Abstract



Given the Iranian economic landscape characterized by severe constraints on working capital, selecting optimal solutions for Supply Chain Finance (SCF) has gained increasing importance, particularly in the railway transport industry, which is inherently capital-intensive and plays a pivotal role in national logistics. This study aims to identify and prioritize the factors influencing the choice between two primary logistics financing approaches: “Trade Credit” (bank facilities) and “Inventory Financing” (asset-based financial services by Third-Party Logistics/TPLs). The research methodology employs an exploratory mixed-methods design comprising qualitative and quantitative phases. In the qualitative phase, 11 key factors were identified through thematic analysis of 15 semi-structured interviews with experts from the banking, railway, and private sectors. Subsequently, in the quantitative phase, these factors were weighted and prioritized using the TOPSIS technique and Shannon Entropy method.

The findings indicated that within the Trade Credit model, “payment delay risk” and the “requirement for bank guarantees” constitute the primary obstacles. Conversely, in the Inventory Financing model, “high commission costs” and “weak corporate financial statements” pose the most significant deterrents. A comparative analysis of the results suggests a strategic trade-off between “risk” and “cost” variables, which significantly influences the decision-making of cargo owners. The derived conceptual model further demonstrates that the selection of a financing channel is a function of the complex interaction among macroeconomic factors, institutional characteristics, and corporate financial capabilities. The findings of this study provide a practical framework for financial decision-makers and policymakers in the railway industry.