关键词: 资金约束, 质量, 提前支付, 银行融资

Abstract: Considering the fact that market demand is sensitive both to retailing price and product quality, this paper examines the optimal financing and operational decisions in supply chain where a capital constrained manufacturer determines the product quality and sells goods to a capital sufficient retailer. The manufacturer's financial pressure can be alleviated via three financing schemes, i.e., advance payment, bank financing, and hybrid financing (a combination of equity financing and bank financing). In addition, it formulates the Stackelberg game models to derive the optimal decisions and compare the respective profit  for each party in three financing modes. Moreover, it analyzes the effects of various parameters on the optimal decisions, including quality investment cost efficient, unit production cost efficient, advance payment ratio, and equity financing ratio. The results show that the product quality will be higher under advance payment mode than that under bank financing mode when the manufacturer's initial capital is in certain range and the advance payment ratio is bellow certain threshold. Though the product quality and ordering quality in hybrid financing is higher than those in bank financing, the overall profit of the supply chain is lower than that in bank financing.

Key words: capital constrains, quality, advance payment, bank financing