报告时间、地点：

报告时间：2025年11月27日，星期四，下午15:00

报告地点：华南理工大学 大学城校区，B10中座101

报告摘要：

       In practice, many smallholder farmers require external funding to initiate production. However, due to their small sizes and lack of collateral, bank financing is often inaccessible. Conventional buyer direct financing (BDF) may lead to capital exploitation and agricultural overproduction. Agricultural value chain financing (VCF), in which buyers and other sponsors jointly establish a financing vehicle, has emerged as a promising alternative to strike a balance between efficiency and equity in agricultural supply chains. However, it remains unclear under what conditions VCF outperforms BDF and how market and policy factors influence financing outcomes. We develop a game-theoretic model to compare three financing modes in an agricultural supply chain—bank financing, BDF, and VCF. The model characterizes equilibrium outcomes and identifies the conditions under which VCF outperforms BDF and traditional bank financing. We find that VCF enables the buyer to offer a higher wholesale price while adjusting the interest rate to prevent exploitation in an unfavorable market and curb overproduction in a favorable market. Consequently, VCF generally enhances the profits of the farmer, the buyer, and the total supply chain, particularly when the buyer’s capital cost is relatively high or the market is adverse. However, when the buyer’s unit capital cost is low and the market is favorable, VCF may introduce double marginalization, making it less attractive. Moreover, the financing preferences of the buyer and the farmer are not always aligned; VCF can still enhance overall efficiency, but it may inadvertently strengthen the buyer’s relative advantage. Our findings guide the design of effective financing and policy interventions in agricultural supply chains.

主讲人简介：

       傅科，中山大学管理学院教授、博士生导师，香港科技大学工业工程与工程管理学博士。从事运营管理与供应链管理的研究和教学，研究成果发表在《管理科学学报》、《系统工程理论与实践》、Operations Research、Manufacturing and Service Operations Management、Production and Operations Management、Naval Research Logistics、IISE Transactions等学术期刊。担任2种SCI期刊的副编辑或客座编辑。2012年获国家自然科学基金优秀青年科学基金，2011年入选教育部新世纪优秀人才支持计划。主持国家自然科学基金各类项目6项（包括1项重点项目），作为核心成员参与国家自然科学基金创新群体项目。主持完成的1项国家自然科学基金面上项目结题评为“特优”。