不对称信息条件下中小企业联合融资研究

Under asymmetric information, for the two-level supply chain of retailers and manufacturers, taking in the wholesale price contract, to set up joint financing model. Analysis found that in the circumstances the optimal order quantity of the supply chain is not balanced, so under the condition of the manufacturer to determine the optimal batch introduced ,the buyback contracts shall be improved. The results show that manufacturer can coordinate the supply chain through any factor and buy-back price. Ruin probability of the retailer will decrease with buy-back price increasing and proper interest rate range is decided in the model. Finally, a numerical example was used to display decision-making process of contract parameters in the supply chain co-financing and contract parameters’ influence on each party’s expected profit.