中文摘要：

延期支付作为一种商业信贷模式，在企业中的应用日益广泛，文章考虑了两级延期支付（制造商为零售商提供延期支付、零售商为消费者提供延期支付）下的多周期动态供应链网络均衡。运用变分不等式及互补理论给出制造商层、零售商层和需求市场层的最优决策行为，进而得到整个供应链网络达到均衡时的条件。结合算例分析了制造商与零售商的延期支付策略对供应链网络均衡的影响。研究发现：制造商的延期支付策略只影响制造商与零售商间的交易价格，对供应链网络成员利润并无影响；零售商的延期支付策略可降低制造商的库存水平，提高制造商的生产量、制造商与零售商的交易量和交易价格以及零售商的销售价格，同时令制造商利润和零售商利润均有所改善；此外，制造商和零售商早期的延期支付策略比晚期更优。

英文摘要：

Deferred payment is a commercial credit mode, and its application in the enterprise operations becomes more and more extensive, We considered two levels of deferred payment （manufacturer provide deferred payment for retailers; retailers provide deferred payment for consumers） in the multi-periled dynamic supply chain network equilibrium. With variational inequalities and complementary theory, we g6ves the optimal decision-making behaviors for manufacturer layer, retailer layer and the market demand layer, and then we get the whole supply chain network equilibrium conditions. We analyzed the effect of deferred payment strategy of manufacturer and retail- er on supply chain network equilibrium with numerical exam- ples. The conclusions show that the deferred payment strategy of manufacturers only affects the transaction price between manufacturers and retailers, and has no influence on tile channel members＂ profits of the supply chain network; the deterred payment strategy of retailers can reduce the manufactur- er＇s inventory level, mprove the manufacturer＇s production, the trading volume and transaction price between manufacturers and retailers, retailer＇s selling price and the profits of manufacturers and retailers. Moreover, we also found that the earlier the deferred payment strategy is taken, the better the effect is.