关键词: 资金约束, 双渠道供应链, 顾客退货, 贸易信用, 银行贷款

Abstract: With the consideration of customer returns, this paper studies a dual-channel supply chain in which the capital sufficient supplier sells goods to customers through the online channel and capital constrained retailer simultaneously. Three financing strategies, i.e., trade credit, bank loan, and hybrid financing (combined use of bank loan and equity financing) are formulated to address the financing issue of the retailer. First, the Stackelberg game models in the three financing modes are established to derive the optimal pricing decisions and the influence of return rates of online channel and retail channel. Next, the profits of the supplier, the retailer, and the whole supply chain in the three financing modes are analyzed and compared to explore the optimal financing strategy of the retailer. The results show that the optimal financing strategy for the retailer is either trade credit or hybrid financing. Specifically, when the equity financing ratio is small, trade credit is the equilibrium strategy. However, when the equity financing ratio is large, hybrid financing is the equilibrium strategy.

Key words: capital constraint, dual-channel supply chain, customer returns, trade credit, bank loan