Financial leasing (FL) has become a common solution to financing problems encountered by firms. The main difference between FL and some conventional supply chain financing strategies is the separation of ownership and the right of use of the equipment/products. This paper studies a service supply chain that consists of a capital-constrained downstream firm that provides service to consumers and an upstream firm that manufactures the equipment needed during the service process. The downstream firm has three alternative financing solutions, including FL, bank credit financing (BCF), and trade credit financing (TCF). In this study, game theoretical models are constructed to analyze and compare the optimal prices, order quantities, and profits in different financing scenarios. Results corroborate that FL outperforms other conventional financing strategies when the profitability of service provision is low or the premium revenue of the FL firm due to its better utilization of the equipment is relatively high. Moreover, the preference of the downstream firm on alternative financing models might not be exactly consistent with that of the upstream firm or the supply chain system. Under some conditions, the downstream firm prefers TCF to other strategies, while the upstream firm and the supply chain system is better off under FL. Furthermore, we extend our research to some general situations, e.g., endogenous interest rate in BCF, positive quantity of equipment endowed with the downstream firm, and integrated union of the upstream firm and the FL firm. Most of the results derived in the basic model can be further applied in most of the general situations.

融资租赁（FL）已成为解决企业遇到的融资问题的常见解决方案。FL和某些常规供应链融资策略之间的主要区别是所有权和设备/产品使用权的分离。本文研究了一个服务供应链，该服务供应链由一个向客户提供服务的资金受限的下游企业和一个在服务过程中制造所需设备的上游企业组成。下游公司有三种替代融资解决方案，包括FL，银行信贷融资（BCF）和贸易信贷融资（TCF）。在本研究中，构建了博弈论模型来分析和比较不同融资方案中的最优价格，订单数量和利润。结果证明，当服务提供的盈利能力较低或FL公司由于其更好的设备利用率而产生的保费收入相对较高时，FL的表现要优于其他常规融资策略。此外，下游企业对替代融资模式的偏好可能与上游企业或供应链系统的偏好并不完全一致。在某些情况下，下游公司比其他策略更喜欢使用TCF，而上游公司和供应链系统在FL下则更好。此外，我们将研究扩展到一些一般情况，例如BCF的内生利率，下游公司所拥有的设备的正数量，上游公司和FL公司的整合联合。