中文摘要：

考虑了双渠道供应链中制造商由于渠道拓展面临资金约束时,两种决策方式下,供应链中企业如何选择融资方式的问题。分别研究了分散决策与集中决策下带有价格折扣的零售商提前付款融资模式和银行借贷融资模式,对双渠道供应链中企业最优定价决策的影响,给出了制造商/供应链在不同初始资金水平下的最佳融资模式。研究表明,提前付款价格折扣与银行利率相等的条件下,如果初始资金的水平使得两种融资模式都能选择时,提前付款融资较银行借贷融资可以更有效地解决制造商的资金约束问题。最后,通过数值分析进一步验证结论。

英文摘要：

In the dual-channel supply chain, when the manufacturer is capital constrained due to the channel development, how to choose the proper financing ways is studied under two decision-making approaches. The effects of the advance payment financing with price discount and bank loan financing on the optimal pricing decisions of enterprises in dual-channel supply chain are analyzed under the decentralized system and the centralized system, respectively. The optimal financing strategies on different initial capital levels are analyzed. The study shows that, if the initial capital level enables two kinds of financing modes to be selected, the advance payment financing can more effectively solve the problem of financially constrained manufacturer than bank financing under the condition that the discount rate is equal to the bank rate. A numerical example is provided to illustrate the analytical results.