In a product market with price-sensitive demand, we examine a supply chain consisting of one manufacturer and one capital-constrained retailer. The retailer may purchase by borrowing by securing confirmed warehouse financing (CWF) from a competitive bank or the manufacturer's trade credit financing (TCF), provided that it is also to the latter's benefit to extend TCF. We obtain the manufacturer's optimal pricing decision in the two financing modes under the wholesale price contract that coordinates the supply chain given a wider range of wholesale prices in CWF. We find that CWF is more suitable for the customer segment for which the unit retail price is low and demand is stable, so the product can be monetized quickly; TCF is suitable for the customer segment for which the unit retail price is high and has a high price elasticity of demand and hence for long-term investment. The repurchase price is an important factor affecting the participants' selection of CWF.

中文翻译：

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在价格敏感需求下选择供应链融资模式：确认仓库融资与贸易信贷

在对价格敏感的产品市场中，我们研究了由一个制造商和一个资金受限的零售商组成的供应链。零售商可以通过从竞争性银行获得确认的仓库融资（CWF）或制造商的贸易信贷融资（TCF）的借款来进行购买，但前提是扩展TCF也有利于后者。我们在批发价格合同下的两种融资模式下获得制造商的最优定价决策，该批发价格合同在CWF批发价格范围更广的情况下协调供应链。我们发现，CWF更适合单价低且需求稳定的客户群，因此产品可以快速获利。TCF适用于单位零售价高，需求价格弹性高的客户群体，因此适合长期投资。回购价格是影响参与者选择CWF的重要因素。