关键词: 资金约束, 闭环供应链, 银行贷款, 股权融资, 融资决策

Abstract: To solve the financing problem of closed-loop supply chain,a closed-loop supply chain decision model with the shortage of retailers' recovery funds was constructed,and the performance of closed-loop supply chain under the condition of bank loan and equity financing was analyzed.The research result showed that the performance of closed-loop supply chain would be limited by the funds when the retailer's initial capital had insufficient.If the part of funds had been insufficient,the bank loan was not best choice for the retailer.Because the marginal revenue brought by loans could not make up for interest (capital shadow price),only when the funds had been seriously shortage,the bank loans could make the closed-loop supply chain get profit.In two kinds of financing channels that were loans and equity financing,the risk of sharing proportion was the key to select financing channel under the condition of fixed interest rate.When proportion of equity was low,the equity financing was more favorable;conversely,the bank loans were better for retailers.The equity financing was better than the bank loans,which made the recovery rate of closed-loop supply chain higher,sale price lower and consumer welfare higher.

Key words: capital constraint, closed-loop supply chain, bank loan, eguity financing, financing decision