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.
WANG Zong-run, TIAN Xu-ran, CHEN Xiao-hong
. Liquidity, Liquidity Risk and Performance——A Empirical Study on Chinese Open-End Mutual Funds[J]. Chinese Journal of Management Science, 2015
, 23(9)
: 1
-8
.
DOI: 10.16381/j.cnki.issn1003-207x.2015.09.001
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