Research On The Financing Strategy Of Emerging Industry Supply Chain Considering The Positive Externalizations Of Technology

In the process of technological innovation industry agglomeration,supply chain members may be troubled by capital constraints.In order to obtain higher profit flow and occupy a market share as quickly as possible,upstream and downstream enterprises are willing to provide internal and external financing to the supply chain.According to the different capital situation of supply chain members in the technology innovation emerging market,this paper analyzes the situation of unilateral capital constraint and bilateral capital constraint in detail respectively.Taking into account the risk of bankruptcy of supply chain member enterprises caused by the volatility of emerging markets,this paper then corrects and improves the financing decision of supply chain members.Finally,from the perspective of centralized decision-making in the supply chain,it explores the differentiated weight subsidies of government agencies to the technology innovation emerging market.The conclusion provides a reference for financing incentive decision among supply chain members in reality,and provides a new theoretical basis for the agglomeration and large-scale development of emerging technology innovative enterprises.The research contents of this paper are as follows:1.Study on supply chain financing strategy of supplier capital constraints considering free-rider effect.This paper conducts a concrete analysis of the supply chain financing strategy when upstream enterprises have financial constraints and downstream enterprises are the core enterprises and hold abundant capital.The literature shows that the upstream and downstream financing strategy allows upstream enterprises to achieve Pareto improvement,and with the increase of upstream enterprises' own capital,the interest rate threshold of downstream enterprises will gradually decrease.There exists an optimal financing interest rate that makes the expected profits of the downstream enterprises reach their maximum.Assuming the financial opacity of upstream and downstream enterprises,the existence of downstream firms' financing interest rate interval motivates upstream enterprises to hide their real capital status in order to obtain financing at a lower interest rate.Based on an information screening model and game theory,this paper develops a corresponding incentive contract that modifies the expected profit of upstream enterprises and induces upstream enterprises to reveal their real capital status.2.Study on the financing strategy of supply chain constrained by bilateral funds considering the asymmetric information of own funds.Aiming at the free-rider problem of capital constrained supply chain members in the process of technological innovation and considering the factors of cash flow and financing rate from the perspective of Stackelberg Game,this paper establishes the financing strategy model of supply chain members and makes a decision analysis on the supply chain financing strategy with bilateral capital constraints.The research shows that there is an information game between financial institutions and downstream core enterprises and upstream enterprises.The internal financing services provided to the upstream enterprises after the external financing of the downstream core enterprises will enable the upstream enterprises to provide the real capital status.The upstream and downstream financing strategies will improve the upstream and downstream enterprises in a certain range and there exists an optimal financing interest rate which will maximize the expected profits of downstream enterprises.3.Study on financing strategy of fund pool considering the correlation of upstream and downstream risk.In view of the supply chain in emerging markets with bilateral capital constraints and considering the factors of market risk sharing and differentiated interest rates,this paper proposes a financing decision scheme for core enterprises with capital constraints to establish a capital pool and establishes a corresponding financing strategy model for supply chain members.The research shows that the expected profit of supplier in the supply chain is regulated by market sensitivity coefficient and the interest rate of the capital pool of downstream enterprises.The reduction of the share ratio of downstream enterprises increases the differentiated interest rate at which the expected profit of downstream core enterprises achieves the minimum value.The bank interest rate plays a regulating role in setting the uniform credit interest rate for the capital pool at this time.It is more willing for the downstream core enterprises to increase the capital pool interest rate for the upstream enterprises,and will intentionally promote the increase of the share ratio of the upstream small and medium-sized enterprises.As different degree of correlation of supply chain enterprises will lead to deviation in financing decisions of chain enterprises,the financing model can be improved and perfected under different degree of correlation through adjustment of sharing ratio and differentiated interest rate of capital pool.4.Study on government differentiation weight subsidy strategy from global perspective.This paper constructs the government cash subsidy strategical model based on the expected profits of the supply chain members.The results show that the existence of the optimal subsidy coefficient makes the expected profits of supply chain members reach the maximum value.But the members in the supply chain have the motivation to reduce the internal funds in order to erode the government subsidy dividend.To explore this problem,the paper applies the government tax reduction subsidy strategical approach with the cash subsidy strategy.Furthermore,the study proves that the government tax reduction subsidy tends to subsidize the supply chain members with higher production cost and improved subsidy strategy has no influence on the optimal decision time of downstream member.On this basis,the government can effectively prevent downstream members from hiding funds and eroding the divided subsidy through the application of comprehensive subsidy policies to protect the accumulation of emerging coastal industries development.