Financing Retailers LED By Electronic Business Platform: Game Decision, And Risk Assessment

Retailers account for a substantial part of small and medium-sized enterprises,and they often face the dilemma of lack of funds in the process of purchasing and operating.Bank credit financing and supplier credit financing,as the traditional financing sources,have frequently been used by these capital-constrained retailers.In recent years,the rapid development of electronic business(EB)has provided online retailers with a new financing source,an EB platform.The EB platform,who introduces supply chain financing business,can be divided into three types: the online bank,the intermediary electronic commerce(EC)platform,and the Peer-to-Peer(P2P)lending platform.Under the financing business running by the online bank,the operating process of traditional supply chain financing(SCF)is implemented online,but the essential characteristic of SCF does not change.The retailer's financing types led by the latter two main lenders,intermediary EC platform and P2 P lending platform,are two new SCF modes,which have a strong background of practical application,but have not been studied efficiently.In theory,this study can enrich the theoretical content of supply chain financing model research and fill the current research gap;In practice,our research can effectively guide the financial participants to make scientific decisions,which could obtain the optimal profit level of the entire financing system and reduce financing risks.Based on the analysis of current research situations,firstly,this paper innovatively classifies the supply chain financing led by EB platform according to the nature of the financing leader and the industry in which the borrower is located,and then summarizes the essential characteristics and decision-making rules of the retailer's supply chain financing led by the EB platform.In section 4,through the research on SCF of online retailers led by intermediary e-commerce platform,we find the following results.(1)From the Stackelberg equilibrium solutions under the decentralized financing system,the retailer's optimal order quantity decreases with the platform's usage fee rate or the loan rate increasing.(2)The active EB platform financing can achieve supply chain financing(SCF)coordination,yielding a larger order quantity and larger participants' profits than those yielded through BCF,while the conservative may not.(3)When the coordination condition on order quantity is satisfied,if the initial working capital is a constant,there exists a linear decreasing trend between the EB platform's loan interest rate and the usage fee rate;When the weak coordination conditions are satisfied,the active EB platform can offer many coordinated financing contracts,which are applicable to different initial working capital conditions.(4)Even if the online retailer has sufficient working capital,she always prefers using the coordinated active EB platform financing to refusing any outside financing.In section 5,under P2 P platform financing,the P2 P platform is a pure information intermediary,and the credit guarantee company is introduced to guarantee the security the lender's investment.Through the game study on SCF of retailers led by P2 P lending platform,we conclude the following results.(1)From the Stackelberg equilibrium solutions under the decentralized financing system,the retailer's optimal order quantity decreases in the wholesale price,P2 P platform's information service fee rate and the credit guarantee company's guarantee service fee rate;The optimal order quantity setting under the adventurous credit guarantee type is more flexible than that under the conservative one.(2)The P2 P lending platform financing system with a conservative credit guarantee cannot achieve SCF coordination;However,when the credit guarantee company is adventurous,the SCF coordination could be achieved;The coordination conditions could ensure that the retailer obtains the global optimal order quantity and every member satisfies his participation constraint.(3)When the coordination condition on order quantity is satisfied,with the information service fee rate(or the guarantee service fee rate)increasing,the retailer's expected profit remains constant,and the P2 P lending platform's and the credit guarantee company's expected profits have different monotonic properties.(4)We have also characterized the boundary of the retailer's initial working capital and the suitable ranges of the service fee rates to achieve SCF coordination.In the following section,from analysing the specific operating process,we have given the risk assessment index system of P2 P platform financing and used the method of TOPSIS based on left-and-right scoring to evaluate the risk of P2 P platform financing.Through the research on the risk assessment of retailer's financing led by electronic business platform,we obtain the following conclusions.(1)Under intermediary EC platform financing,as the EC platform holds a large number of retailer's operating and selling data,the financing risk is low.However,under P2 P platform financing,because P2 P platform faces the dilemma of lack of data and the P2 P platform itself is not regulated,there exists a greater risk.(2)In the risk assessment of retailer's financing led by P2 P platform,we should consider the relevant risk assessment indicators from three aspects: borrower's risk factors,P2 P platform's operation risk factors and guarantee risk factors.(3)The fuzzy TOPSIS based on left-and-right scoring combines the qualitative language evaluation and quantitative analysis,fuzzy data and actual data,nonlinear programming and fuzzy TOPSIS;This evaluation method can be applied to the risk assessment of retailer's financing led by P2P platform.