新零售背景下贸易信贷对资金约束零售商渠道选择的影响

The Influence of Trade Credit on the Channel Choice of Capital Constrained Retailers under the Background of New Retail

新零售背景下,越来越多的网上零售商通过增设线下实体店渠道来实现线上和线下的全渠道无缝融合。但线下实体店的开设也给零售商带来库存成本、店面租金等方面巨大资金压力。为了解决资金短缺问题,零售商试图向供应商寻求贸易信贷融资,因此供应商的贸易信贷融资极大程度上影响着零售商的渠道选择。本文通过构建和比较网上零售商单一网上渠道、资金充足情况下增设线下实体店渠道和资金约束但供应商提供贸易信贷情形下增设线下实体店渠道三种情形下零售商和供应商的利润模型,探究了贸易信贷对资金约束零售商渠道选择的影响。研究发现,网上零售商存在资金约束时,如果开设线下实体店渠道后其与线上渠道间渠道替代性较低,则在供应商提供贸易信贷时,零售商的最优策略是接受贸易信贷融资并开设线下实体店,这个决策同样适用于零售商间存在竞争的情形。同时,为了保证供应商有提供贸易信贷的动机,当且仅当满足一定的条件,零售商可从供应商处获得贸易信贷融资,从而开设线下实体店渠道。

Under the background of new retail,more and more online retailers realize the seamless integration of online and offline by providing offline channel.However,the opening of offline physical stores also brings huge capital pressure to retailers in terms of inventory cost and store rent.In order to solve the problem of capital shortage,retailers try to seek trade credit financing from suppliers.Therefore,the supplier's trade credit greatly affects the retailer's channel decision.The profit models of retailers and suppliers are constructed and compared under three situations:online retailers with single online channel,opening offline physical stores with sufficient funds and opening offline physical stores with capital constraints but suppliers providing trade credit,so as to explores the impact of trade credit on channel selection of capital constrained retailers.The results show that when the online retailer has capital constraints,if the value of the degree of channel differentiation lower than a certain range after the offline channel is provided,the retailer's optimal strategy is to accept the trade credit contract and open offline physical stores when the supplier provides trade credit.This decision is also applicable to the situation where there is competition between retailers.At the same time,in order to ensure that suppliers have the motivation to provide trade credit,only if certain conditions are met,retailers can obtain trade credit financing from suppliers to open offline physical stores.Through the above analysis,it aims to provide meaning⁃ful management enlightenment for the financing decision and offline channel layout of online retailers with capital constraints.