固定利率贷款能纾解小微零售商资金有限的困境吗？

doi:10.16381/j.cnki.issn1003-207x.2021.0016

Abstract

Abstract:

In the past decade， small and micro enterprises have faced difficulties in financing， whereas private lending is booming. In this study，how different interest rate pricing policy affects retailers' operational decisions is studied. By incorporating bankruptcy risk and its related costs， a newsvendor model is formulated in which a retailer with limited capital can finance its operational capital from a bank at a fixed loan interest rate. The optimal lending and ordering decisions of a bank and a retailer， respectively， are derived， and the optimal decisions are compared under the floating interest rate. Our results show that the only decisive factor affecting lending decisions is the value of the collateral. Bankruptcy risk and its related costs have no effect on a bank's lending decision. Moreover， the ordering decision of a retailer is based on its initial operational capital. For giant or mega-retailers who possess heavy assets， the operational decisions are unaffected by how the interest rate is priced. However， for small and micro retailers， the fixed interest rate never alleviates the insufficient operational capital of the retailer.

Key words: capital constraint, fixed interest rate, newsvendor, small and micro enterprises, collateral

CLC Number:

F274

Hongmei Guo,Menglin Qin,Xianyu Wang,Meng Wu. Does Fixed-Rate Loans Help Small and Mirco Retailers with Insufficient Operational Capitals?[J]. Chinese Journal of Management Science, 2024, 32(1): 177-186.

Figures/Tables 6

符号	含义
$r$	贷款利率
$p$	单位产品零售价
$w$	单位产品批发价( $0 < w (1 + r) ≤ p$ )
$q$	订购量(零售商的决策变量)
$y$	零售商的初始运营资金
$x$	零售商的质押物(可在销售季结束后清算以偿还银行贷款)
$β$	银行的放贷比例(银行的决策变量， $0 ≤ β ≤ 1$ )
$α$	破产后质押物相对原值的贬值比例( $0 ≤ α ≤ 1$ )
$M$	破产时的固定行政成本
$D b (q, β)$	零售商的破产门槛(使零售商不破产的最小需求水平)
$D M$	行政破产门槛(零售商资产能覆盖行政成本的最小需求水平)

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Does Fixed-Rate Loans Help Small and Mirco Retailers with Insufficient Operational Capitals?

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