Abstract: In the post COVID-19 era, as market competition increases and the real environment becomes more complex, enterprises will face various risks and challenges, and their operating revenue and capacity will continue to decline. In our country, small and medium-sized enterprises have the characteristics of small scale and single product form. In the context of the epidemic, they are faced with a lot of development difficulties (such as financial problems) and decision-making risks, and supply chain decision makers are faced with many risks and challenges. In order to survive and develop stably, some small and medium-sized enterprises will choose to avoid risks, and the degree of risk avoidance has an increasingly important impact on pricing decisions. At the same time, the international environment is grim. In the face of the global economy and the global epidemic, each enterprise cannot stay on its own, and the competition in the supply chain is increasingly fierce. At the same time, contactless distribution and online shopping, which are promising due to the arrival of the epidemic, have had a profound impact on every aspect of people’s daily life. Therefore, when the epidemic becomes normal, it becomes an urgent issue to explore the optimal pricing and financing decision of small and medium-sized enterprise with financial constraints and risk aversion in the dual channel supply chain. In this paper, we consider a dual-channel supply chain where all members are risk averse and retailers have financial constraints. Based on Stackelberg game model, we study the optimal pricing decision and financing strategy choice of supply chain members, and analyze the effects of financing strategy, risk aversion degree and interest rate on the optimal pricing decision of each member. The utility model is established by introducing risk coefficient and mean-variance theory. We consider the two main ways retailers raise money: First, deferred payment. At the beginning of the production period, a deferred payment contract is signed. The retailer pays part of the money (the initial amount of money), and the rest is paid at the higher wholesale price after the sales are realized. Second, borrowing from financial institutions. The retailer borrows from the bank before ordering, and returns the principal and interest of the loan to the bank after the sales are realized. The research shows that the risk aversion of all members will lead to the reduction of the whole price of the supply chain, forming a situation of small profits and quick sales. When the deferred payment rate is the same as the financial lending rate, all subjects in the supply chain prefer the deferred payment strategy with the increase of retailers’ risk aversion coefficient, but with the increase of manufacturers’ risk aversion coefficient, the difference between the two financing strategies weakens. At the same time, for supply chain enterprises, hybrid financing is also a way to be considered. Due to space limitations, this part is not discussed in this paper, but it will be the main direction of further research in the future. In addition, future research will also consider ordering decisions and joint ordering and pricing decisions under financial constraints, and discuss operational decisions of supply chain members under more financing strategies.

Key words: manufacturer dual channel, supply chain, risk aversion, funding constraint

摘要： 随着市场竞争日益增大,企业会面临各类风险与挑战,其中资金不足尤为常见,同时在市场环境不确定情况下,很多企业更倾向于持风险厌恶态度。文章考虑全成员均持风险厌恶态度且零售商存在资金约束的双渠道供应链,基于Stackelberg博弈模型研究供应链成员的最优定价决策及融资策略选择,并分析了融资策略、风险厌恶程度以及利率等因素对于各成员最优定价决策的影响。研究表明,全成员风险厌恶会导致供应链整体价格降低,形成薄利多销的局面。当延期支付与金融借贷利率相同时,随着零售商风险厌恶系数的增加,供应链各主体都更青睐于延迟支付策略,但随着制造商风险厌恶系数的增加,两种融资策略之间的差异弱化。

关键词: 制造商双渠道, 供应链, 风险厌恶, 资金约束