债权融资还是股权融资？——生鲜平台冷链服务创新的融资策略

doi:10.16381/j.cnki.issn1003-207x.2022.0841

Abstract

Abstract:

The cold chain service innovation can improve its own productivity and attract more demand with high-quality services. However， capital constraints， high financing costs and risks have been the challenges faced by cold chain service innovation.It focuses on a fresh-product platform cold chain composed of a supplier， a third-party logistics service provider （TPL） and a platform service provider （platform） in this paper. Considering the TPL financing from the platform for cold chain service innovation， the impact of his financing strategies including debt financing and equity financing on the cold chain operation is explored. Research shows the service innovation cost factor and the financing interest rate are both important factors restricting cold chain service innovation in debt financing， since their rise will inhibit the improvement of the innovation level and reduce the cold chain performance. The decline in TPL’s own funds will damage himself， and benefit the platform. In equity financing， the impact of the cost factor on the system is the same as that in debt financing. The rise in valuation or the increase in fixed assets will prompt the platform to increase capital investment， thereby encouraging the TPL to carry out service innovation which benefit both the TPL and the supplier. Comparing the two financing strategies， it is found that equity financing will lead to a higher platform commission rate and a lower product sales price， which will inhibit supplier’s motivation to participate in equity financing. If TPL’s financing purpose is to improve innovation service level， he should refer to the market size to determine his financing strategy， that is， when the market is small （larger）， equity financing （debt financing） should be preferred. Numerical examples show that the profits of each member and the system in debt financing are more sensitive to the product price elasticity than in equity financing. When the price elasticity is lower （higher）， all members prefer equity financing （debt financing）. Furthermore， introducing the innovation failure risk， it is found there exists a threshold of the innovation failure rate in each financing strategy. TPL will only finance when the failure rate is lower than the corresponding threshold， otherwise it will give up financing due to the high financing risk. In equity financing， the trend of TPL’s anti-risk capability changing with system parameters is roughly opposite to that in debt financing.The research conclusions provide theoretical supports for how to seek financing channels， choose financing strategies， and improve the service level of cold chain when the TPL service innovation is short of funds. It also provides a reference for platform service providers to make reasonable decisions on platform commissions and set financing interest rates.

Key words: TPL, fresh-product platform, cold chain service innovation, debt financing, equity financing

CLC Number:

F272

Ying Feng,Yangchao Feng,Suyu Chen, et al. Debt Financing or Equity Financing? Service Innovation Financing Strategies of a Fresh-product Platform Cold Chain[J]. Chinese Journal of Management Science, 2026, 34(1): 72-84.

Figures/Tables 7

符号	符号说明	符号	符号说明
决策变量及其最优解/均衡解
$p, p i$	供应商决策的单位产品的销售价格	$θ 0$	生鲜产品的初始新鲜度
$r, r i$	平台商向供应商收取佣金的佣金率	$β$	冷链服务创新成本因子
$l, l i$	TPL向供应商收取的物流价格	$c (e)$	冷链服务创新投入成本
$e, e i$	冷链服务创新水平	$θ (e)$	生鲜产品的新鲜度
系统期望利润函数及最优/均衡状态下的期望利润		$A$	产品的潜在市场规模
$π s, π s i$	供应商的期望利润	$b$	产品的市场需求价格弹性
$π r, π r i$	平台商的期望利润	$D$	产品的市场需求函数
$π l, π l i$	TPL的期望利润	$V$	TPL的净资产价值
$Π, Π i$	供应链成员总利润	$E$	TPL的固定资产价值
系统参数		$η$	TPL的自有资金
$c s$	供应商单位运营成本	$δ$	TPL的固定资产抵押率
$c r$	平台商单位运营成本	$α$	市净率法估值水平
$c l$	TPL单位物流成本	$I$	债权融资利率

利润函数	DF情形( $i = D F$ )	EF情形( $i = E F$ )	NF情形( $i = N F$ )
$π ˜ s i$	$(1 - r) p - l - c s ⋅ D ˜ (p)$
$π ˜ l i$	$(l - c l) ⋅ D ˜ (p) - A 2 θ 02 c ¯ - b (c l + c s) 2 2 β b 2 b (b - 1) 2 - 4 b (1 + I) 1 - 2 b - η$	$α V (l - c l) 2 (α V - η) ⋅ D ˜ (p) - η$	$(l - c l) ⋅ D ˜ (p) - β 2$
$π ˜ r i$	$(r p - c r) ⋅ D ˜ (p) + A 2 θ 02 c ¯ - 2 b I (c l + c s) 2 2 β b 2 b (b - 1) 2 - 4 b (1 + I) 2 - 2 b - I η$	$α V - 2 η 2 α V - 2 η (l - c l) + (r p - c r) ⋅ D ˜ (p) - α V + 2 η$	$(r p - c r) ⋅ D ˜ (p)$

均衡结果	DF情形( $i = D F$ )	EF情形( $i = E F$ )	NF情形( $i = N F$ )
$l ˜ i$	$b c l + c s b - 1$
$r ˜ i$	$(b - 1) 2 c r + b (c l + c s) c ˜$	$2 (b - 1) 2 (α V - η) c r + (b + 1) α V - 2 η (c l + c s) c ¯ ¯$	$(b - 1) 2 c r + b (c l + c s) c ˜$
$p ˜ i$	$b c ˜ (b - 1) 3$	$b c ¯ ¯ 2 (b - 1) 3 (α V - η)$	$b c ˜ (b - 1) 3$
$D ˜ i$	$A θ 0 c ˜ - b b b (b - 1) - 3 b$	$2 b A θ 0 (α V - η) b c ¯ ¯ - b b b (b - 1) - 3 b$	$A θ 0 c ˜ - b b b (b - 1) - 3 b$
$π ˜ l i$	$A θ 0 c ˜ - b (c l + c s) b b (b - 1) 1 - 3 b - A 2 θ 02 c ¯ - 2 b (c l + c s) 2 2 β b 2 b (b - 1) 2 - 4 b (1 + I) 1 - 2 b - η$	$A θ 0 α V c ¯ ¯ - 2 b (α V - η) b - 1 (c l + c s) 2 1 - b b b (b - 1) 1 - 3 b - η$	$A θ 0 c ˜ - b (c l + c s) b b (b - 1) 1 - 3 b - β 2$

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研究成果	供应链结构	融资方	资金来源	融资动机	融资策略
Feng等^[3]	制造商+零售商	零售商	制造商	提升支付能力	股权融资
王宇和于辉^[4]	供应商+零售商	零售商	投资者	开拓市场	股权融资
于辉和王宇^[5]	供应商+零售商	零售商	银行&投资者	开拓市场	债权融资&股权融资
Yang等^[6]	供应商+零售商	零售商	银行&投资者	提升支付能力	债权融资&股权融资
Xia等^[7]	供应商+零售商	零售商	银行&投资者	提升支付能力	债权融资&股权融资
Jing和Seidmann^[8]	制造商+零售商	零售商	银行&制造商	提升支付能力	债权融资
Tang和Yang^[9]	供应商+零售商	零售商	银行&供应商	开拓市场	债权融资
黄帅和樊治平^[10]	TPL+零售商	零售商	TPL	提升支付能力	债权融资
Zhou等^[11]	制造商+TPL+零售商	零售商	银行	提升支付能力	债权融资
Jiang等^[12]	制造商+运营商	制造商	银行&运营商	扩张产能	债权融资
Dong等^[13]	制造商+零售商	制造商	银行	开拓市场	债权融资
汤婷等^[14]	制造商+平台商	制造商	平台商&银行	开拓市场	债权融资
Wang等^[15]	制造商+TPL+零售商	制造商	TPL	扩张产能	债权融资
谭乐平等^[16]	供应商+制造商	制造商	银行&供应商	开拓市场	债权融资&股权融资
王文利等^[2]	供应商+制造商	供应商	制造商	扩张产能	债权融资&股权融资
林强等^[17]	供应商+零售商	供应商	零售商	扩张产能	债权融资
Fu等^[18]	供应商+TPL+平台商	TPL	投资者	降低成本	股权融资
本文	供应商+TPL+平台商	TPL	平台商	服务创新	债权融资&股权融资

Debt Financing or Equity Financing? Service Innovation Financing Strategies of a Fresh-product Platform Cold Chain

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