Optimal financing strategies of a dual-channel closed-loop supply chain

业务 财务 对偶(语法数字) 股权融资 衡平法 内部融资 供应链 银行信贷 股本 资本市场 信息不对称 债务 营销 艺术 文学类 政治学 法学
作者
Peng Ma,Yue Meng
出处
期刊:Electronic Commerce Research and Applications [Elsevier BV]
卷期号:53: 101140-101140 被引量:17
标识
DOI:10.1016/j.elerap.2022.101140
摘要

Closed-loop supply chains (CLSCs) have attracted more attention due to its sustainability. However, few studies considered the capital constraints problem of the dual-channel CLSCs. We investigate the manufacturer's financing strategies in a dual-channel CLSC consisting of a capital-constrained manufacturer and a retailer. The manufacturer can adopt four financial strategies: bank credit financing (BCF) strategy, retailer credit financing (RCF) strategy, and two mixed financing (MF) strategies (i.e., MF strategy of bank credit and equity financing (MF-BE), and MF strategy of retailer credit and equity financing (MF-RE)), respectively. We find that, when the retailer's interest rate is equal to the bank's interest rate, the manufacturer prefers to borrow money from the bank, and the MF-BE strategy is the optimal financing strategy for the manufacturer if the equity financing ratio satisfies certain condition. Interestingly, we also find that the retailer's profits under the MF-RE strategy decrease with the equity financing ratio while the retailer's profits under MF-BE strategy increase with the equity financing ratio.
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