Factoring Financing: A Critical Factor in Channel Choice and Performance in E-Commerce Supply Chains
研究资金有限的中小制造商在电商平台B2C与B2B2C渠道间如何选择，以及保理融资（将应收账款卖给保理商）对渠道决策和绩效的影响，发现应收账款水平、保理比例和平台利润保证率是关键因素。
As e-commerce platforms play an increasingly important intermediary role in supply chains, manufacturers must decide between two sales models offered by platforms: Business-to-Consumer (B2C), where manufacturers sell directly to consumers, and Business-to-Business-to-Consumer (B2B2C), where manufacturers sell to a platform that markets products to consumers. Manufacturers operating in the B2B2C channel typically sign <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">profit-margin-guarantee</i> (PMG) contracts requiring them to ensure minimum profit margins for the platform under specified conditions. While providing manufacturers with sales opportunities, this exacerbates the financial burden on small- and medium-size manufacturers (SMEs) with limited capital. This study explores the optimal financing decisions and sales channel choices for manufacturers under the Factoring Financing (FF) model, where manufacturers sell their accounts receivable to a factor entity to alleviate liquidity constraints. We find: 1) The initial accounts receivable level significantly influences manufacturers' sales channel choice—when accounts receivable are low, the B2B2C channel's PMG contracts may not be advantageous for manufacturers, but when they are high, dual-channel operations (B2C and B2B2C) may benefit the platform, although manufacturers' gains might be limited. 2) Higher FF ratios do not consistently enhance manufacturers' performance, as overreliance on financing can increase operational risks. 3) Although conventional wisdom suggests that manufacturers should lower wholesale prices to mitigate the pressures of PMG contracts, platforms can foster beneficial arrangements by reducing the PMG rate, which improves overall supply chain efficiency. We develop a robust theoretical framework for channel choice, contract design, and financing strategies, providing actionable insights for SMEs to optimize e-commerce supply chain operations.