Abstract: The rapid development of platform economy has greatly promoted economic development and social activities. Correspondingly, retailing channels have been increasingly diversified with the prosperous development of e-commerce platform. With the boom of new channels and the increasing of market share, manufacturers will face great financing pressure and it is harder to get loans from banks. The e-commerce finance provides a new financing option in supply chain. Some large e-commerce sellers have provided e-commerce factoring financing services for platform users. Should capital constrained manufacturers choose bank loan financing or e-commerce factoring financing? What should decision-makers do in making the pricing strategies under different financing modes? These all become urgent problems to be solved in reality. In recent years, supply chain financial services have become a hot topic of academic research, but most of the existing literature focus on the traditional financing modes inside and outside the supply chain, and there are few discussions on the financial role of online retailers. In particular, the financing role of e-commerce platform in the dual-channel supply chain really catches little attention. This study can provide theoretical support for the development of online supply chain financial services.
The foundation of this study is the business process of e-commerce factoring financing services. First, the manufacturer under financial constraint apply for factoring financing from online retailers according to the size of accounts receivable. Secondly, the e-commerce financial service platform approves loans according to the financing ratio. Finally, the manufacturer returns the remaining accounts payable after deducting the principal and interests after sales are realized. Focusing on the e-retailer’s dual roles of distribution and financing offerings, we aim at conducting a comparative study on the e-retailer’s e-commerce factoring financing with bank loan financing. In a dual-channel supply chain consisted of single manufacturer and online retailer, Stackelberg game model is constructed, in which the retailer is the leader while the manufacturer is the follower. Through backward induction method and numerical simulation, the optimal financing strategy of manufacturers, the applicable conditions of principal and the optimal pricing decisions in different financing modes are explored. On this basis, the influence of e-commerce finance on channel demand and decision makers’ income is analyzed.
Our research comes to the following conclusions. (1)The e-commerce factoring financing can improve the overall market demand of supply chain and help manufacturers to develop and expand offline direct marketing channels. In contrast, bank loan financing will reduce the overall market demand of the supply chain and guide consumers to shift to online. (2)The e-commerce factoring financing services are profitable for online retailers. The increased profits come mainly from financing interest income which is enough to offset the lowered online retail revenue. (3)The manufacturer will adopt different financing modes under different financial constraints. When the initial capital level makes both financing modes available, e-commerce factoring financing contract with preferential interest rate and high financing ratio is a better choice to achieve a win-win situation. In addition, our findings have several practice relevant implications. First, Online retailers should fully sympathize with the enterprises with limited capital, and only in setting up preferential financing contracts can we achieve a win-win situation. Secondly, manufacturers with limited capital should reasonably choose financing modes according to the initial capital level, and they should make relatively optimal financing choices according to their own needs.
There are still many deficiencies in this paper to be further studied. This paper compares two financing modes including e-commerce factoring and bank lending. Other financing modes funded by e-commerce platforms are also worth studying. In addition, horizontal comparison with internal financing modes such as prepayment also needs further discussion.

Key words: dual-channel supply chain, capital constraint, electronic commercial finance, financing mode

摘要： 聚焦在线零售商分销与融资的双重角色,考虑当双渠道供应链中制造商面临资金约束时,基于银行借贷融资策略对在线零售商提供的电商保理融资策略进行对比研究,探究制造商的最佳融资策略、适用条件以及不同融资模式下的最优定价决策,进而分析引进电商金融对渠道需求和决策者收益的影响。研究发现:电商保理融资对在线零售商来说是有利可图的,其带来的利息收益足以抵消销售收入带来的空缺;电商保理融资有利于开发和拓宽制造商的离线直销渠道,而银行借贷融资则会引导消费者向线上零售渠道迁移;当初始资金水平使得两种融资模式都可选择时,优惠利率与高融资比例组合下的电商保理融资合同可以实现共赢。

关键词: 双渠道供应链, 资金约束, 电商金融, 融资模式