Abstract: The most traditional financing models only consider the internal financing and external financing under the linear market demand. This paper considers trade credit, debt and equity financing strategies, and studies a two-echelon supply chain consisting of a supplier and two capital shortage retailers under the stochastic demand. This paper also evaluates the impact of equity financing ratio, trade credit, stochastic demand on the financing decisions with SMEs, and formulates a financing model based on the stochastic demand to characterize the decision of retailer.    Further, we carry out numerical examples and sensitivity analyses with respect to these critical factors, when the proportion of debt financing is less than a certain threshold, the optimal order quantity of the retailer adopting the external financing mode is greater than the internal financing mode, and vice versa. When the market demand distribution function is greater than a certain threshold, the proportion of the debt financing is negatively correlated with the order quantity. Which indicates that, when the retailer adopts external financing in supply chain, a higher proportion of debt financing means a higher profit. In a situation, where the retailer has access to trade credit, we find that as interest rate of trade credit increases, the profit of retailer decreases. The relevant conclusions are fundamental to the choice of financing strategies for SMEs in the future.

Key words: commercial credit, capital structure, random market demand, supply chain finance

摘要： 传统供应链融资模型大都在线性市场需求情形下分析零售商的商业信用、债权融资等内外部融资模式。本文同时了考虑零售商的股权融资、债权融资以及商业信用融资模式, 并引入随机市场需求因素, 针对一个供应商和两个具有资金约束零售商组成的两级供应链, 分析债权股权融资比例、商业信用等因素对零售商融资策略的影响, 并构建基于随机市场需求的融资模型;进一步, 利用数值示例和敏感性分析对此融资模型进行深入探讨。研究发现:当债权融资比例小于某临界值时, 零售商债权融资比例与订购量正相关, 反之债权融资比例与订购量负相关;对于一个服从均匀分布函数的随机市场需求而言, 若供应链采用外部融资模式, 那么随着其债权融资比例的增大, 利润将逐渐增加;若零售商采用商业信用融资模式, 那么其融资利率与利润负相关。相关研究结论对于供应链上中小企业融资模式的选择具有重要理论指导意义和实际引用价值。

关键词: 商业信用, 融资结构, 随机市场需求, 供应链金融