Online Dual-Channel Manufacturer Financing Strategy:Supplier Financing Vs E-Commerce Platform Financing

With the increasing development of the Internet,many manufacturing enterprises are increasingly favored to sell products on e-commerce platforms.At present,there are two main sales channels for manufacturers on the e-commerce platform: the first is that manufacturers enter the e-commerce platform,establish direct stores,and are responsible for operating sales,that is,direct sales channels.In this sales model,manufacturers need to pay a certain proportion of income to the e-commerce platform;the second is that the manufacturer provides products to the e-commerce platform at the wholesale price,and the e-commerce platform sells at its own price,that is,the distribution channel.However,due to the increase in costs caused by the development of online channels,many manufacturers are facing financial difficulties.At the same time,due to the small scale,low liquidity and limited production capacity of most small and medium-sized manufacturing enterprises,it is difficult to obtain bank loans,which further leads to the more prominent financial constraints faced by manufacturers in the supply chain.In this context,this thesis considers an online dual-channel supply chain composed of a single supplier,a single manufacturer and a single e-commerce platform.When the manufacturer faces financial constraints,it studies the choice of the manufacturer’s financing model and provides practical guidance for the members of the supply chain suggestions and countermeasures.Firstly,this thesis establishes the basic model of manufacturer without capital constraints and capital constraints without financing.The optimal price decision and the profit of each member in the supply chain are calculated by backward induction.Then,the comparative analysis shows that manufacturer always tend to actively seek financing when facing capital constraints.Secondly,this thesis establishes a supplier financing model and an e-commerce platform financing model under the manufacturer’s capital constraints.Similarly,after obtaining the optimal price decision and the profits of each member in the supply chain,the two situations are analyzed and compared.The results show that the total market demand capacity will affect the willingness of suppliers and e-commerce platforms to provide financing.Specifically,when the total market demand capacity is small,suppliers and e-commerce platforms are reluctant to cooperate with capital-constrained manufacturer,but tend to cooperate with well-funded manufacturer;on the contrary,when the total capacity of market demand is large,suppliers and e-commerce platforms are willing to cooperate with capital-constrained manufacturer,then manufacturer face two financing options.In this case,the manufacturer will choose the partner according to the interest rate relationship between the two.If the interest rates provided by the two are equal,the manufacturer always tends to seek financing loans from the supplier.Finally,this thesis also studies the influence of some important factors in the supply chain on the optimal price decision and profit in the supply chain.The study found that the existence of e-commerce platform revenue sharing ratio and loan interest rate will increase the direct selling price,distribution price and wholesale price of the online dual-channel supply chain system,which will affect the demand of product buyers and ultimately affect the profits of each member.At the same time,this thesis also finds that e-commerce platforms cannot blindly increase the revenue sharing ratio,which may not only bring losses to themselves,but also to other members of the supply chain.Therefore,the e-commerce platform should negotiate with the manufacturer and formulate a reasonable revenue sharing ratio.In addition,the higher the interest rate,the more the fund provider can obtain.In short,when making financing decisions,capital-constrained manufacturer should start from the overall situation,reasonably set prices and choose the optimal financing model,while the e-commerce platform in the supply chain should set a reasonable income sharing ratio and the supplier or e-commerce platform should set a reasonable loan interest rate when providing loans,so as to maximize the profit of each member in the supply chain.