Abstract: The combination strategy of preselling financing and bank loan is a financing mode for upstream manufacturers to solve the problem of production capital shortage and to ensure the stable operation of product supply and supply chain. Considering the risk aversion behavior of retailers, the supply chain optimization decision under the combination strategy of preselling financing and bank loan is studied. First, the three-stage Stackelberg game between the capital-constrained manufacturer and the risk-averse retailer is analyzed, namely, “manufacturer’s preselling discount decision-retailer’s pre-purchase decision-manufacturer’s production decision”. Conditional value at risk (CVaR) is used to describe the retailer’s risk aversion behavior, and then the supply chain decision-making models are constructed and optimized. The optimal preselling discount of the manufacturer, the optimal production and the optimal pre-purchase quantity of the retailer are obtained. The interaction between the decisions is further discussed. The influences of risk aversion coefficient, bank interest rate and retailer’s stock-out cost on the optimal decision-making of the supply chain are analyzed. The results show that: manufacturers can set the preselling discount to encourage risk-averse retailers to participate in preselling, and determine the dynamic combination of preselling financing and bank loan. The retailer’s optimal pre-purchase quantity decreases with the increase of preselling discount, and presents the characteristics of piecewise function; The retailer’s optimal pre-purchase quantity does not always decrease with the increase of risk aversion coefficient, and its monotonicity is also affected by the range of manufacturer’s preselling discount proportion. When the manufacturer only chooses preselling financing, its optimal production is directly proportional to the retailer’s optimal pre-purchase quantity. When the manufacturer chooses the combination strategy of preselling financing and bank loan, the optimal production is a fixed quantity. This study provides scientific support for manufacturers to choose reasonable financing methods to solve the problem of capital shortage when facing the combination strategy of preselling financing and bank loan.

Key words: capital-constrained manufacturer; preselling financing; bank loan; risk-averse retailer