In the case of supply chain inventory pledge financing,aiming at the problem of pledge and order decision of retailer,this paper constructs the financing decision-making model of the retailer with and without repurchase guarantee respectively,gives the expressions of optimal inventory pledge quantity and order quantity of retailer in two cases,analyzes the influences of main parameters on the optimal decision,and compares them.This paper discusses the differences in the optimal decisions of retailer with and without repurchase contracts.Finally,the main conclusions are verified by an example.The results show that:(1)the initial inventory has a great influence on the loan enterprise's inventory pledge decision,and according to the size of the initial inventory,there are three situations in the expression of the best quality pledge;(2)the introduction of core enterprise repurchase will reduce the default probability of the retailer and improve the expected return of the retailer;(3)when the inventory pledge rate is small,with the increase of the initial inventory,the loan enterprise will have a negative impact on the loan enterprise's inventory pledge decision,on the contrary,with the increase of initial inventory,the best quality collateral decreases.
Capital ConstraintInventory FinancingBuy-back ContractPledge Decision
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