Research On Manufacturer’s Dual Channel Supply Chain Financing Strategy Considering Capital Constraints

The emergence of online platforms has greatly promoted economic development and social activities.In order to obtain more potential customers,manufacturers have added sales channels of third-party platforms on the basis of the original offline distribution channels,and their supply chain has also changed from the traditional single channel supply chain to double channel supply chain.With the development of new channels,manufacturers will face huge financial pressure and greater financing demand.At present,in addition to financing through traditional banks and retailers,manufacturers also begin to finance from third-party platforms.This paper constructs a manufacturer’s dual channel supply chain,that is,through the traditional channel of retailer sales and the direct sales channel of sales with the help of the third-party platform.Under the two decision situations of centralized decision-making and decentralized decision-making,this paper considers how to choose the financing strategy of the manufacturer with capital constraints.The third-party platform is introduced into the selection of financing strategy.Under the centralized decision-making,manufacturers and retailers make decision analysis together as a whole.There are two financing strategies:bank financing strategy and third-party platform financing strategy;Under decentralized decision-making,manufacturers make decisions independently,and there are three financing strategies:bank financing strategy,retailer financing strategy and third-party platform financing strategy.The results show that under the centralized decision-making,manufacturers tend to finance through the third-party platform;Under decentralized decision-making,for manufacturers,the third-party platform financing strategy is always better than the bank financing strategy.With the intensification of channel competition,the reduction of revenue sharing rate,unit production cost or less initial capital,manufacturers prefer the retailer financing strategy rather than the third-party platform financing.In addition,the study gives the best financing strategy of manufacturer/supply chain under different initial capital levels.It provides some guidance for the financing strategy choice of dual channel supply chain and capital constrained manufacturers in different decision-making situations.