考虑资金约束的制造商双渠道供应链融资策略  

Manufacturer's Dual Channel Supply Chain Financing Strategy Considering Capital Constraints

作　　者：边展[1] 张红艳 Bian Zhan;Zhang Hongyan(School of Business Administration,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学工商管理学院,北京100070

出　　处：《中国管理科学》2025年第2期292-299,共8页Chinese Journal of Management Science

基　　金：国家自然科学基金项目(71602130)。

摘　　要：聚焦由资金约束制造商、银行、零售商以及第三方平台构成的双渠道供应链系统,考虑零售商与第三方平台的渠道参与者及贷款提供者的双重角色,分别研究集中决策与分散决策下资金约束制造商的最佳融资策略,并探讨不同初始资金水平对其融资策略选择的影响。研究表明,集中决策下,第三方平台融资策略始终优于银行融资策略;在融资利率相等条件下,若初始资金水平使得两种融资策略都能选择,则第三方平台融资策略较银行融资策略可更有效地解决资金约束问题。分散决策下,随着渠道竞争加剧、收益共享率或生产成本降低,或初始资金增加,均会使制造商倾向于选择零售商融资策略;融资利率相等条件下,若初始资金水平使得三种融资策略都能选择,则零售商融资策略较其他两种融资策略可更有效地解决制造商的资金约束问题。With the promotion and popularization of e-commerce and online retail,third-party platforms not only exist as direct sales channels for manufacturers,but also play the role of providing financing loans for upstream manufacturers with financial constraints.To explore how financial constrained manufacturers can make optimal decisions to maximize their profits when facing three financing strategy choices(bank financing,retailer financ⁃ing,and third-party platform financing).A model is constructed in which financially constrained manufacturers sell products through retailers and third-party platforms,and borrow from banks,retailers,and third-party platforms to explore the financing strategy choices of manufacturers in two decision-making scenarios(central⁃ized and decentralized).Research has shown that under centralized decision-making,third-party platform financ⁃ing strategies always outperform bank financing strategies;Under the condition of equal financing interest rates,if the initial funding level enables both financing strategies to be chosen,third-party platform financing strategies can more effectively solve the problem of funding constraints than bank financing strategies.Under decentralized decision-making,as channel competition intensifies,revenue sharing rates or production costs decrease,or initial capital increases,manufacturers tend to choose retail financing strategies;Under the condition of equal financing interest rates,if the initial funding level enables all three financing strategies to be selected,the retailer’s financing strategy can more effectively solve the manufacturer's financial constraints compared to the other two financing strategies.Finally,the conclusion is further verified by numerical experiments.The research on the financing strategy decisions of manufacturers under financial constraints is further expanded by considering multiple perspectives and factors,which has some foreshadowing significance.

关 键 词：双渠道供应链 资金约束 第三方平台融资 制造商融资 

分 类 号：F272.3[经济管理—企业管理]