关键词: 再制造, 零售商窜货, 灰色市场, Stackelberg博弈

Abstract: The rapid development and maturity of e-commerce and logistics supply chains have provided a good market foundation for the operation and layout of multinational companies in various industries, both at home and abroad. Apple, a giant in the mobile phone industry, and LVMH,one of the world's largest luxury goods groups, are actively developing and distributing various markets in the world. But at the same time, due to differences in market size and consumers' perceptions of products, these cross-market enterprises are facing interference and threats from retailers' stock fleeing behavior, and have many negative impacts on authorized channels' regular products, brand owners, and local market operations. Therefore, in the context of downstream retailers' stock fleeing behavior, this paper explores the impact of brand manufacturers' self-remanufacturing decisions on retailers' stock fleeing behavior and analyzes whether remanufacturing decisions can become an effective management tool for brand manufacturers to respond to the gray market. The research results have certain reference significance for brand manufacturers to implement remanufacturing decisions and control the gray markets.
We consider a cross market supply chain structure model consisting of a brand manufacturer, a retailer, and two independent markets. Looking at the relevant research literature on the gray market, it can be found that most studies have neglected to discuss it from the perspective of remanufacturing, in response to the gray market problem caused by unauthorized retailers fleeing goods. This paper constructs a model of brand manufacturers' non remanufacturing and brand manufacturers' self-remanufacturing, mainly using game analysis methods to explore the inhibitory effect of brand manufacturers' self-remanufacturing decisions on retailers' stock fleeing, as well as the impact on corporate profits, consumer surplus, and social welfare. Firstly, under the condition of brand manufacturers' non-remanufacturing, from the perspective of consumers' evaluation of the value of gray products, this paper analyzes the impact of the gray market on brand manufacturers and fleeing merchants. Secondly, when brand manufacturers conduct remanufacturing on their own, the effectiveness of remanufacturing decisions in controlling fleeing behavior is explored from the perspective of consumer willingness to pay and the economy of remanufacturing. Finally, numerical simulation is used to analyze the changes in the total benefits of the supply chain, consumer surplus, and social welfare,that is, the impact of remanufacturing decisions on retailers' stock fleeing behavior and the inhibitory effect on gray market intrusion from multiple dimensions.
The theoretical and numerical analysis results indicate that downstream retailers' behavior of fleeing goods is not always beneficial to their own profits, as brand manufacturers use price leverage to adjust product prices, which will restrict the sales profits of fleeing retailers. Brands' self-remanufacturing strategy can effectively control retailers' stock fleeing and reduce the price of gray products, which is an effective gray market management method. The higher the economy of remanufacturing (c_r<c_n/2), the more significant the control effect. Brands should increase the promotion of remanufactured products, enhance consumers' value evaluation of remanufacturing products, and further resist the invasion of gray products. In addition, when the economy of remanufacturing and consumers' evaluation of the value of remanufacturing are above a certain threshold, brand manufacturers' self-remanufacturing decisions can improve consumer surplus and social welfare.
The model and conditions constructed in this study are relatively ideal, and factors such as consumer type segmentation, and the size differences of different independent markets can be considered for later discussions. The theory and results obtained in this study provide reference and guidance for international enterprises operating across markets to manage the gray market and make remanufacturing decisions based on product characteristics, and provide theoretical support for enterprises to reasonably respond to market fleeing behavior.

Key words: remanufacturing, retailers fleeing goods, grey market, Stackelberg game