中文摘要：

当供应商面临资金约束时，通过制造商提供预付款的内部融资模式，可以缓解供应商资金约束对制造商及供应链利润的影响，研究了预付款融资模式下供应商和制造商的最优生产和融资决策，并分析了供应商的自有资金、价格折扣两种因素对供应链融资绩效的影响．研究发现：给定价格折扣，只有当供应商的自有资金量小于一定临界值时，供应商才会接受预付款融资合同；如果价格折扣高于一定临界值，实施预付款融资后，供应商的生产能恢复到无资金约束下的最优水平，否则，只有当供应商的自有资金量超过一定值时，预付款融资才能使供应商的生产恢复到无资金约束下的最优水平，并且供应链的绩效不会因供应商的资金约束而受损。研究的结论能为企业制定预付款融资决策提供参考依据．

英文摘要：

Advance payment financing, provided by the manufacturer to his supplier, can be used to reduce the manufacturer＇ s and the supply chain＇ s profit losses resulted from the supplier＇ s capital constraints. We study the optimal operational and financial strategies of the advance payment financing mode and analyze the impact of the supplier＇ s initial capital and price discount rate on the supply chain＇ s performance. It is shown that given the price discount rate, the supplier would accept the advance payment financing contract if and on- ly if his initial capital is smaller than a threshold value. If the price discount rate is higher than a critical val- ue, the advance payment financing can restore the supplier＇ s production to the level without capital con- straint; otherwise, the advance payment financing can restore the supplier＇ s production to the level without capital constraint and the supply chain＇ s performance will not be affected by the supplier＇ s capital constraints only if the supplier＇ s initial capital is larger than a threshold value. These results can be used for reference when firm managers make advance payment decisions.