报告题目：Supply Chain Structure, Product Market Competition and Debt Financing
时间：2019年7月6日，上午9点到11点
地点：管理学院506会议室
摘要:
Existing literature demonstrates that because of the limited liability effect of debt financing, debt financed firms will compete with each other more aggressively than equity financed ones. However, it is not clear how supply chain structure may affect this result. To address this problem, this paper investigates the impacts of two supply chain structures: the competing retailers source from a common supplier or two dedicated suppliers. The analysis shows that the dedicated suppliers lower their wholesale prices to induce their retailers to compete more aggressively when at least one retailer borrows, whereas the common supplier keeps wholesale prices invariant to the downstream retailers' debt. Hence, the competition intensifying effect of debt financing is more pronounced, the retailers borrow more and incur a high default risk under the former supply chain structure than the latter one. Although the retailers are worse off than not borrowing, the upstream supplier(s) benefits from the downstream retailers' borrowing because it sells more. Interestingly, in an asymmetric setting where only one retailer is leveraged, the leveraged retailer obtains a first-mover like advantage, and this advantage trickles up to the leveraged retailer's supplier when the retailers source from two different suppliers. The presence of financial distress costs curtails the retailers' incentives to borrow, and thereby mitigates the product market competition enhancing effect of debt financing, and may actually improve rather lower the retailers' profits. However, because financially distress costs exert a negative externality on the supply chains, they reduce the upstream's profit, force them to lower prices, and sell less to the retailers under both supply chain structures. Additionally, I find that the retailers' debt is a U-shaped function of the degree of product substitution, and that the debt level is monotonically decrease.
报告人：Professor Qiaohai (Joice) Hu
She received her PhD from Case Western Reserve University. Before joining University of Missouri St. Louis, she served on the faculty at Purdue University, Washington University St. Louis and City University of Hong Kong.
She has published papers in elite academic journals such as Manufacturing, Services and Operations Management, Production and Operations Management, IIE Transactions, European Journal of Operations Research, Operations Research Letters, Decision Sciences. Her research interests are interdisciplinary, including supply chain finance, interface between supply chain management, accounting, and marketing. She serves as a senior editor for Production and Operations Management, and ad hoc reviewer for Management Science, Operations Research, Manufacturing, Services and Operations Management, IIE Transactions, Navel Research Logistics, European Journal of Operations Research, and Operations Research Letters. Before returning to academia, she worked as a supply chain analyst at FedEx Supply Chain Services at Ohio and Eastcom, one of the earliest telecommunication equipment manufacturers in East China.
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