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  • 格致經濟論壇第77期

    發布者:經濟學系     時間:2020-12-01     閱讀次數:495

    報告題目:Industry Structure and the Strategic Provision of Trade Credit by Upstream Firms(產業結構與上游企業對貿易信貸的策略供應)

    報告人:Victor Song(加拿大西蒙菲莎大學)

    報告時間:2020年12月10日(星期四)上午10:30-11:45

    報告地點:商學院大樓218會議室

    邀請部門:經濟學系

     

    報告人簡介:

    Victor Song 博士, 加拿大西蒙菲莎大學彼迪商學院金融與創新創業跨學科助理教授,畢業于加拿大卡爾加里大學, 獲得經濟學與金融學雙博士學位。研究方向包括:公司金融財務,產業組織,應用博弈理論。Victor Song 博士多次獲得由加拿大西蒙菲沙大學和卡爾加里大學授予的最佳教學獎; 并在Review of Financial Studies 等世界頂級金融期刊發表論文多篇。


    報告摘要:

    We explain trade credit financing as a strategic tool for a supplier to influence her retailer behavior in a product market, provide a new rationale for the existence as well as the contract structure of trade credit financing, and show why financially unconstrained firms occasionally finance their inventory with expensive trade credit. In our model competing supply chains deliver a homogeneous good to a market with imperfect competition where retailers have to make inventory decisions before demand is realized. When demand is weak trade credit financing makes the retailer more aggressive as he avoids having to finance unsold inventory at the high trade credit interest rate. The ex-ante expected cost of having to finance excess inventory at the high trade credit rate when demand is weak reduces retailers' optimal ex-ante inventory levels. When demand is high sales are constrained by inventory and competition is less intense. The modified product market behavior induced by trade credit financing increases the producer surplus at the expense of consumer surplus in oligopoly markets, while we find no benefit for producers in either monopoly or perfect competition. We empirically confirm an inverse U-shape relationship of trade credit use and competition for a sample of U.S. firms.


    本文對商業信用借貸的合約結構基于現有文獻,提供了一個新的理論框架。一方面解釋了,為什么在不受貸款約束的零售商仍然愿意選擇貌似昂貴的商業信貸,與此同時,也解釋了作為供給方如何運用商業信貸的合約特點去影響下游零售商在競爭總的銷售行為,從而達到變相價格歧視的目的。


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