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政大機構典藏 > 社會科學學院 > 經濟學系 > 期刊論文 > Item 140.119/130106

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题名:	Supply Chain Finance and Impacts of Consumers` Sustainability Awareness
作者:	何靜嫺 Ho, Shirley J. Sung, Hao-Chang
贡献者:	經濟系
关键词:	Supply Chain Finance;Bank Credit;Moral Hazard;Default Risk;Corporate Social Responsibility
日期:	2019-04
上传时间:	2020-06-20 14:11:10 (UTC+8)
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
数据类型:	article
DOI 連結:	https://doi.org/10.1016/j.najef.2019.04.005
DOI:	10.1016/j.najef.2019.04.005
显示于类别:	[經濟學系] 期刊論文

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