Optimal relation-specific investment, financing, and the supply chain capital structure under uncertainty
研究了供应商在制造商补贴下，如何受市场不确定性和议价能力影响其关系专用投资与融资决策，发现债务融资可缓解投资不足，且杠杆对投资时机的影响非单调。
Growing risks and potential disruptions in global supply chains underscore the urgent need to enhance supply resilience. This research focuses on relationship-specific investments by suppliers that target resilience enhancement through performance improvements, cost efficiency , and the establishment of trust. Using a real options framework, we construct a coopetition model between suppliers and manufacturers to investigate how supplier investments and financing decisions are influenced by market uncertainties and bargaining power in the presence of manufacturer subsidies. Our analysis reveals that compared to full equity financing, debt financing by an upstream supplier supported by subsidies from a downstream manufacturer can mitigate underinvestment to some extent. Moreover, in contrast to the existing literature, we find that the effect of leverage on investment timing is non-monotonic. Finally, we identify a U-shaped relationship between suppliers' bargaining power and the timing of relationship-specific investments.