不同融资模式下线上双渠道供应链运营策略

Operation Decisions of an Online Dual-Channel Supply Chain under Different Financing Strategies

本文建立了由制造商和电商平台组成的供应链,制造商在电商平台上采用分销和直销两种渠道,分销是指电商平台从制造商处批发产品进行销售;而直销是指制造商在电商平台上直接销售,电商平台分享一定的收益。针对具有资金约束的制造商可采取内部融资(电商平台)或外部融资(银行),进一步构建了基于电商平台的线上双渠道融资模型,研究了不同融资模式下供应链定价策略及最优利率决策,探讨了电商平台提供融资服务的先决条件以及制造商融资策略选择。研究表明:当电商平台和银行贷款的相对利率在一定范围内变化时,制造商和电商平台在相同融资模式下实现利润最大化,进而实现“双赢”;当两种融资模式下的贷款利率相同时,电商平台融资模式下的批发价格更高,但分销渠道的零售价格在此融资模式下更低;在最优贷款利率下,当电商平台收益分成比率、交叉价格弹性系数或分销渠道消费者所占比例较大时,制造商会选择电商平台融资;在电商平台融资模式下,制造商和电商平台都愿意提供较低的零售价格,促进市场需求增加。

With the development of e-commerce and the change of people's consumption habits,more and more manufacturers have opened online sales channels,which include online distribution channel and online direct sales channel.Although the manufacturer can benefit from opening online sales channel,financial constraint has always been an important factor restricting the development of the manufacturer.In order to obtain more profits,some large e-commerce platforms began to involve in the field of supply chain finance,providing financing services for enterprises settled in their platforms.Consequently,the manufacturer is no longer limited to traditional bank financing,and e-commerce platform financing is also an important financing channel.Therefore,some key issues must be considered:When does the e-commerce platform provide financing service?Which financing mode should the manufacturer choose when two financing modes are available?Focusing on these questions,a supply chain consisting of one capital-constrained manufacturer and one ecommerce platform in which the manufacturer sells his product on the e-commerce platform through dualchannels is developed,i.e.,the online distribution channel and the online direct channel.In the online distribu⁃tion channel,the manufacturer wholesales the product to the e-commerce platform who subsequently sells it to the end consumers.In the online direct channel,the manufacturer directly retails the product to the consumer on the e-commerce platform by paying a part of sales as the revenue share.To alleviate financial shortage,the capital-constrained manufacturer can choose internal financing(e-commerce platform financing)or external financing(bank financing).To seek the financing strategy,the equilibrium pricing decisions and the optimal interest rate under two different financing strategies are obtained and compared.Analytical results show that:Firstly,when the relative interest rates set by the e-commerce platform and the bank lie in a certain range,the manufacturer and the e-commerce platform will select the same financing strategy by maximizing the individual profit,thereby achieving a“win-win”outcome.Secondly,when the interest rates are the same in the two financing strategies,the e-commerce platform financing enjoys a higher wholesale price and lower retail price of the distribution channel than the bank financing.Thirdly,when one of the parameters:E-commerce platform's revenue sharing ratio,cross price elasticity coefficient and proportion of consumers in distribution channel are relatively large,the manufacturer chooses e-commerce platform for financing under the optimal loan interest rate.Simultaneously,the manufacturer and the e-commerce platform are willing to charge lower retail prices to stimulate market demand under the e-commerce platform financing model.The results of this paper have important management significance for the enterprise and the e-commerce platform.