基地研究员肖爽副教授的论文“Hybrid financing in a dual-channel supply chain with asymmetric demand information”在重要学术期刊International Transactions in Operational Research发表。

摘要：This study delves into the interaction between hybrid financing and asymmetric demand information within a dual-channel supply chain. In this setup, the supplier directly sells to customers and also through a capital-constrained retailer. We investigate a unique financing approach involving a blend of bank loans and supplier equity investment to support the retailer's operational (procurement and marketing) activities. Analyzing the equilibrium strategies under both symmetric and asymmetric information settings yields intriguing insights. In the case of symmetric information, we find that the retailer's equilibrium order quantity decreases with the potential market size under hybrid financing, contrary to traditional notions. When asymmetric information is present, a higher acceptance of supplier equity investment by the retailer tends to lead to order quantity distortion downward, increasing signaling costs. Furthermore, a greater proportion of supplier equity investment prompts the retailer to order more products, ultimately boosting profits for both the retailer and supplier. This suggests that supplier equity investment can enhance supply chain efficiency and alleviate the double marginalization effect.

关键词：dual-channel supply chain; capital constraint; supplier equity investment; asymmetric demand information; signaling game

论文链接：https://doi.org/10.1111/itor.13541

教师简介

肖爽，中南财经政法大学金融学院副教授，主要研究方向为公司金融。近几年在《Journal of Cleaner Production》、《International Transactions in Operational Research》、《International Journal of Management Science》、《Asia-Pacific Journal of Operational Research》、《IEEE Transactions on Industrial Informatics》、《Finance Research Letters》等学术期刊多次发表论文，担任多本SSCI期刊的审稿人，多次主次参与国家自然科学基金委员会项目。