关键词: 资金约束, 联合契约, 协调, 非对称信息

Abstract: Supply chain finance can solve the problem of funding constraints for SME without core assets effectively. This paper deals with the three-level supply chain of manufacturers, distributors and retailers. Considering the influence of different funds of retailers on financing interest rate change. This paper studies revenue changes in the joint contract supply chain by using before and after financing under complete information, realizes the parameter of supply chain coordination and the change of each member’s income. It analyzes the impact of private information on the supply chain by comparing the situation of the retailer selling cost asymmetric information. Moreover, numerical analysis has been carried out by numerical examples. The results show that the financing service can increase the expected return of each member of the supply chain when retailers have financial constraints under complete information, and the repurchase contract can coordinate the supply chain effectively after financing. Supply chains are less efficient under asymmetric information. However, well-funded retailers can get more benefits from private cost information. But private information loses value when capital is restrained.

Key words: funding constraints, joint contract, coordination, asymmetric information