This paper investigates the efficiency of buyer lending in a supply chain with a retailer and a capital-constrained supplier subject to spectral risk measures. We show that the retailer should always charge the supplier the lowest possible interest rate under the buyer lending scheme. The retailer is better off in the buyer lending scheme than in the bank lending scheme if he is risk-neutral or risk-seeking, regardless of the supplier’s risk attitude, internal capital, and bankruptcy costs. However, the retailer’s preference switches to bank lending as his risk-aversion increases to a certain level. A comprehensive comparative statics analysis is provided.

本文研究了在零售商中，零售商和受资本约束的供应商受制于频谱风险措施，其借贷效率。我们表明，零售商应始终根据买方贷款计划向供应商收取最低的利率。如果零售商具有风险中性或寻求风险，则无论买方的风险态度，内部资本和破产成本如何，零售商在买方贷款方案中的收益要比银行贷款方案的收益要好。但是，随着零售商的风险规避度提高到一定水平，零售商的偏好会转向银行贷款。提供了全面的比较静态分析。