Abstract: Based on the consideration of consumers channel preference and retailers capital constraints， a supply chain pricing decision model is constructed under the two modes of manufacturer financing and bank financing， and the impacts of different financing modes and consumers preference on the pricing of dualchannel firms are analyzed， and finally a numerical case study is used to draw the corresponding conclusions. The results show that: the online prices of manufacturers and retailers decrease with the increase of consumers preference for physical channels under both financing modes; the pricing of retailers is the same under the two scenarios of financing from manufacturers and no capital constraints; and the pricing of retailers is higher under the bank financing mode under the same interest rates of both financing modes.

Key words: financing models; consumers channel preference; retail premium; pricing strategy

摘要： 在考虑消费者渠道偏好和零售商资金约束的基础上，构建制造商融资和银行融资两种模式下的供应链定价决策模型，分析不同融资模式与消费者偏好对双渠道企业定价的影响，并运用数值案例分析得出相应结论。结果表明：制造商和零售商的线上价格在两种融资模式下均随消费者偏好实体渠道的增强而降低；向制造商融资和无资金约束两种情形下零售商的定价相同；在两种融资利率相同的情况下，零售商的定价在银行融资模式下更高。

关键词: 融资模式；消费者渠道偏好；零售溢价；定价策略