016/j.cie.2020.106390.
  • Feng, X. H., I. Moon, and K. Ryu. 2015. “Supply Chain Coordination under Budget Constraints.” Computers and Industrial Engineering 88: 487–500. doi:10.1016/j.cie.2015.08.005.
  • Gao, D., X. Zhao, and W. Geng. 2014. “A Delay-in-payment Contract for Pareto Improvement of A Supply Chain with Stochastic Demand.” Omega 49: 60–68. doi:10.1016/j.omega.2014.05.008.
  • Goh, B. W., C. Y. Lim, G. J. Lobo, and Y. H. Tong. 2017. “Conditional Conservatism and Debt and Equity Financing.” Contemporary Accounting Research 34 (1): 216–251. doi:10.1111/1911-3846.12237.
  • Jing, B., X. Chen, and G. Cai. 2012. “Equilibrium Financing in a Distribution Channel with Capital Constraint.” Production and Operations Management 21 (6): 1090–1101. doi:10.1111/j.1937-5956.2012.01328.x.
  • Jing, B., and A. Seidmann. 2014. “Finance Sourcing in a Supply Chain.” Decision Support Systems 58: 15–20. doi:10.1016/j.dss.2013.01.013.
  • Kouvelis, P., and W. Zhao. 2012. “Financing the Newsvendor: Supplier Vs. Bank, Optimal Rates and Alternative Schemes.” Operations Research 60 (3): 566–580. doi:10.1287/opre.1120.1040.
  • Kouvelis, P., and W. Zhao. 2016. “Supply Chain Contract Design under Financial Constraints and Bankruptcy Costs.” Management Science 62 (8): 2341–2357. doi:10.1287/mnsc.2015.2248.
  • Kouvelis, P., and W. Zhao. 2018. “Who Should Finance the Supply Chain? Impact of Credit Ratings on Supply Chain Decisions.” Manufacturing and Service Operations Management 20 (1): 19–35. doi:10.1287/msom.2017.0669.
  • Kusnadi, Y., and K. C. John-Wei. 2017. “The Equity-financing Channel, the Catering Channel, and Corporate Investment: International Evidence.” Journal of Corporate Finance 47: 236–252. doi:10.1016/j.jcorpfin.2017.09.021.
  • Lee, C. H., and B. D. Rhee. 2011. “Trade Credit for Supply Chain Coordination.” European Journal of Operational Research 214 (1): 136–146. doi:10.1016/j.ejor.2011.04.004.
  • Lee, H. H., J. Zhou, and J. Wang. 2018. “Trade Credit Financing under Competition and Its Impact on Firm Performance in Supply Chains.” Manufacturing and Service Operations Management 20 (1): 36–52. doi:10.1287/msom.2017.0640.
  • Li, G., H. M. Wu, and S. Xiao. 2019. “Financing Strategies for a Capital-constrained Supplier in a Dual-channel Supply Chain.” International Transactions in Operational Research. doi:10.1111/itor.12653.
  • Mateut, S., and T. Chevapatrakul. 2018. “Customer Financing, Bargaining Power and Trade Credit Uptake.” International Review of Financial Analysis 59: 147–162. doi:10.1016/j.irfa.2018.07.004.
  • Missaka, W., and M. W. Toni. 2016. “Equity Market Misvaluation, Financing and Investment.” The Review of Financial Studies 29 (3): 603–654.
  • Peura, H., S. A. Yang, and G. Lai. 2017. “Trade Credit in Competition: A Horizontal Benefit.” Manufacturing and Service Operations Management 19 (2): 263–289. doi:10.1287/msom.2016.0608.
  • Seifert, D., R. W. Seifert, and M. Protopappa-Sieke. 2013. “A Review of Trade Credit Literature: Opportunities for Research in Operations?” European Journal of Operational Research 231 (2): 245–256. doi:10.1016/j.ejor.2013.03.016.
  • Silaghi, F. 2018. “The Use of Equity Financing in Debt Renegotiation.” Journal of Economic Dynamics & Control 86: 123–143. doi:10.1016/j.jedc.2017.10.010.
  • Taleizadeh, A. A., D. W. Pentico, M. S. Jabalameli, and M. Aryanezhad. 2013. “An EOQ Model with Partial Delayed Payment and Partial Backordering.” Omega 41 (2): 354–368. doi:10.1016/j.omega.2012.03.008.
  • Wang, C. F., X. J. Fan, and Z. Yin. 2019. “Financing Online Retailers: Bank Vs. Electronic Business Platform, Equilibrium, and Coordinating Strategy.” European Journal of Operational Research 276 (1): 343–356. doi:10.1016/j.ejor.2019.01.009.
  • Wang, H. M., Z. J. Yang, and H. Zhang. 2015. “Entrepreneurial Finance with Equity for Guarantee Swap and Idiosyncratic Risk.” European Journal of Operational Research 241 (3): 863–871. doi:10.1016/j.ejor.2014.09.013.
  • Yan, N., B. Sun, H. Zhang, and C. Liu. 2016. “A Partial Credit Guarantee Contract in A Capital-constrained Supply Chain: Financing Equilibrium and Coordinating Strategy.” International Journal of Production Economics 17: 122–133. doi:10.1016/j.ijpe.2015.12.005.
  • Yan, N. N., X. L. He, and Y. Liu. 2019. “Financing the Capital-constrained Supply Chain with Loss Aversion: Supplier Finance Vs. Supplier Investment.” Omega 88: 162–178. doi:10.1016/j.omega.2018.08.003.
  • Yan, N. N., and B. W. Sun. 2013. “Coordinating Loan Strategies for Supply Chain Financing with Limited Credit.” OR Spectrum 35 (4): 1039–1058. doi:10.1007/s00291-013-0329-4.
  • Yang, H., W. Zhuo, and L. Shao. 2017. “Equilibrium Evolution in a Two-echelon Supply Chain with Financially Constrained Retailers: The Impact of Equity Financing.” International Journal of Production Economics 185: 139–149. doi:10.1016/j.ijpe.2016.12.027.
  • Yang, H., W. Zhuo, Y. Zha, and H. Wan. 2016. “Two-period Supply Chain with Flexible Trade Credit Contract.” Expert Systems with Applications 66: 95–105. doi:10.1016/j.eswa.2016.08.056.
  • Yang, S. A., and J. R. Birge. 2018. “Trade Credit, Risk Sharing, and Inventory Financing Portfolios.” Management Science 64 (8): 3667–3689. doi:10.1287/mnsc.2017.2799.
  • Zhen, X., D. Shi, Y. Li, and C. Zhang. 2020. “Manufacturer’s Financing Strategy in a Dual-Channel Supply Chain: Third-Party Platform, Bank and Retailer Credit Financing.” Transportation Research Part E-logistics and Transportation Review 133: 101820. doi:10.1016/j.tre.2019.101820.
  • Zhou, Y., W. B. Cao, Y. Zhong, and Y. Wu. 2017. “Optimal Advertising/ordering Policy and Finance Mode Selection for a Capital-constrained Retailer with Stochastic Demand.” Journal of the Operational Research Society 68 (12): 1620–1632. doi:10.1057/s41274-016-0161-8.
  • Zhou, Y. W., Z. L. Wen, and X. Wu. 2015. “A Single-period Inventory and Payment Model with Partial Trade Credit.” Computers and Industrial Engineering 90: 132–145. doi:10.1016/j.cie.2015.08.003.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.