Research On The Supply Chain Financing Model Under The Retailer's Capital Constraint

With the economic globalization and rapid development of Internet,more and more SMEs have sprung up and become an important part of the economy.However,small and mediumsized enterprises,which play an important role in the supply chain,often face the problem of capital constraints.How to help small and medium-sized enterprises to finance smoothly and make the supply chain run smoothly and efficiently has become a hot research point in the field of supply chain finance.When the retailer in the supply chain faces the problem of financial constraints,considering whether the information is symmetrical or not and whether the supplier guarantees or not,three financing modes are proposed in this study:(1)the retailer applies for a loan directly to the bank when the information is symmetric;(2)the retailer applies for a loan to the bank under the guarantee of the supplier when the information is symmetrical;(3)the retailer applies for a loan to the bank under the guarantee of the supplier when the information is not symmetrical.Through the Stackelberg game model,we analyze the decentralized decisions made by the retailer,the supplier and the bank in the first and second financing modes.Through the evolutionary game model,we discuss the evolutionary stability strategy of both the supply chain and the bank in the third financing model.Whether the information is symmetrical or not,it shows that the bank can set a reasonable amount of fines and reduce the cost to promote the optimal strategy.Therefore,the retailer and supplier should be honest to the bank and avoid risks.From the retailer's perspective,when the information is symmetrical,when the retailer's original capital is small,the retailer can greatly improve its profit through the second financing model,and when the supplier's guarantee ratio is greater,the more retailers profit increased.But when the retailer capital is large,if the bank sets a reasonable margin rate,the retailer's optimal profit will decline.Therefore,the retailer needs to do a comprehensive assessment before it chooses the financing model.From the supplier's perspective,when the supplier's guarantee ratio increases,the bank's reasonable margin range will be expanded,and the profits of the supplier will also increase.However,in practical application,the supplier should make a detailed assessment of the retailer's internal bankruptcy risk and then makes the best decision.From the bank's perspective,in the first financing model,when the retailer's original capital increases,the bank's profit will decrease.In the second financing model,both the bank's profit and the financing risk decrease because of the supplier's guarantee,so the bank should consider both the profit and the risk while providing loans for the retailer.The results of this study can provide suggestions for retailers,suppliers,banks and the whole supply chain while choosing the financing mode and making decisions,which can help to solve the problem of retailers' capital constraints better and ensure the smooth operation of the supply chain.