考慮股權(quán)融資和過度自信的電商閉環(huán)供應(yīng)鏈決策

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Decision-Making in E-Commerce Closed-Loop Supply Chains with Equity Financing and Overconfidence

Lan Yaru,Lan Chongfeng (FuyangNormalUniversity,Fuyang,China)

【Abstract]This study investigatesatwo-echelonclosed-loopsupplychainconsistingofacapital-constrained manufacturerandacapital-sufficient e-commerce platform,focusingonthemanufacturer'sequityfinancing strategyandtheimpactof overconfidenceamong diferentsupplychainmembersonpricingdecisions.Italsoanalyzes theimpactofoverconfidencelevelsandequitydividend ratiosontheoptimal decision-makingofthesupplychain,therevenuelevels ofeach member,and the totalsystemprofit.Theresultsshowthattheincreaseinthelevelofoverconfidenceofanysuplychainmemberbenefits theriseofthemanufacturer'sprofit,butonlytheoverconfidenceof thee-commerceplatformafectstheprofitof thee-commerceplatform,and,among them,thelevelofoverconfidenceofthee-commerceplatformisnegativelycorelatedwith the wholesalepriceandretailpriceinthedecision-makingofthesupplychainmembersand positivelycorelated withtheproductreturnrate,and,meanwhile,theincreaseintheequitydividendratioleadstoadeclineintheprofitof themanufacturer and the total system profit.

【Key words】 e-commerce closed-loop supply chain; equity financing;overconfidence[中圖分類號】F713.3 [文獻標識碼］A[文章編號]1674-3229(2025)02-0046-11

0 引言

隨著工業(yè)體系的發(fā)展、環(huán)境的惡化，合理的回收與再利用廢棄物不僅能夠有效緩解資源浪費，減少環(huán)境污染，還能為經(jīng)濟活動增添顯著的附加值，這也是我國實施全面節(jié)約戰(zhàn)略、保障國家資源安全及推動發(fā)展模式向綠色轉(zhuǎn)型的一項重要舉措。（剩余23228字）