Manufacturer's dual-channel supply chain financing strategy considering capital constraints

Abstract

Focusing on the dual-channel supply chain system consisting of capital-constrained manufacturers, banks, retailers and third-party platforms, considering the dual roles of retailers and third-party platforms as channel participants and loan providers, the optimal financing strategies of capital-constrained manufacturers under centralized decision-making and decentralized decision-making are studied respectively, and the influence of different initial capital levels on their financing strategy selection is explored. The results show that under centralized decision-making, the third-party platform financing strategy is always better than the bank financing strategy; under the condition of equal financing interest rates, if the initial capital level allows both financing strategies to be selected, the third-party platform financing strategy can more effectively solve the capital constraint problem than the bank financing strategy. Under decentralized decision-making, with the intensification of channel competition, the reduction of revenue sharing rate or production cost, or the increase of initial capital, manufacturers will tend to choose the retailer financing strategy; under the condition of equal financing interest rates, if the initial capital level allows all three financing strategies to be selected, the retailer financing strategy can more effectively solve the manufacturer's capital constraint problem than the other two financing strategies.