Abstract: Under the premise that the original manufacturer has sufficient funds, considering that retailer has no capital endowment, we study the decision-making problems of the closed loop supply chain provided by the re-manufacturer to provide commercial credit BUT not commercial credit for the retailer. The study finds that if the re-manufacturer needs to borrow money from the original manufacturer to keep the business going, then the original manufacturer will raise the cost of patenting; when the re-manufacturer does not provide commercial credit, and the retailer does not seek external financing, re-manufacturers will be eliminated. Based on the revenue sharing contract, the closed loop supply chain can realize the coordinated operation. When the re-manufacturer does not provide commercial credit, the retailer seeks external financing through bank loans and equity financing to solve the problem of funds. With the increase of equity financing ratio, retailer’s profits will increase first and then decrease. Then the profits of manufacturer will increase, and the profits of original manufacturer will be reduced, but the profits of supply chain will increase.

Key words: closed loop supply chain, capital constraint, third party re-manufacture, commercialcredit, equity financing

摘要： 在原制造商有充足资金而零售商无资本禀赋的情形下,研究再制造商为零售商提供和不提供商业信用时闭环供应链的决策问题。研究发现,再制造商提供商业信用时,如果再制造商需要向原制造商借款维持企业运作,那么原制造商会提高专利授权费用;再制造商不提供商业信用、零售商未寻求外部融资时,再制造商会被淘汰,基于收益共享契约,闭环供应链能够实现协调运作;再制造商不提供商业信用、零售商通过银行贷款和股权融资外部融资时,随着股权融资比例系数的增加,零售商利润先增加后减少,再制造商利润增加,原制造商利润减少,整个供应链系统利润增加。

关键词: 闭环供应链, 资金约束, 第三方再制造, 商业信用, 股权融资