关键词: 隐性股权, 电商平台, 供应链金融, 融资模式

Abstract: There are twofinancing modes in the supply chain finance system with e-commerce platform, namely bank financing mode and e-commerce platform financing mode. Considering the implicit equity, the financing mode choice of the capital-constrained manufacturer in the system is studied. This paper constructs a financing model of two-stage supply chain withan e-commerce platform as the core enterprise and a capital-constrained upstream manufacturer, uses the Dividend Discount Model (DDM) to quantify the implicit equity, and analyzes the income of the manufacturer and the e-commerce platform under the two financing modes based on Stackelberg game. The research shows thatthe bank interest rate is the main factor of affecting the choice of the manufacturer's financing mode. Furthermore, ifthe capital-constrained manufacturer chooses to finance from bank, whether or not the e-commerce platform considers the implicit equity will not affect its'own income; ifthe capital-constrained manufacturer chooses to financefrom the e-commerce platform, consideringthe implicit equity, the e-commerce platform will have better income.

Key words: implicit equity, e-commerce platform, supply chain finance, financing mode