Supply chain finance is a crucial topic. In this paper, we consider that a capital‐constrained manufacturer can borrow money from either a bank (bank credit financing) or a retailer (trade credit financing). Our analysis compares supply chain performance under these two financing schemes. Furthermore, we extend our model to evaluate the impacts of retail competition and supply chain member's risk aversion on supply chains, which consist of one capital‐constrained manufacturer and two competing retailers. We consider three financing schemes: only bank credit financing, dual trade credit financing, and bank and trade credit mix financing. We find that without retail competition, the retailer is always willing to use the trade credit financing; whereas with retail competition, if one retailer provides the trade credit but the other does not, the credit provider could receive the superior profit. Thus, providing an appropriate trade credit financing scheme is critically important for retailers. Moreover, we find that without retail competition, when a trade interest rate is relatively low, both the retailer and manufacturer could reach a win‐win situation in the trade credit financing. However, with retail competition, supply chain members (i.e., two retailers and one manufacturer) will not have an all‐win situation no matter which specific financing scheme is adopted and only a win‐win‐lose situation exists when using the credit mix financing scheme or the dual trade credit financing in supply chains. Last but not least, regardless of risk neutrality or aversion of supply chain members, their pricing decisions among three financing schemes are similar. This implies that the impacts of supply chain members’ risk aversion are limited in supply chain financing scheme selection. More managerial insights are discussed.

With the rapid rise of the virtual economy, the “brand + platform” virtual product distribution model led by virtual technology platforms has emerged, bringing a series of new virtual experiences to consumers. Considering that consumers have heterogeneous preferences for virtual technologies, we investigate a virtual product supply chain consisting of a brand owner, a virtual technology platform, and consumers (where the virtual technology platform has superior information about consumer preferences). We develop a signaling game model with preference information signaled by the virtual technology investment to study the optimal information-sharing strategy for the virtual product supply chain. We find that the virtual technology platform always prefers information sharing without paying any signaling cost. Moreover, we also observe that the brand owner and the platform can achieve alignment, that is, when consumers are more likely to prefer virtual technology, both the brand owner and the virtual technology platform are better off if the virtual technology platform chooses to share information with the brand owner. Finally, we analyze the consumer welfare and find that when consumers are moderately likely to prefer virtual technology, consumers can gain more benefits in the information-sharing scenario.

Density dependence in reproduction plays an important role in stabilizing population dynamics via immediate negative feedback from population density to reproductive output. Although previous studies have shown that negative density‐dependent reproduction is associated with strong spacing behavior and social interaction between individuals, the proximal mechanism for generating negative density‐dependent reproduction remains unclear. In this study, we investigated the effects of density‐induced stress on reproduction in root voles. Enclosed founder populations were established by introducing 6 (low density) and 30 (high density) adults per sex into per enclosure (four enclosures per density in total) during the breeding season from April to July 2012 and from May to August 2015. Fecal corticosterone metabolite (FCM) levels, reproductive traits (recruitment rate and the proportion of reproductively active individuals), and founder population numbers were measured following repeated live trapping in both years. The number of founders was negatively associated with recruitment rates and the proportion of reproductively active individuals, displaying a negative density‐dependent reproduction. FCM level was positively associated with the number of founders. The number of founder females directly affected the proportion of reproductive females, and directly and indirectly through their FCM levels affected the recruitment rate; the effect of the number of male founders on the proportion of reproductive males was mediated by their FCM level. Our results showed that density‐induced stress negatively affected reproductive traits and that density‐induced stress is one ecological factor generating negative density‐dependent reproduction.

Enterprise internal audit and internal control work are important parts of enterprise management, To increase corporate operating profit and to promote sustainable development of enterprises, corporate managers should professionally cope with the relationship between the internal audit and internal control of the enterprise and enhance the performance in both tasks simultaneously. Recently, due to the rapid development of Internet equipment and mobile communications, the advent of the big data era has brought some challenges to the internal audit work of enterprises. This article focuses on the internal audit of enterprises in the era of big data. The problems with the internal audit work of the enterprise will be analyzed and the corresponding internal audit work countermeasures will be provided.