Journal
SUSTAINABILITY
Volume 14, Issue 14, Pages -Publisher
MDPI
DOI: 10.3390/su14148787
Keywords
financing strategy; risk aversion; CVaR; optimal decision
Funding
- National Natural Science Foundation of China [71671054]
- Heilongjiang Provincial Natural Science Foundation Joint Guidance Project [LH2021G014]
- Heilongjiang Philosophy and Social Sciences Research Planning Project [20GLB114, 21GLC187]
- Harbin University of Commerce 2021 Graduate Innovative Research Fund Project [YJSCX2021-690HSD]
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This study examines the impact of risk attitudes and financing strategies on decision-making in the agricultural product supply chain. The findings suggest that farmers with low risk aversion are more likely to choose e-commerce financing strategy, while risk-averse attitudes among farmers lead to lower decision-making equilibrium between farmers and e-commerce.
Bank and e-commerce financing strategies are the main ways for farmers to solve the problem of capital shortage. Aiming at the uncertainty risk of the output of the agricultural product supply chain, we consider the risk attitudes of farmers; construct the Stackelberg game model under different financing strategies to obtain the optimal decision of e-commerce and farmers; and explore the expected output factors, the degree of farmers' risk aversion, e-commerce's interest rates on the decision-making results. Our research found that farmers with low-risk aversion prefer to choose the e-commerce financing strategy when the e-commerce's interest rates are lower. In addition, farmers' risk-averse attitudes lead to lower equilibrium decision-making between farmers and e-entrepreneurs, which is not conducive to the interests of e-commerce and farmers. A higher expected output factor reduces farmers' production inputs and e-commerce purchase price. When the expected output factor is low, the decision of whether e-commerce provides financing services to farmers is only affected by interest rates, and lower interest rates create more value for e-commerce.
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