报告题目：Risk Sharing, Inventory and Financial Decisions with Cooperative Financing
报 告 人：钟远光（华南理工大学 副教授）
主 持 人：宋海清（中山大学岭南学院 教授）
Cooperative financing has been used commonly by small and medium-size enterprises (SMEs) for many years. However, very few papers have investigated the efficacy of cooperative financing in operations literature. To fill this gap, this paper considers two financially-constrained firms finance their procurements under both non-cooperative and cooperative financing modes. For the cooperative financing mode, the firms and bank initially sign a prior cooperation arrangement that requires the firms to bear a specific joint liability at the end of the sales season. We develop a two-stage decentralized model in which firms make unilateral order decisions based on the agreement as to the additional benefits that result from joint liability. We then prove the existence of equilibrium and thus characterize the equilibrium solutions for the cooperative financing mode. We show that the firms become more aggressive in ordering as the shared risk goes up. We also compare the two financing modes from the perspective of the firms, and interestingly find that the choice of a financing mode is completely determined by a simple two-threshold policy in regards to the firms' initial cash levels and interest rates. Nevertheless, the cooperative financing mode can become a “win-win-win” arrangement for the firms and the bank as long as the interest rate is within a reasonable range. We also demonstrate the impacts of initial capital, retail price, product cost, financing cost and demand variability on the two firms’ rating decisions and expected end-period cash levels.
钟远光，华南理工大学工商管理学院副教授，博士生导师。入选广东省青年珠江学者（2017年），华南理工大学杰出青年基金。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。在管理学顶级期刊Management Science发表论文2篇,在 IIE Transactions, Omega，European Journal of Operational Research，管理科学学报，系统工程理论与实践等物流与供应链管理领域公认的国内外高水平期刊上发表论文30多篇。主持国家自然科学基金面上项目和青年项目、广东省自然科学基金，广东省软科学等项目多项。荣获广东省哲学社会科学优秀成果一等和二等奖，教育部第七届高等学校科学研究优秀成果三等奖，POMS-HK最佳论文奖，CSAMSE 最佳论文奖等奖励。被评为华南理工大学工商管理学院MBA/ME“我最喜爱的老师”。