考虑股权融资和过度自信的电商闭环供应链决策

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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[中图分类号】F713.3 [文献标识码］A[文章编号]1674-3229(2025)02-0046-11

0 引言

随着工业体系的发展、环境的恶化，合理的回收与再利用废弃物不仅能够有效缓解资源浪费，减少环境污染，还能为经济活动增添显著的附加值，这也是我国实施全面节约战略、保障国家资源安全及推动发展模式向绿色转型的一项重要举措。（剩余23228字）