This paper examines how preferential credit based on retailers’ credit line impacts on capital-constraint retailer’s operational decisions. We consider a condition of loan competition when banks and manufacturers offer preferential credit to capital-constraint retailers in the newsvendor model. Different credit lines and discounted rates of preferential credit mainly involve in retailers’ exogenous collateral and risk preference of banks and manufacturers in our model. We investigate impacts of bank financing, trade credit, and portfolio credit (financing from both bank credit and trade credit with different ratios) on retailer’s inventory decision with different cases that the retailer’s financing amounts exceed credit line or not. We derive the equilibrium wholesale price, expected sale price, and order quantity when retailers face with different conditions of collaterals and institutes’ risk preferences facing with market risk. A debt-financed retailer favours items with trade credit compared to bank financing, especially in conditions when its sourcing demand is great and when it finances from high-risk preference institutes. Retailer prefers to using the loan with high trade credit ratio when he opts portfolio credit conditions.

本文研究了基于零售商信用额度的优惠信贷如何影响资本约束零售商的运营决策。当银行和制造商在报摊模式中向资本受限的零售商提供优惠信贷时，我们考虑贷款竞争的条件。在我们的模型中，优惠信贷的不同授信额度和贴现率主要涉及零售商的外生抵押品和银行和制造商的风险偏好。我们研究了银行融资、贸易信贷和组合信贷（不同比率的银行信贷和贸易信贷融资）对零售商库存决策的影响，不同情况下零售商的融资金额是否超过信用额度。我们推导出均衡批发价格、预期销售价格、零售商面临不同抵押品条件时的订货量和机构面临市场风险的风险偏好。与银行融资相比，债务融资零售商更喜欢有贸易信贷的商品，尤其是在其采购需求巨大且从高风险偏好机构融资的情况下。零售商在选择组合信贷条件时更喜欢使用具有高贸易信贷比率的贷款。