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

摘要：

以一个零售商和一个资金约束的制造商组成的绿色供应链为研究对象，构建了制造商资金约束情况下银行借贷融资、股权融资和组合融资时的融资模型，探讨制造商的资金水平和消费者的绿色偏好对定价、绿色投入水平、产品的市场需求和融资方式选择策略的影响。最后,通过数值分析进行验证。研究发现：消费者绿色偏好与零售价格、批发价格和绿色投入努力水平、产品的市场需求和股权融资时双方可接受的股权转让比例正相关；在制造商资金约束而不融资时，制造商初始资金水平与制造商的批发价格、零售商的零售价格负相关，而与绿色投入努力水平正相关；银行借贷利率越大，制造商的可接受的股权转让比例增大。当制造商进行融资时， 若初始资金水平极低， 选择股权融资的方式进行融资， 随着初始资金水平的上升， 零售商应该选择银行贷款的方式进行融资；在股权融资比例达到一定值时，组合融资比银行借贷更加有利于制造商；而单纯股权融资比组合融资更有利。

关键词: 资金约束, 债权融资, 股权融资, 组合融资