Abstract:

With the promotion and popularization of e-commerce and online retail， third-party platforms not only exist as direct sales channels for manufacturers， but also play the role of providing financing loans for upstream manufacturers with financial constraints. To explore how financial constrained manufacturers can make optimal decisions to maximize their profits when facing three financing strategy choices （bank financing， retailer financing， and third-party platform financing）. A model is constructed in which financially constrained manufacturers sell products through retailers and third-party platforms， and borrow from banks， retailers， and third-party platforms to explore the financing strategy choices of manufacturers in two decision-making scenarios （centralized and decentralized）. Research has shown that under centralized decision-making， third-party platform financing strategies always outperform bank financing strategies； Under the condition of equal financing interest rates， if the initial funding level enables both financing strategies to be chosen， third-party platform financing strategies can more effectively solve the problem of funding constraints than bank financing strategies. Under decentralized decision-making， as channel competition intensifies， revenue sharing rates or production costs decrease， or initial capital increases， manufacturers tend to choose retail financing strategies； Under the condition of equal financing interest rates， if the initial funding level enables all three financing strategies to be selected， the retailer’s financing strategy can more effectively solve the manufacturer's financial constraints compared to the other two financing strategies. Finally， the conclusion is further verified by numerical experiments. The research on the financing strategy decisions of manufacturers under financial constraints is further expanded by considering multiple perspectives and factors， which has some foreshadowing significance.

Key words: dual channel supply chain, financial constraints, third party platform financing, manufacturer financing