Research On Financing Strategies Of Green Supply Chain Considering Capital Constraints

With the continuous expansion of global industrialization and the continuous upgrading of consumption structure,the problems of resource depletion and environmental pollution are becoming increasingly serious.How to promote sustainable development and green production has become a hot topic.In March 2020,the Ministry of Justice and the National Development and Reform Commission pointed out that developing green production and consumption and carrying out green supply chain are important contents of building ecological civilization.At the same time,with people’s economic level and living standards becoming better and better at this stage,more and more consumers begin to pay attention to green products.In comprehensive consideration of national policies and consumer demand,relevant manufacturing and retail enterprises in the green supply chain need to carry out green transformation to comply with the current legal and policy system of green production and consumption in China.However,China’s green supply chain developed slowly,and minor enterprises account for the majority.Manufacturers and retailers are vulnerable to financial constraints when producing and selling green products.Financial constraints seriously hinder the development of enterprises.Manufacturers and retailers in the green supply chain can only solve the problem of financial constraints through financing.However,different financing methods will have different impacts on the benefits of both parties and the enthusiasm of production.Therefore,the thesis analyzes and studies the financing strategies of green supply chain to help manufacturers and retailers make optimal financing decisions and improve the green development ability of enterprises,promoting the efficient development of green supply chain.Firstly,the thesis proposes two financing strategies,bank loan and advance payment financing strategies,aiming at the unilateral capital constraint problem of manufacturers in the green supply chain in order to develop and produce green products.The game models under different financing strategies are established,and product greenness,manufacturer’s profit and retailer’s profit are obtained.Finally,the influence of four factors on the choice of manufacturer’s financing strategy is analyzed theoretically and simulated numerically.The research shows that:(1)The increase of green innovation cost coefficient and interest rate will have a negative effect on manufacturer’s and retailer’s benefits on green supply chain,while the improvement of consumers’ green awareness will have a positive effect on them.(2)The choice of the manufacturer’s optimal financing strategy is relevant to the bank loan interest rate and advance payment interest rate,but irrelevant to green innovation cost coefficient and green awareness of consumers;When advance payment interest rate is higher than the maximum equilibrium interest rate,the bank loan financing strategy is manufacturer’s optimal financing strategy,accept that,the advance payment financing strategy is manufacturer’s optimal financing strategy,and when the advance payment interest rate is 0,the benefits of the manufacturer and retailer reach the best.Secondly,based on the unilateral financial constraints of manufacturers in the green supply chain,the thesis puts forward the bilateral financial constraints problem.And we combine a single financing strategy and propose three financing combination strategies,namely,advance payment,delayed payment,immediate payment and bank loan.The game models under different financing portfolio strategies are established respectively,and the optimal product greenness,manufacturer’s profit and retailer’s profit are found.Finally,the influence of four factors on the choice of manufacturer’s financing strategy is analyzed theoretically and simulated numerically.The research shows that:(1)The increase of green innovation cost coefficient and interest rate will have a negative effect on manufacturer’s and retailer’s benefits on green supply chain,while the improvement of consumers’ green awareness will have a positive effect on them.(2)The choice of the optimal financing strategy of manufacturers and retailers is relevant to the loan interest rate,but not irrelevant to green innovation cost coefficient and consumers’ green awareness;When manufacturer’s loan rate is lower than retailer’s loan rate,the combination strategy of delayed payment and loan financing is the optimal financing combination strategy of both sides;When manufacturer’s loan interest rate is higher than retailer’s loan interest rate,the choice of financing combination strategy depends on the size of the relationship between manufacturer’s and retailer’s loan interest rate and the equilibrium interest rate.When the equilibrium interest rate is between manufacturer’s loan interest rate and retailer’s loan interest rate,the advance payment and bank loan financing combination strategy is the best financing strategy for both parties,and when the equilibrium interest rate is lower than retailer’s loan interest rate,the manufacturer and retailer prefer different strategies,and their final strategy selection depends on the effective establishment of the coordination mechanism between two sides.Finally,the thesis summarizes the financing strategy selection under the two modes of unilateral capital constraint and bilateral capital constraint,puts forward the research directions available in the future,provides a clear idea for manufacturers and retailers to choose the optimal financing strategy under different circumstances,and provides a strong support for improving the green development ability of enterprises and promoting the efficient development of green supply chain.