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Chinese Journal of Management Science ›› 2015, Vol. 23 ›› Issue (9): 1-8.doi: 10.16381/j.cnki.issn1003-207x.2015.09.001

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Liquidity, Liquidity Risk and Performance——A Empirical Study on Chinese Open-End Mutual Funds

WANG Zong-run, TIAN Xu-ran, CHEN Xiao-hong   

  1. School of Business, Central South University, Changsha 410083, China
  • Received:2014-06-03 Revised:2014-12-24 Online:2015-09-20 Published:2015-09-28

Abstract: The focus of this paper is to research the optimal strategies facing cash constraints based on supply chain financing with implicit equity stake. A supply chain financing system composed of a supplier, a manufacturer and a bank is developed. Considering the implicit equity stake among them and using the capital asset pricing model (CAPM) and the net present value (NPV) analysis in conjunction with three-part game theory to quantify the value of implicit equity stake and determine the optimal strategies, it is found that suppliers considering implicit equity stake can finance at a lower cost.

Key words: implicit equity stake, supply chain financing, accounts receivable financing, game theory

CLC Number: