【摘要】 采用边界Logistic模型描述下游企业违约风险,建立了一个考虑下游企业违约风险,并能体现上游生产商风险厌恶程度的委托-代理模型,用来确定激励相容的商业信用期限决策.通过对下游企业优化条件的处理,最终将信用期限决策的委托代理模型转化成普通的非线性规划.数值计算结果表明,信用期限决策会随着违约风险的增加而缩短,是违约风险的凹函数;生产商厌恶程度越大,越倾向于给予较短的期限.更多还原

【Abstract】 This paper applies principal-agent model to solve the optimal trade credit term considering default risk explicitly.A boundary Logistic model is used to measure default risk of the buyer.By solving the lower level optimization problem of the buyer,the principal-agent model reduces to a non-linear programming.An incentive-compatible decision of term is thus obtained by solving this nonlinear programming.Numerical simulation analysis shows that the incentive-compatible term is a non-increasing concave function of default risk,slightly affected by the risk attitude.更多还原