At 9:00 pm on September 7th, Prof. Cai Gangshu from the University of Santa Clara, USA, was invited to visit and present an academic report entitled "Guarantor Financing in a Four-party Supply Chain with Leadership Influence" on the 6th floor of the main building. The report was hosted by Mr. Zhang Bin, A number of students participated in the report.

Dr. Cai Hong Kong currently works at the University of Santa Clara in Silicon Valley, also serves as the overseas president of Dongbei University of Finance and Economics, Shanghai "thousands of people plan" experts, the National Natural Science Foundation of "overseas outstanding youth" fund winner. The main research directions are multi-channel supply chain management and supply chain finance and other fields. He has published more than 30 papers in the international top journals, such as POM, Marketing Science, and MSOM. He presided over 20 projects of the United States National Science Foundation, China National Natural Science Fund and other scientific research projects.

 In recent years, secured financing in developing countries has grown rapidly, and small businesses do not have enough credit to get bank loans. However, no paper examines the effectiveness of guaranteed financing in the supply chain environment. This report examines the manufacturers' guaranteed financing (MG) and 3PL (third party logistics) guaranteed financing (LG) in the Quartet supply chain, including manufacturers, third party logistics, retailers and banks, Manufacturer Stackelberg led, 3PL Stackelberg leadership and Nash game. In the three game sets, comparing MG with LG reveals the advantage of the existence of the guarantor's followers, and the entire supply chain can benefit by making the Stackelberg follower a guarantor, however, the followers' preference for MG or LG depends on the size of the economies of the operator's operating costs. The analysis shows that if the economies of scale of the upstream enterprises are strong, even if the traditional bank financing is feasible, all the companies still prefer the guanranteed financing.