In practice, suppliers and third-party logistics providers sometimes both offer credit in supply chain financing. To examine the supplier's financing decision, we firstly design a multiple-participant supply chain finance system comprising a supplier, a capital-constrained retailer, and a 3PL firm. Secondly, we compare combined credit financing (CCF), which includes both the supplier's partial trade credit and the 3PL firm's credit with trade credit financing (TCF), to analyze the supplier's optimal decision given the retailer's initial capital level and immediate payment coefficient. Thirdly, we consider the operational and financial parameters to obtain the optimal decisions of supply chain participants under both TCF and CCF. Finally, we perform a numerical analysis of the retailer's initial capital level and immediate payment coefficient. The results show that: when the retailer's initial capital level is low or the retailer's capital constraint is insignificant, the supplier will choose TCF; otherwise, the supplier would better choose CCF. It is more profitable for the supplier to cooperate with a retailer with limited assets under both TCF and CCF. Moreover, we obtained the threshold level of the retailer's initial capital to ensure the retailer's participation and the immediate payment coefficient that ensures the 3PL firm's participation under CCF.

中文翻译：

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资金受限的供应链的供应商融资服务决策：贸易信贷与联合信贷融资

实际上，供应商和第三方物流提供商有时都在供应链融资中提供信用。为了检查供应商的融资决策，我们首先设计了一个多参与者的供应链财务系统，该系统包括供应商，资金受限的零售商和3PL公司。其次，我们将包括供应商的部分贸易信贷和3PL公司的信贷与贸易信贷融资（TCF）在内的组合信贷融资（CCF）进行了比较，以根据零售商的初始资本水平和立即付款系数分析供应商的最佳决策。第三，我们考虑了运营和财务参数，以获得在TCF和CCF下供应链参与者的最优决策。最后，我们对零售商的 的初始资本水平和立即付款系数。结果表明：当零售商的初始资本水平低或零售商的资本约束不重要时，供应商将选择TCF。否则，供应商最好选择CCF。供应商与在TCF和CCF下资产有限的零售商合作将更有利可图。此外，我们获得了零售商初始资本的门槛水平，以确保零售商的参与以及确保3PL公司在CCF下参与的立即付款系数。供应商与在TCF和CCF下资产有限的零售商合作更有利可图。此外，我们获得了零售商初始资本的门槛水平，以确保零售商的参与以及确保3PL公司在CCF下参与的立即付款系数。供应商与在TCF和CCF下资产有限的零售商合作将更有利可图。此外，我们获得了零售商初始资本的门槛水平，以确保零售商的参与以及确保3PL公司在CCF下参与的立即付款系数。