供应链与金融交叉问题中信息的获取与披露策略研究

With the development of global economic integration, the interaction study of supply chain management and finance becomes more and more important. With the latest credit crisis, companies see their supply chains threatened by a lack of liquidity. Now, competition is no longer among individual companies but among entire supply chains. The information transfer is lack of transparency, since each supply chain contains many entities, such as suppliers, retailers. On the one hand, the efficiency of the whole supply chain will be lower due to asymmetric information. On the other hand, investors in the capital market and financial instructions may not well evaluated the firm without information. With the rise of information technology, companies can obtained information through various channels and make strategic disclosure decisions. The main object of this project is to investigate the impact of information acquisition and disclosure decision on the supply chain management and finance. We study the interaction game among a firm, his supplier and external capital market investors (or financial instructions)，and bring new insights and plausible explanations to the diverse disclosure behaviors observed in practice.

随着全球经济一体化发展，供应链管理和贸易融资的交叉研究越来越重要。在最近的信用危机中，企业发现它们的供应链正受到流动性缺乏的威胁。现在的市场竞争，已经不仅仅是独立企业之间的竞争，而是整条供应链之间的竞争，由于供应链是由多主体串联构成，信息交流缺乏透明度。信息不对称一方面降低供应链的协调性，另一方面金融市场的投资者们和金融机构无法很好的评估一家企业。随着信息技术的发展，企业可以通过多种渠道来获得信息并将其进行策略性披露。本课题主要研究了信息的获取和披露分享对供应链运作管理和金融两方面决策的影响，并为实践中不同的披露行为进行合理的解释，所涉及的博弈研究跨越供应链和金融两个领域，主要包含企业、其供应商、投资者（或金融机构）这三方之间的博弈。

随着全球经济一体化发展，供应链管理和贸易融资的交叉研究越来越重要。在最近的信用危机中，企业发现它们的供应链正受到流动性缺乏的威胁。现在的市场竞争，已经不仅仅是独立企业之间的竞争，而是整条供应链之间的竞争，由于供应链是由多主体串联构成，信息交流缺乏透明度。信息不对称一方面降低供应链的协调性，另一方面金融市场的投资者们和金融机构无法很好的评估一家企业。随着信息技术的发展，企业可以通过多种渠道来获得信息并将其进行策略性披露。本课题主要研究了信息的获取和披露分享对供应链运作管理和金融两方面决策的影响，并为实践中不同的披露行为进行合理的解释，所涉及的博弈研究跨越供应链和金融两个领域，主要包含企业、其供应商、投资者（或金融机构）这三方之间的博弈。