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| Selection Strategy of Financing Mode in Manufacturer-Led Closed-Loop Supply Chain with Recycler Capital Constraint |
| YOU Tianhui，LIU Chunyi，CAO Bingbing，WU Xueyan |
| 1. Northeastern University, Shenyang, China; 2. Guangzhou University, Guangzhou, China |
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Abstract In a closed-loop supply chain consisted of a retailer, a manufacturer and a capital constraint recycler, considering the recycler can choose external financial service or internal financial service, this study focuses on the financing mode selection problem. For three kinds of scenarios, non-capital constraint, internal financing and external financing, the profit functions of the manufacturer, retailer and recycler are constructed respectively. The optimal wholesale price, retail price and recovery rate of the manufacture-led closed-loop supply chain are determined according to the Stackelberg game theory, and the financing mode selection strategy of closed-loop supply chain is given based on the perspective of manufacturer. The research results show that the transfer price and the loan rates can affect the optimal strategy of closed-loop supply chain to some extent; under certain conditions, the internal financial can achieve a win-win situation; when the marginal profit of recycler is high, the internal financial will bring the higher social benefits.
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Received: 26 July 2019
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