Research On Financing Strategy Of Dual-channel Supply Chain Considering Promotion Effort

With the growing up of online shopping,more and more manufacturers begin to choose dual-channel supply chain model to sale product: on the one hand,the products are distributed to retailers or distributors through traditional retail channel;on the other hand,the products are sold to the end customers directly through online channel.In a dual-channel supply chain,the manufacturer are not only partner but also competitor for the retailer.In response to the impact of online channel,the retailer have to take appropriate sales effort to expand its market size,so the effort cost investment may result in a fund shortage for the retailer.The upper manufacturer may be also in a fund shortage due to raw material procurement,uncertainty of production and sales and so on,so how to choose appropriate financing strategy is an important decision-making problems for enterprises.Based on this background,this thesis combines dual-channel supply chain and supply chain financing,considering the retailer's sales effort factor simultaneously.Based on this,a two-stage supply chain system is set up consisting of a single manufacturer and a single retailer,where the manufacturer has two distribution channels: traditional retail channel and online channel.Under decentralized decision-making,there exists a Stackelberg game in the supply chain.The manufacturer is the leader of the game,and the retailer is the follower.Firstly,the supply chain model with no capital constraint is established,and the optimal solutions under decentralized decision is obtained and is used as the reference of the financing supply chain model.Secondly,when the retailer is capital constrained,establishing deferred payment model and retailer bank loan payment model respectively.When the manufacturer is capital constrained,establishing advance payment with price discount model and manufacturer bank loan payment model respectively.Through analyzing and comparing the optimal solutions and profits of different financing modes,we can derive conclusions that when the internal financing rate is the same as the bank borrowing rate,the enterprise will prefer choosing internal financing strategy,and the voluntary internal financing can effectively coordinate the capital constraint dual-channel supply chain to achieve a win-win results for the retailer and manufacturer.Through the analysis,it is found that the retailer's financing amount is positively correlated with the level of retailer's sales effort and the manufacturer's financing amount is negatively correlated with the level of retailer's sales effort,which indicates that although the sales effort stimulate demand of retail channels,it aggravates conflict between the two channels,causing a decrease in the total demand.Finally,taking the case of MD Group as an example to carry out numerical analysis and explore the sensitivity of some parameters by using MATLAB,discussing the influence of channel preference coefficient,retailer effort level,financing interest rate and initial capital of enterprises on the optimal solutions and profits of supply chain.This thesis provides a theoretical basis for financing decisions of dual-channel supply chain with capital constraint through theoretical research and empirical research,which has important practical significance.