基于产品质量差异的资金约束制造商最优融资决策研究  

The research on optimal financing decision for capital-constrained manufacturer considering product quality differentiation

作　　者：蔡敏[1] 何静海 骆建文[1] CAI Min;HE Jinghai;LUO Jianwen(Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China)

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《管理工程学报》2024年第3期254-266,共13页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(72271158、71772122、72131010)。

摘　　要：本文研究了资金约束制造商在线上线下双渠道中分别销售两种不同质量水平的产品时的最优融资决策,其中制造商可以通过电商平台融资和零售商融资两种方式来缓解资金压力。本文建立了两种融资模式下的Stackelberg博弈模型,得到了制造商与零售商的最优定价决策以及融资利率和双渠道中的产品质量差异对均衡决策的影响;对比分析了两种融资模式下的价格、销量以及供应链各成员企业的利润差异。结果表明融资利率的上升会带来双渠道定价的上升,但不一定会加剧双渠道间的价格竞争。制造商的最优融资决策同时受融资利率、消费者对产品质量的敏感程度以及双渠道产品质量差异的影响。当电商平台融资和零售商融资利率相同且消费者对产品质量的敏感程度较低时,制造商会选择零售商融资,并在零售商处销售高质量产品;当消费者对产品质量的敏感程度较高且双渠道产品质量差异较大时,制造商则会选择电商平台融资并在电商平台投放高质量产品。With the development and popularity of e-commerce,many manufacturers choose to sell their products not only through traditional distribution channels but also through online platforms such as Amazon and Taobao.Additionally,some manufacturers offer different products with different quality in these two channels to satisfy consumers’needs and reduce channel conflict.For example,Dell and Toshiba use Best Buy to sell their high-quality products,such as Alienware and XPS series,but they sell their low-quality products online.In the literature,there is abundant research on optimal pricing and channel selection in the dual-channel supply chain field,but these studies do not consider firms’capital constraints.Extensive exploration in the interface of operation and finance neglects the impact of product quality.When facing capital difficulties and selling different products in different channels,it is important to explore the optimal financing and channel strategies for the capital-constrained manufacturer and to analyze the impact of financing support given by the online platform and retailer.This paper establishes Stackelberg game models to examine the optimal operational and financing decisions in a dual-channel supply chain consisting of one capital-constrained manufacturer(he)and one capital-sufficient retailer(she).The manufacturer sells two heterogeneous products through the online platform and offline retailer,and he only sells one type of products to one channel.The manufacturer has four strategies,namely,e-commerce platform financing with high-quality product sold on e-commerce platform(DP mode),e-commerce platform financing with high-quality product sold to the retailer(RP mode),retailer financing with high-quality product sold on e-commerce platform(DR mode),and retailer financing with high-quality product sold to the retailer(RR mode).Our findings show that the manufacturer’s optimal strategy is affected by customers’sensitivity to product quality,quality difference and the interest rate obtained from

关 键 词：资金约束 双渠道供应链 电商平台融资 质量 

分 类 号：F274[经济管理—企业管理]