Abstract: To study the influence of self-supporting logistics and logistics outsourcing mode on the operation of capital-constrained supply chain,the equilibrium logistics strategy was discussed.Based on the consideration of bank credit,the supply chain system composed of a producer,third party logistics service provider and capital-constrained retailer was constructed,the optimal order pricing decision of members in the capital-constrained supply chain under the mode of self-supporting logistics and logistics outsourcing was studied,and the equilibrium logistics strategy was investigated from the perspective of leaders in the supply chain.The influence of production cost and other parameters on supply chain system profit and retailer financing amount was further analyzed by numerical examples.The results showed that the order pricing decision and the expected profit of the members in the supply chain were affected by the parameters such as logistics cost.When the cost of production and self-supporting logistics was low,the equilibrium strategy was self-supporting logistics;when the cost of production and self-supporting logistics was high,the equilibrium strategy was logistics outsourcing.

Key words: capital constraint, supply chains, bank credit, logistics strategy, operation decision

摘要： 为研究物流自营和物流外包模式对于资金约束供应链运作的影响,探讨了物流均衡策略。在考虑外部银行信贷融资渠道的基础上,构建了生产商、第三方物流服务商和资金短缺零售商组成的供应链系统,研究了物流自营和物流外包情形下资金约束供应链中成员的最优订货定价决策,并从供应链中领导者角度探讨了物流均衡策略,最后通过数值算例进一步分析了生产成本等参数对供应链系统利润以及零售商融资金额的影响。研究结果表明：供应链中成员的订货定价决策以及期望利润受物流成本等参数影响。当生产成本和自营物流成本较低时,物流均衡策略为自营;当生产成本和自营物流成本较高时,物流均衡策略为外包。

关键词: 资金约束, 供应链, 银行信贷, 物流策略, 运营决策