Research On Platform Supply Chain Financing Model And Financing Strategy Selection

With the continuous development of e-commerce,on the one hand,more and more SMEs are selling their products through e-commerce platforms and market competition is intensifying;however,on the other hand,these SMEs often have financial constraints in production,thus causing a break in the supply chain,which seriously affects the profitability of the various participants in the supply chain.There are already many ecommerce platforms trying to provide financing services for these SMEs,such as Alibaba’s Aliloan and Jing Bao Bei of Jing Dong.The aim is to transform the uncontrollable risks of individual enterprises into controllable risks of the supply chain as a whole,so as to achieve an improvement in the overall efficiency of the supply chain.Based on the above background,this thesis establishes a two-level platform supply chain consisting of a capital-constrained manufacturer and a well-funded e-commerce platform.By building a Stackelberg game model,the optimal output of the manufacturer and the equilibrium financing decision of the manufacturer and the ecommerce platform under different operation modes are derived,and the differences between different operation modes of the e-commerce platform are analyzed through a cross-sectional comparison.A comparative analysis shows that e-commerce platforms have similarities in their choice of financing modes under different operating models,except that manufacturers are encouraged to choose bank financing when the production cost per unit is high but the revenue per unit of product is low,otherwise they are more inclined to choose direct financing,so that e-commerce platforms can adjust the financing rate more flexibly to obtain higher revenue;manufacturers prefer guarantor financing and direct financing under different operating models.Manufacturers prefer guarantor financing and direct financing under the different operating models,as both methods share a portion of the risk of default with the e-commerce platform,thereby increasing the manufacturer’s incentive to produce;from the perspective of the supply chain as a whole,there is really not much difference between the two operating models,as it is the uncertainty of market demand and the structure of trade finance that are the fundamental factors determining the revenue of e-commerce platforms and manufacturers,rather than the operating model.