关键词: 资金约束, 竞争, 供应链, 电商平台融资

Abstract: Challenges arise from the absence of fixed asset collateral, limited repayment capacity, and pronounced information asymmetry, making it intricate for banks to effectively monitor and assess risks associated with micro-enterprises, consequently fostering cautious lending practices. E-commerce platforms, widely favored by consumers in recent years, strategically leverage their platform strengths and big data technology to extend credit services to small and micro-enterprises. Capitalizing on their exclusive access to extensive platform data, they enhance risk control measures, consequently reducing credit transaction costs. For instance, Taobao has been providing loans to manufacturers operating on its platform since 2011. Amazon, since 2012, has offered loans ranging from $1,000 to $750,000 to its online sellers. Similarly, JD.com has introduced “Jingbaobei”, providing manufacturers with instant approval loans. In essence, well-funded large manufacturers may not require loan financing to sustain production, while the ability of small and micro-manufacturers facing financial constraints to secure such financing becomes paramount for the survival of their businesses. In the face of external competition, how should small and micro manufacturers choose between traditional bank financing and the emerging e-commerce platform financing? Meanwhile, considering the dual roles of e-commerce platforms as both loan providers and channel participants, how will they impact the operation of the supply chain? Under different financing models, how will capital constraints affect various members of the supply chain? These are all questions worth contemplating and researching.
In light of this, a supply chain system has been established, consisting of small and micro-sized manufacturers with financial constraints, large manufacturers without financial constraints, and e-commerce platforms that can provide loan services. The manufacturers directly retail their products to consumers on the e-commerce platform, simultaneously remitting a designated commission fee to the platform. An analysis has been undertaken to explore manufacturers’ financing strategy decisions amid external competition, alongside an examination of how capital constraints affect supply chain members under various financing approaches. The findings indicate that the selection of a manufacturer’s financing strategy is intricately linked not only to production costs but also to the substitutability of products and the platform commission rate. Under certain circumstances, small and micro-manufacturers facing financial constraints strategically choose financing models with higher loan interest rates to tactically navigate competitive pressures. Moreover, the overall profit of the supply chain is consistently higher under the platform financing model than that under the bank financing model. Furthermore, in contrast to scenarios without financial constraints, the profit of small and micro-manufacturers decreases under the bank financing model, while the profit of large manufacturers increases. Conversely, under the platform financing model, the profit of small and micro-manufacturers may experience an upswing under certain conditions. Simultaneously, when production costs are moderate, small and micro-manufacturers with financial constraints can strategically leverage platform financing to counter competitors, augmenting their own profits while diminishing those of their rivals.
This article exclusively examines credit options from banks and e-commerce platforms. Future research could extend to explore financing alternatives for small and micro-enterprises through non-banking financial institutions, such as We Bank and Duxiaoman Financial, to further enrich the financing strategy choices for small and micro enterprises.

Key words: capital constraints, competition, supply chain, e-commerce platform financing