Study On Financing Model Selection In Capital-constrained Supply Chain Under Cross-shareholding

Small and medium-sized enterprises,because of their small scale and low liquidity,often face the plight of capital constraints in the increasingly fierce market competition,which causes great pressure on the capital chain of enterprises.After Japan's economic bubble burst,cross shareholding gradually drew attention in China.In December 2008,the SASASA's work report proposed to encourage upstream and downstream enterprises in the supply chain to share with each other.In recent years,with the rapid development of the Internet,many manufacturers at home and abroad have set up online sales platforms to increase market share.However,with the increase of market demand,the increase of funds required by enterprises will inevitably bring greater financial pressure to enterprises.Considering that cross-shareholding of supply chain enterprises and dual-channel development of manufacturers may affect supply chain operation and financing decision-making of capital-constrained enterprises,the paper is divided into two parts.In the first part,the single-channel supply chain consisting of a single supplier and a single manufacturer is taken as an object to study the influence of cross-shareholding on the operation decision of supply chain and the financing decision of manufacturer under three different modes:no capital constraint,advance payment financing and bank financing.It is found that when the initial capital enables the manufacturer to choose between the two financing modes,regardless of the ownership ratio,the manufacturer's optimal financing decision is to advance payment financing.The analysis shows that when the price discount is 0,the retailer is willing to provide financing.Therefore,in advance payment financing mode,retailers pay ahead of time,and supply chain operation decisions are the same as without capital constraints.The more retailer ownership the manufacturer holds,the more profitable the manufacturer makes,the higher supply chain efficiency.The proportion of manufacturer ownership held by retailers has no effect on enterprise profits and supply chain efficiency.The study also finds that,under the bank financing mode.the more retailer ownership the manufacturer holds,the more profitable the manufacturer will be,the higher the supply chain efficiency will be.The proportion of manufacturer ownership held by the retailer will not affect the efficiency of the supply chain,but will affect the profit distribution among the enterprises in the supply chain.The second part,based on the first part,considers the existence of a dual-channel distribution system for manufacturers,and studies the impact of cross-shareholding on supply chain operation decision-making and manufacturers'financing mode choice.The results show that the higher the proportion of retailer's equity held by the manufacturer,the more willing the retailer is to provide financing;the higher the proportion of manufacturer's equity held by the retailer,the greater the preference of the manufacturer for advance payment financing.If only the retailer holds the manufacturer's equity unilaterally in the supply chain,the manufacturer will give priority to advance payment financing.Under the bank financing mode,the proportion of manufacturer's equity held by retailers will not affect the efficiency of supply chain;under the advanced payment financing mode,the increase of cross-shareholding ratio will improve the efficiency of supply chain.It is found that the proportion of cross-shareholding,the development of new channels,initial capital and interest rate will affect the operation decision of supply chain.By comparing the financing modes of single-channel supply chain and double-channel supply chain,we can find that the optimal financing mode of single-channel supply chain is not affected by cross-shareholding ratio.The optimal financing mode of manufacturer is advance payment financing,while the optimal financing mode of manufacturer in double-channel supply chain will change with different shareholding ratio.