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https://ah.lib.nccu.edu.tw/handle/140.119/130106
題名: | Supply Chain Finance and Impacts of Consumers` Sustainability Awareness | 作者: | 何靜嫺 Ho, Shirley J. Sung, Hao-Chang |
貢獻者: | 經濟系 | 關鍵詞: | Supply Chain Finance ; Bank Credit ; Moral Hazard ; Default Risk ; Corporate Social Responsibility | 日期: | Apr-2019 | 上傳時間: | 20-Jun-2020 | 摘要: | Several new methods have been proposed for supply chain finance (SCF) with bank credits, but none of them mentions how to solve the borrowers’ moral hazard problems in SCF. This paper examines the moral hazard problem in supply chain financing with procurement contract (or purchase order). We show that since supply chain is an up-down directed structure, when financing with the procurement contract, the supplier`s effort monitoring task can be rendered to the procurement contract, which can secure the supplier`s optimal effort and capital choices in production. Hence, compared to separate lending, the supplier`s credit rationing problem can be mitigated, and most importantly, banks’ under-estimation on the supplier`s default risk and the over-estimation on the retailer`s default risk will both decrease. We further show that the retailer`s corporate social responsibility expenditure can increase consumers’ brand recognition, thus when facing demand shocks arising from consumer`s unexpected concerns, the retailer can better stabilize the firm value. | 關聯: | North American Journal of Economics and Finance | 資料類型: | article | DOI: | https://doi.org/10.1016/j.najef.2019.04.005 |
Appears in Collections: | 期刊論文 |
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