Abstract This paper studies a supply chain with a core manufacturer and a financially constrained retailer in the context of an imperfect capital market. We examine the capital-constrained decision objectives of profit maximization with and without bankruptcy costs, and extend to the multi-attribute utility (MAU) maximization, including attributes of expected sales revenue, bankruptcy cost, and service level. Interestingly, we find that in an imperfect capital market, the optimal order quantity for the capital-constrained retailer with trade credit financing may exceed the well-funded order quantity, depending on the bankruptcy costs and the retailer’s preferences on decision-making attributes, which reflects that trade credit may encourage the retailer to increase order size and thus to further improve the overall profitability of the supply chain. However, this incentive effect vanishes when the bankruptcy cost is relative high or high attention has been paid to the bankruptcy costs, and then the optimal order size would be smaller than that for expected profit maximization.

中文翻译：

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供应链金融中具有延期支付和多决策属性的最优贸易信用

摘要 本文研究了在资本市场不完善的背景下具有核心制造商和财务受限零售商的供应链。我们研究了有和没有破产成本的利润最大化的资本约束决策目标，并扩展到多属性效用 (MAU) 最大化，包括预期销售收入、破产成本和服务水平的属性。有趣的是，我们发现在不完善的资本市场中，具有贸易信贷融资的资本受限零售商的最优订货量可能会超过资金充足的订货量，这取决于破产成本和零售商对决策属性的偏好，这反映了贸易信贷可能会鼓励零售商增加订单规模，从而进一步提高供应链的整体盈利能力。然而，当破产成本较高或对破产成本关注度较高时，这种激励效应消失，此时最优订单规模将小于预期利润最大化的订单规模。