关键词: 资金约束, 债权融资, 股权融资, 组合融资

Abstract:

The research object is a green supply chain composed of a retailer and a manufacturer with financial constraints. The financing model of the manufacturer’s financial constraint through bank lending, equity financing and portfolio financing are constructed, and the influence of manufacturers’ capital level and consumers’ green preference on pricing, green investment level, market demand and selection strategy of financing mode are studied. Finally, it is verified by numerical analysis. The results show that consumers’ green preference is positively correlated with retail price, wholesale price, green input effort level, product market demand and acceptable equity transfer ratio in equity financing. When the manufacturer has capital constraint without financing, the initial capital level of the manufacturer is negatively correlated with the wholesale price of the manufacturer and the retail price of the retailer, but positively correlated with the green input effort level. The higher the bank’s lending rate, the higher the manufacturer’s acceptable share of equity transfer. When the manufacturer carries out financing, if the initial capital level is very low, it should choose the way of equity financing. As the initial capital level rises, retailers should choose the way of bank loans for financing. When the proportion of equity financing reaches a certain value, portfolio financing is more beneficial to manufacturers than bank lending. And equity financing alone is more beneficial than portfolio financing.

Key words: fund constraint, debt financing, equity financing, portfolio financing