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

摘要： 在考虑顾客退货的情形下，研究由一个资金约束的零售商和一个资金充足的供应商组成的双渠道供应链，其中供应商通过网络直销渠道和零售商向顾客售卖商品。零售商可通过3种融资方式应对资金约束问题：贸易信用、银行贷款以及混合融资（银行贷款和股权融资的混合使用）。分别建立了3种融资方式下的Stackelberg博弈模型，研究了供应商与零售商的最优定价决策，并分析了直销渠道和零售渠道的退货率对最优定价决策的影响；通过算例分析对比了3种融资模式下供应商、零售商以及整个供应链的收益，研究了零售商的最优融资决策，结果表明，零售商的最优融资方式要么是贸易信用，要么是混合融资。具体而言，当混合融资中股权融资比例小于某个阈值时，贸易信用是最优融资方式；反之，则混合融资是最优融资方式。

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